a. As the Senior Accounts Manager working with the Assembly, prepare the following financial statements. b. Statement
Question:
a. As the Senior Accounts Manager working with the Assembly, prepare the following financial statements.
b. Statement of financial performance for the year ending 31st December, 2018.
The list of balances were extracted from the books of Ga West District Assembly as at 31st December, 2018.
GH..........................................S000
Bank ....................................53,000
Petty Cash ............................2,000
Property Rate ....................20,000
Penalties received .............3,000
Licenses ..........................22,500
Inventory .........................15,000
Building and Structure ...32,500
Basic rate .........................12,400
Land Revenues .................6,300
Time Merchants License ..13,650
Fines .....................................9,700
Water rate .............................4,500
Social Benefits ....................6,500
Market fees ..........................1,320
Sundry revenue ................48,225
Work-In-progress ..............48,500
Repairs to market facilities ...3,600
Parks and recreational costs ...7,500
Wages and Salaries ................4,900
Remuneration to Assembly Members ....11,250
Plant and equipment purchased ...............3,500
Interest on investment ................................2,980
Administration costs ...................................7,770
Other recurrent expenditure ....................1,600
Trade earnings ............................................6,600
Receipts from central government .......45,780
Sundry expenses ......................................11,120
Investment –fixed deposit ......................14,000
Staff and other advances .......................22,200
Creditors ....................................................2,479
Loans given .............................................35,460
District Development Bond issued .......7,930
Interest payments to Bondholders ......1,290
Repairs and Maintenance of schools ...15,000
District Assemblies Common Fund Receipts ...50,000
Net accumulated results .....................................39,926
Additional Information
1. In June 2016, the District Assemblies Common Fund Secretariat purchased and transferred plant and machinery amounting to GHS7, 930,000 to the Ga West District. Also, the DACFA paid directly a contractor an amount of GHS347, 000 on behalf of Ga West District Assembly for the construction of the educational facility. This has not been recorded in the books of the Assembly.
2. Total vouchers amounting to GHS 2,750,000 for Administrative Expenses are outstanding at the end of the year and not recorded in the books at the Assembly.
3. The petty cashier of the District Assembly was given an amount of GHS 3,000,000. This is also has not been recorded in the books of the Assembly.
4. A loan of GHS 2,700.000 was taken from GCB Bank by the Assembly and the DACFA also paid an amount of GHS 8,500,000 to the Assembly but these were not recorded in the books.