7:50 PM P Edit Financial investment curing the year Established post salaries Custom and Excise duties...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
7:50 PM P Edit Financial investment curing the year Established post salaries Custom and Excise duties Non-established post salaries 13% SSF contribution Transfer to the District Assembly Comman Fund (DACF) Seminar and workshops Medical support for pregnant women Training and capacity building Value added taxes Transfer to the Road Fund Repayment of external borrowing during the year Corporate Income tax QUESTION ONE The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account for the year ended 31 December, 2019. Loans and advances granted during the year Recovenes of Ioans and advances External borrowing during the year at 5% Net Treasury Account Grant received in support of school fonding programma Subsidies on fuel Income tax (PAYE) External debt interest paid Subsidies on utilities Other bilateral grants Fines, Penalties and Forfeiture Transfer to GET Fund Other expenses Staff allowances Transfer to other statutory funds Administrative cost Proceeds from liquidation of Investments Tees and charges for services Payments for Road Infrastructure in progress Trust funds Proceeds from sale of Machinery & Equipment Cash payment to support the aged Foreign travelling cost Dividends and other investment income National award and celebrations Repairs and maintenance Purchase of machinery and equipment Capital project grants received DO DO Tools U Mobile View 8 GHe million 325.00 155.00 ♡ 550.00 55.00 32.50 25.00 45.00 35.00 25.00 300.00 15.00 195.00 350.00 135.00 65.00 295.00 45.00 105.00 35.00 80.00 5.00 10.00 15.00 55.00 40.00 30.00 45.00 50.00 22.50 110.00 270.00 700.00 45.00 50.00 12.00 33.00 35.00 Bis 16.00 14.00 300.00 85.00 Share 46 X The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: Inventories Cash and Cash equivalent Treasury Bills External Debt outstanding at 5% Payables Loans and Advances Financial Investments Machinery & Equipment Road Infrastructure completed Road Infrastructure in progress Prov. For depreciation on Machinery & Equipment Prov. For depreciation on Roads Infrastructure Accumulated Fund Revaluation Reserve Receivables GHç'million 65.00 235.00 60.00 120.00 15.00 82.50 175.00 150.00 900.00 300.00 90.00 30.00 1,500.00 185.00 92.50 3. During the year, the Parliament of Ghane approved a transfer of 10% of total tax revenue received in the year to the District Assembly Common Fund. 4. The capital project grants were rannived from the UK Government in June 2019. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GHC15 milion of the other bilateral grants. The Government of Ghana has already compled with grant condition in respect of a bilateral grant amounting to GHC22 million which is yet to be received. The probability of resnipt of this grant in two months' time is high 5. The opening payables were in respect of the supplies for seminars and workshops while the opening receivables were in respect of fees and charges for services. Opening payables were settled and opening rennivables received. payments in respect of workshop and seminar cast for the year 2019 included the opening payables and 25% of the cost of supplies for workshops and the amount received for fees and charges for services included the opening receivables and B0% of tees and charges for services for 2019 6. The additional external borrowing was done in the first week of January, 2019 and the repayment of external debt was done in the last week of December, 2019. Interest on external debt is yet to be accrued. 7 On 31 December, 2019, 75% of the road infrastructure in progress as at 31% December, 2019 was completed and therefore commissioned as completed. The Government of Ghana applies the revaluation model for its non current assets in line with IPSAS 17: Property, Plant and Equipment. In this respect, a professional valuer was engaged who produced the following values as at 31 December, 2019: Machinery and Equipment GHC600 million and Road infrastructure assets completed GHc2,003 million. 8. During 2019, a piece of equipment costing CHC50 million bought two years ago was disposed of for a sum of GHc 50 million. 9. It is the policy of govemment to provide for consumption of fixed capital on all non financial assets at 20%, ar cast per annum. 10. Financial Investments amounting to GHC110 million was quidated on 31 December, 2019 at book value 11. Salaries and other emoluments outstanding during the year amounted to GHC12 million while that of use of goods and services other than workshop and seminars amounted GH15 million. Prepayments relating to 2020 included in use of goods and services in respect of rent amounted to GHC18 million. GHC8.5 million relating to other expenses was outstanding as at 31 December, 2019 12. As at 31 December, 2013, corporate tax assessments amounting to GHC170 million was still outstanding to be paid by corporate entities to government whist the total amount owed to government as at 31 December, 2019 in respect of taxes on goods and services stood at GHC140 million. It is estimated that, only 80% of the outstanding debt to government may be recovered. 