QUESTION 1 Below is the trial balance of Ga East Teaching Hospital for the year ended...
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QUESTION 1 Below is the trial balance of Ga East Teaching Hospital for the year ended 31st December 2020 Outpatients Inpatients Consulting services Drugs purchase Inventory of drug Donation. Travel and transport Seminar and conferences General cleaning Consulting specialist Clinical consumables Operational expense Established post salaries Casual labour Extra duty allowances Other allowances GoG subvention Receivables Loan and advances Sundry creditors Bank and cash Bank loans Interest Investment income Other expenses Accumulated surplus Additional Information 1er Accumulated consumption of fixed capital Property, plant and equipment (cost) Fixed deposits 21 Page ONE 109 e A .ŘI. O 000 Debit GH¢000 280,000 لیے 80,000 روی 15,000 50.000 55,000 CNC 120 70,000 45,000 . ول 6 160,000 430,000 . 850,000 80,000 220,000 01XL 120,000 - 20,000 3,500,000 ** 55,000' 25,000 90,000 78,000 15,000 ♡ Expl 6,188,000 Credit GH2000 150,0001 370,000 540,000 1.200,000. 700,000 120,000 220,000 10,000 *** 2,828,000 6,188,000 Gred a who a) During the year, the hospital owes electricity bill of GH¢ 35,000,000 to the Electricity Company. of Ghana. Agreement has been reached to settle the bill by ending of March 2021. Again, an amount of GH¢ 5,000,000 was outstanding as casual labour cost at the end of the year. Accoud b) Some patients are on the National Health Insurance and other insurance schemes. The hospital made insurance claim of GH¢ 40,000,000 for the last quarter of 2020, which has not been received as at 31st December. c) The property, plant and equipment are depreciated over 10 years. d) Inventory of drugs for sale at 31st December 2020 has a cost of GHe 60,000,000 and a net realisable value of GHe 55,000,000 with replacement cost of GHé 50,000,000. e) Donor sponsored volunteer specialists from Germany were engaged to perform special medical functions for the under privilege patients at no cost. Their 8 months stay cost the Donor an amount of GHe 80,000,000 which was fully paid. Fifty-five percent (55%) of the cost was used to pay the specialists allowances and the remainder was for goods and services. f) The actual-budget variance report for the 2020 -end Internally generated fund Donation GoG subvention Compensation of employees Goods and services Interest Other expenses Required: GH¢ 000 120,000* 30,000 (300,000) (95,000) (201,000) 2,000 5,000 the following: Аванну Pelices: Legal Framework: 1992 Const 2016 PMAC+ (AC+920). Accounty basis Haral. Alen Standard: IPSAS (a) Prepare in compliance with the relevant financial laws of Ghana and the International Public Sector Accounting Standards (IPSAS) the following; Churs of Aarons Gifmis Dep. Charg i Statement of Financial Performance (including Budget Information in accordance with IPSAS 24) for the year ended 31st December, 2020. ii Statement of Financial Position as at 31st December, 2020 iii Notes to the accounts. (15 marks) QUESTION 2 (a) Public financial management system is critical for the prudent execution of government policies, programmes and developmental targets. Public financial management system is the fulcrum that ties and i 3| Page it Fin outso information I decisiononly.. aplarning QUESTION 1 Below is the trial balance of Ga East Teaching Hospital for the year ended 31st December 2020 Outpatients Inpatients Consulting services Drugs purchase Inventory of drug Donation. Travel and transport Seminar and conferences General cleaning Consulting specialist Clinical consumables Operational expense Established post salaries Casual labour Extra duty allowances Other allowances GoG subvention Receivables Loan and advances Sundry creditors Bank and cash Bank loans Interest Investment income Other expenses Accumulated surplus Additional Information 1er Accumulated consumption of fixed capital Property, plant and equipment (cost) Fixed deposits 21 Page ONE 109 e A .ŘI. O 000 Debit GH¢000 280,000 لیے 80,000 روی 15,000 50.000 55,000 CNC 120 70,000 45,000 . ول 6 160,000 430,000 . 850,000 80,000 220,000 01XL 120,000 - 20,000 3,500,000 ** 55,000' 25,000 90,000 78,000 15,000 ♡ Expl 6,188,000 Credit GH2000 150,0001 370,000 540,000 1.200,000. 700,000 120,000 220,000 10,000 *** 2,828,000 6,188,000 Gred a who a) During the year, the hospital owes electricity bill of GH¢ 35,000,000 to the Electricity Company. of Ghana. Agreement has been reached to settle the bill by ending of March 2021. Again, an amount of GH¢ 5,000,000 was outstanding as casual labour cost at the end of the year. Accoud b) Some patients are on the National Health Insurance and other insurance schemes. The hospital made insurance claim of GH¢ 40,000,000 for the last quarter of 2020, which has not been received as at 31st December. c) The property, plant and equipment are depreciated over 10 years. d) Inventory of drugs for sale at 31st December 2020 has a cost of GHe 60,000,000 and a net realisable value of GHe 55,000,000 with replacement cost of GHé 50,000,000. e) Donor sponsored volunteer specialists from Germany were engaged to perform special medical functions for the under privilege patients at no cost. Their 8 months stay cost the Donor an amount of GHe 80,000,000 which was fully paid. Fifty-five percent (55%) of the cost was used to pay the specialists allowances and the remainder was for goods and services. f) The actual-budget variance report for the 2020 -end Internally generated fund Donation GoG subvention Compensation of employees Goods and services Interest Other expenses Required: GH¢ 000 120,000* 30,000 (300,000) (95,000) (201,000) 2,000 5,000 the following: Аванну Pelices: Legal Framework: 1992 Const 2016 PMAC+ (AC+920). Accounty basis Haral. Alen Standard: IPSAS (a) Prepare in compliance with the relevant financial laws of Ghana and the International Public Sector Accounting Standards (IPSAS) the following; Churs of Aarons Gifmis Dep. Charg i Statement of Financial Performance (including Budget Information in accordance with IPSAS 24) for the year ended 31st December, 2020. ii Statement of Financial Position as at 31st December, 2020 iii Notes to the accounts. (15 marks) QUESTION 2 (a) Public financial management system is critical for the prudent execution of government policies, programmes and developmental targets. Public financial management system is the fulcrum that ties and i 3| Page it Fin outso information I decisiononly.. aplarning
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Answer rating: 100% (QA)
Answer Statement of Financial Performance for the year ended 31st December 2020 Income Outpatient services 150000 Inpatient services 370000 Consulting services 540000 Drugs purchase 280000 Inventory o... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Posted Date:
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