Graded Assessment 2: Problem Set #1

General Purpose Financial Statements

The following Trial Balance relates to Banco Community College, a public tertiary educational institution

in Guyana, as at December 31, 2019.

DR CR

$000 $000

Fees Income 4,575,622

Permanent Post 5,312,430

Allowance 856,670

Independent consultancy fees 655,600

Legal Cost 25,059

CARICOM Grant 1,540,000

Consultancy Cost 565,500

Non-Permanent Post 1,253,600

Seminars cost 500,000

Sponsorship (granted/received) 8,100 9,066,828

Receivables 468,050

Payables 182,840

20% loan 8,600

Books and Research Allowance 150,765

Plant and Machinery 3,000,000 250,000

Motor Vehicle 2,505,000 352,000

Building 12,300,000 756,000

Software 995,500 150,000

Other Incomes 211,430

Project Work Supervisory Allowance 48,500

Cash and Bank 294,233

Training and Workshop cost 104,000

Bad debt provision (student fees) 4,940

Work in Progress 8,251,735

Other Expenses 71,000

Withholding Tax 90,500

Accumulated Fund 11,205,270

Utilities Bills 560,053

Proceeds from Sale of Admission Forms 9,196,270

Superannuation 278,500

End of Service Benefits 298,040

Stationery Stock 399,165

38,245,900 38,245,900