13. The accrual system of budgeting has been adopted by the government of Ghane. Budget information provided in respect of the Consolidated Fund account for the year ented 31 December, 2019 is provided below 7:50 PM P Edit Financial investment curing the year Established post salaries Custom and Excise duties Non-established post salaries 13% SSF contribution Transfer to the District Assembly Comman Fund (DACF) Seminar and workshops Medical support for pregnant women Training and capacity building Value added taxes Transfer to the Road Fund Repayment of external borrowing during the year Corporate Income tax QUESTION ONE The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account for the year ended 31 December, 2019. Loans and advances granted during the year Recovenes of Ioans and advances External borrowing during the year at 5% Net Treasury Account Grant received in support of school fonding programma Subsidies on fuel Income tax (PAYE) External debt interest paid Subsidies on utilities Other bilateral grants Fines, Penalties and Forfeiture Transfer to GET Fund Other expenses Staff allowances Transfer to other statutory funds Administrative cost Proceeds from liquidation of Investments Tees and charges for services Payments for Road Infrastructure in progress Trust funds Proceeds from sale of Machinery & Equipment Cash payment to support the aged Foreign travelling cost Dividends and other investment income National award and celebrations Repairs and maintenance Purchase of machinery and equipment Capital project grants received DO DO Tools U Mobile View 8 GHe million 325.00 155.00 ♡ 550.00 55.00 32.50 25.00 45.00 35.00 25.00 300.00 15.00 195.00 350.00 135.00 65.00 295.00 45.00 105.00 35.00 80.00 5.00 10.00 15.00 55.00 40.00 30.00 45.00 50.00 22.50 110.00 270.00 700.00 45.00 50.00 12.00 33.00 35.00 Bis 16.00 14.00 300.00 85.00 Share 46 X The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: Inventories Cash and Cash equivalent Treasury Bills External Debt outstanding at 5% Payables Loans and Advances Financial Investments Machinery & Equipment Road Infrastructure completed Road Infrastructure in progress Prov. For depreciation on Machinery & Equipment Prov. For depreciation on Roads Infrastructure Accumulated Fund Revaluation Reserve Receivables GHç'million 65.00 235.00 60.00 120.00 15.00 82.50 175.00 150.00 900.00 300.00 90.00 30.00 1,500.00 185.00 92.50 3. During the year, the Parliament of Ghane approved a transfer of 10% of total tax revenue received in the year to the District Assembly Common Fund. 4. The capital project grants were rannived from the UK Government in June 2019. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GHC15 milion of the other bilateral grants. The Government of Ghana has already compled with grant condition in respect of a bilateral grant amounting to GHC22 million which is yet to be received. The probability of resnipt of this grant in two months' time is high 5. The opening payables were in respect of the supplies for seminars and workshops while the opening receivables were in respect of fees and charges for services. Opening payables were settled and opening rennivables received. payments in respect of workshop and seminar cast for the year 2019 included the opening payables and 25% of the cost of supplies for workshops and the amount received for fees and charges for services included the opening receivables and B0% of tees and charges for services for 2019 6. The additional external borrowing was done in the first week of January, 2019 and the repayment of external debt was done in the last week of December, 2019. Interest on external debt is yet to be accrued. 7 On 31 December, 2019, 75% of the road infrastructure in progress as at 31% December, 2019 was completed and therefore commissioned as completed. The Government of Ghana applies the revaluation model for its non current assets in line with IPSAS 17: Property, Plant and Equipment. In this respect, a professional valuer was engaged who produced the following values as at 31 December, 2019: Machinery and Equipment GHC600 million and Road infrastructure assets completed GHc2,003 million. 8. During 2019, a piece of equipment costing CHC50 million bought two years ago was disposed of for a sum of GHc 50 million. 9. It is the policy of govemment to provide for consumption of fixed capital on all non financial assets at 20%, ar cast per annum. 10. Financial Investments amounting to GHC110 million was quidated on 31 December, 2019 at book value 11. Salaries and other emoluments outstanding during the year amounted to GHC12 million while that of use of goods and services other than workshop and seminars amounted GH15 million. Prepayments relating to 2020 included in use of goods and services in respect of rent amounted to GHC18 million. GHC8.5 million relating to other expenses was outstanding as at 31 December, 2019 12. As at 31 December, 2013, corporate tax assessments amounting to GHC170 million was still outstanding to be paid by corporate entities to government whist the total amount owed to government as at 31 December, 2019 in respect of taxes on goods and services stood at GHC140 million. It is estimated that, only 80% of the outstanding debt to government may be recovered. 13. The accrual system of budgeting has been adopted by the government of Ghane. Budget information provided in respect of the Consolidated Fund account for the year ented 31 December, 2019 is provided below
Expert Answer:
Answer rating: 100% (QA)
WHAT information is provided under an IPSASbased system HOW IPSASs improve the quality of financial reporting for governments WHY you should adopt IPSASs focusing on expected benefits IPSASs are stand... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
On January 1, Year 9, P Corp. acquired 75% of S Corp. for $1,500,000. P uses the cost method to account for its investment in S. On January 1, Year 9, S's retained earnings and common shares were...
