Stated below are the balances extracted from the Consolidated Fund of the Republic of Ghana for the year ended 31st December, 2013. As the Accountant in charge of Final Accounts at the Controller & Accountant General’s Department (CAGD), you are required to prepare the relevant final accounts, using the appropriate expenditure classifications.
GH¢'000

Mechanized payroll - salaries 397,880
Transfer to households 118,222
Stationery 60,365
Utilities 40,244
Salaries - sub-vented organisations 190,575
Rent – offices 20,122
Security and office cleaning 80,487
Vehicles purchased 73,500
Salaries - Foreign Missions 8,131
International travels and training 15,422
Road construction 329,632
Workshops and seminars 30,800
Cash and bank balances 7,333,384
Net accumulated results (DR) 16,054,361
Equipment purchased 73,252
Domestic debt interest 47,893
Consultancies 46,307
Hospitals construction costs 109,877
Advances granted 16,127
Deposits and Trust Funds 5,280,000

Domestic debt 6500 189
Loans granted 2330368
Foreign debt 15 079 300
Financial investments 362 504
Schools construction costs 146254
Tax refunds 8895
Other expenditure 394674
Contingency expenditure 3738
Foreign debt interest 191572

Direct tax 511187
Indirect tax 450 868
Tax on international trade 273013
Non-tax revenue 123159
Grants received 248870

Additional information
Utilities accrued, GH¢500,000; Office rent in advance, GH¢550, 000; Special taxes accrued,
GH¢2 million; Grants deferred GH¢24 million.

Required: 

Based on the above information, prepare the following:
i. Statement of revenues and expenditures for the year ended December 31, 2013.

ii. Statement of Financial Position as at December 31, 2013.

Answer rating: 100% (QA)

STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2016 REVENUE GHC000 Direct Tax 5... View the full answer