The following transactions were extracted from the books of CAG relating to the Consolidated Fund Direct...
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The following transactions were extracted from the books of CAG relating to the Consolidated Fund Direct taxes Vale added taxes Taxes on international trade Communication service taxes Other taxes on goods and services Non-tax revenues Fees, fines and peralties Investment income Bilateral grants received Multilateral grants received External borrowing during the year Domestic borrowing Domestic debt interest paid External debt interest paid Established post salaries Salaries of foreign mission Non established post Contract appointment Transfer to households (13% SSF contribution) Conferences, workshops and training Travel and transport Foreign travels cost Rent Repairs and maintenance Purchase of PPEx Construction of infrastructure Subsidios cost Grant (District Assembly Common find) Social benefits Other expenditures Equity investment during the year Loand and advances granted Equity investment (1/1/2016) Loans and advances (1/1/2016) Payables (1/1/2016) Domestic debt (1/1/2016) External debt(1/1/2016) Trust find (1/1/2016) Deposits (1/1/2016) Cash and cash equivalent(1/1/2016) Accumulated Fund (1/1/2016) DR. GHC,000 1,200,000 850,000 220,000 300,000 80,000 450,000 70,000 35,000 210,000 399,909 600,330 423,320 189,760 284,440 840,000 120,000 300,300 89,000 88,900 220,300 20,230 65,230 11.900 8,909 220,000 320,200 80,000 130,000 13,400 22,100 90,000 10,100 110,000 34,400 180,800 1,000,500 1,850,200 980,000 72,000 32,000 3,907,100 Additional information a) Consumption of fixed capital was as follows: PPE GHc44, 000,000 and infrastructure assets GHc32. 200,000. b) It is the policy of government to adopt accrual basis prospectively and any non-financial asset acquired prior to the adoption of the accrual basis should be ignored from the financial statements. No revaluation of such asset is required. c) Direct tax revenues due to government but not collected as 31" December 2015 amounted to GHc77,000,000 and the tax payers have made arrangement to pay honour their taxes by 14th February 2016. However, Ghana Revenue Authority has the information that one of the companies is going through forced liquidation and may not be able to honour its indebtedness of GHc23, 000,000 and therefore should be written off as irrecoverable. d) Public debt interest amounting to GHc88,000,000 was outstanding at the end of the year but the Minister of Finance has made necessary arrangement with the creditors to effect the payment in March 2017. 0 e) As at the end of 2016, an amount of GHc105, 000,000 was outstanding as employee benefits due to the implementation of single spine salary structure. Required: a) Prepare in compliance to the Public Financial Management Act, the Chart of Accounts of Government of Ghana and the IPSAS: i) Statement of Receipt and Payment of the Consolidated Fund for the year ended 31 December, 2016 ii) Statement of Financial Performance of the Consolidated Fund for the year ended 31" December, 2016 iii) Statement of Financial Position of the Consolidated Fund as at 31 December, 2016 iv) Cash flow Statement of the Consolidated Fund for the year ended 31" December, 2016. b) Outline any four (4) accounting policies you may wish to include in the notes to the report. The following transactions were extracted from the books of CAG relating to the Consolidated Fund Direct taxes Vale added taxes Taxes on international trade Communication service taxes Other taxes on goods and services Non-tax revenues Fees, fines and peralties Investment income Bilateral grants received Multilateral grants received External borrowing during the year Domestic borrowing Domestic debt interest paid External debt interest paid Established post salaries Salaries of foreign mission Non established post Contract appointment Transfer to households (13% SSF contribution) Conferences, workshops and training Travel and transport Foreign travels cost Rent Repairs and maintenance Purchase of PPEx Construction of infrastructure Subsidios cost Grant (District Assembly Common find) Social benefits Other expenditures Equity investment during the year Loand and advances granted Equity investment (1/1/2016) Loans and advances (1/1/2016) Payables (1/1/2016) Domestic debt (1/1/2016) External debt(1/1/2016) Trust find (1/1/2016) Deposits (1/1/2016) Cash and cash equivalent(1/1/2016) Accumulated Fund (1/1/2016) DR. GHC,000 1,200,000 850,000 220,000 300,000 80,000 450,000 70,000 35,000 210,000 399,909 600,330 423,320 189,760 284,440 840,000 120,000 300,300 89,000 88,900 220,300 20,230 65,230 11.900 8,909 220,000 320,200 80,000 130,000 13,400 22,100 90,000 10,100 110,000 34,400 180,800 1,000,500 1,850,200 980,000 72,000 32,000 3,907,100 Additional information a) Consumption of fixed capital was as follows: PPE GHc44, 000,000 and infrastructure assets GHc32. 200,000. b) It is the policy of government to adopt accrual basis prospectively and any non-financial asset acquired prior to the adoption of the accrual basis should be ignored from the financial statements. No revaluation of such asset is required. c) Direct tax revenues due to government but not collected as 31" December 2015 amounted to GHc77,000,000 and the tax payers have made arrangement to pay honour their taxes by 14th February 2016. However, Ghana Revenue Authority has the information that one of the companies is going through forced liquidation and may not be able to honour its indebtedness of GHc23, 000,000 and therefore should be written off as irrecoverable. d) Public debt interest amounting to GHc88,000,000 was outstanding at the end of the year but the Minister of Finance has made necessary arrangement with the creditors to effect the payment in March 2017. 0 e) As at the end of 2016, an amount of GHc105, 000,000 was outstanding as employee benefits due to the implementation of single spine salary structure. Required: a) Prepare in compliance to the Public Financial Management Act, the Chart of Accounts of Government of Ghana and the IPSAS: i) Statement of Receipt and Payment of the Consolidated Fund for the year ended 31 December, 2016 ii) Statement of Financial Performance of the Consolidated Fund for the year ended 31" December, 2016 iii) Statement of Financial Position of the Consolidated Fund as at 31 December, 2016 iv) Cash flow Statement of the Consolidated Fund for the year ended 31" December, 2016. b) Outline any four (4) accounting policies you may wish to include in the notes to the report.
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Here are the statements with notes for part a along with four accounting policies for part b a i Statement of Receipts and Payments of the Consolidated Fund for the year ended 31 December 2016 Receipt... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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