-
Which one of the following activities best exemplifies working capital management? For this exercise, you will be choosing more than one option for your answer: - Identify three good investment...
-
A substance is at 300 lbf/in.2, 65 F in a rigid tank. Using only the critical properties can the phase of the mass be determined if the substance is nitrogen, water or propane?
-
Find the derivatives of the function. 9 cot sin t t
-
Bill lengths of a population of male blue jays have a normal distribution with mean 25.4 mm and standard deviation 0.8 mm. A bill is considered to be "short" if it is shorter than 24.0 mm. Suppose...
-
What is the total internal kinetic energy of 1.0 mol of an ideal gas at 0.0 C and 1.00 atm?
-
A study was conducted to investigate the relationship between severe headaches and being left- or right-handed. (Incidentally, Lisa Kudrow, who played Phoebe Buffay on the hit sitcom "Friends," is an...
-
Crissie just won the lottery, and she must choose between three award options. She can elect to receive a lump sum today of $61 million, to receive 10 end-of-year payments of $9.5 million, or to...
-
Brendan's unmarried daughter, Nicole, lived with him in his home for the entire year. Brendan is divorced. He owns his own home and pays all of the costs of upkeep for the home. Brendan paid over one...
-
Condensed income statements for Pon and its 80 percent-owned subsidiary, Star, appear below. Intercompany profit in Star's ending inventory is $60,000. At the date of combination four years ago,...
-
What are some of the problems, difficulties, or hardships caused by unemployment? Explain briefly What are some of the problems, difficulties, or hardships caused by Inflation? Explain briefly
-
In the Apple Foxconn case study, whereby Foxconn was found guilty of certain labour law breaches in China and Apple suffered considerable reputational damage, what were the main legal and ethical...
-
In the Commonwealth Caribbean, including Jamaica industrial relations have relied heavily on legislative initiatives enshrined in various labour laws. List four labour laws in Jamaica and outline the...
-
1) What are the common characteristics among Canadian labour relations laws? Specifically, what do the Canada Labour Code Part I and III have in common with the Labour Relations Act in Manitoba and...
-
A 2.97 kg particle has a velocity of (3.08 - 4.03 ) m/s. (a) Find its x and y components of momentum. Px Py = = kg.m/s kg.m/s (b) Find the magnitude and direction of its momentum. kg.m/s (clockwise...
-
In the movie, The Matrix Reloaded, Neo (80 kg) jumps towards Agent Smith (600 kg) who jumps towards Neo. When they collide, they grab hold of one another. If Neo has a velocity of 25.0 m/s to the...
-
calculate the heat flux a piece of fiberboard is exposed to if the exposed side of the wall is 700 Celsius and unexposed side of the wall is 100 Celsius. The thickness of the wall is 0.5 inches.
-
The pendulum consists of two rods: AB is pin supported at A and swings only in the y-z plane, whereas a bearing at B allows the attached rod BD to spin about rod AB. At a given instant, the rods have...
-
Consider a U.K. index fund that trades on a U.S. exchange. This fund is indexed on a British stock index based on several stocks that trade on the London stock exchange. The different time zones of...
-
Suppose that the current Swiss franc to U.S. dollar spot exchange rate is $:SFr = 1.60. The expected inflation over the coming year is 2 percent in Switzerland and 5 percent in the United States....
-
At a certain point in time, a bank quoted the following exchange rates against the dollar for the Swiss franc and the Australian dollar $:SFr = 1.5960-70 $:A$ = 1.8225-35 Simultaneously, an...
-
True or False: Annual worth analysis is the most popular DCF measure of economic worth.
-
Consider a palletizer at a bottling plant that has a first cost of \($150,000,\) operating and maintenance costs of \($17,500\) per year, and an estimated net salvage value of \($25,000\) at the end...
-
True or False: Unless non-monetary considerations dictate otherwise, choose the mutually exclusive investment alternative that has the greatest annual worth over the planning horizon.
Study smarter with the SolutionInn App