The south African government had election during the last thirteen months. New administration came with new...

 

 
 

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The south African government had election during the last thirteen months. New administration came with new national department, Department of Air Travel. The purpose of the new department is to regulate airlines. It was separated from the National Department of Transport which has just been given a new responsibility to regulate the taxi industry. You were appointed as a Director within Financial Management Directorate of the established department. One of your responsibilities is preparation of financial statements. The following information is available to you to prepare the below required statement and notes as part of annual financial statements. 3.1. Design a template using Microsoft Excel to prepare the annual financial statements. Your Template should include: 3.1.1. Name of each sheet from your workbook 3.1.2. formulas and links. 3.1.3. Fill colour to indicate areas which are editable 3.2. Compile a statement of financial performance of Department of Air Travel for financial year ended 31 March 2022. Notes to the statement of financial performance 3.3.1. Annual appropriation 3.3.2. Departmental revenue 3.3. 3.3.2.1. Sales of goods and services other than capital assets 3.3.2.2. Fines, penalties, and forfeits 3.3.2.3. Interest and dividends 3.3.3. Compensation of employees 3.3.3.1. Salaries and wages 3.3.3.2. Social contribution 3.3.4. Goods and services 3.3.5. Transfers and subsidies A. Trial Balance of Department of Air Travel for the year ended 31 March 2022 Debit General Account of Vote Interest Fines Penalties Dividends Administrative fees Sales by market establishment Sales of broken laptops (current) Purchases of New Equipment Bought Buildings Aid Assistance Aid assistance (current) Basic Salary Service based wages Medical aid Bargaining council Pension Fund Transfers to Households Transfers and subsidies (Public corporations) Water and electricity Cleaning Interest paid Stationery Rent on land Bought new laptops (current) Consultation and advisory Administrative fees Computer Software Advertising Bursaries to employees Audit cost Fleet services Travel and subsistence Inventory Unauthorized expenditure approved without funding Venues B. Additional Information 10 000 000 15 000 000 650 000 8 000 000 960 000 210 000 35 000 200 000 550 500 7 000 000 180 000 65 000 15 000 13 250 350 000 30 000 450 000 680 000 100 000 170 020 200 000 32 000 75 000 630 000 20 000 600 000 100 000 Credit 154 820 440 80 000 60 000 90 000 930 000 3 000 000 1 500 000 92 000 750 000 1. All the appropriated funds to the department were received. 2. The remaining balance of voted funds/Annual appropriation to be surrendered was R109 154 670. 3. The remaining aid assistance was R100 000. 4. There was no own revenue included in Annual appropriation. 5. The Department currently has four Programmes i.e. Administration, Operational, Aviation and Corporate services. The department's vote/ appropriation is allocated in the following ratio: • Administration 50% • Operational 20% • Aviation 20% • Corporate services 10% The south African government had election during the last thirteen months. New administration came with new national department, Department of Air Travel. The purpose of the new department is to regulate airlines. It was separated from the National Department of Transport which has just been given a new responsibility to regulate the taxi industry. You were appointed as a Director within Financial Management Directorate of the established department. One of your responsibilities is preparation of financial statements. The following information is available to you to prepare the below required statement and notes as part of annual financial statements. 3.1. Design a template using Microsoft Excel to prepare the annual financial statements. Your Template should include: 3.1.1. Name of each sheet from your workbook 3.1.2. formulas and links. 3.1.3. Fill colour to indicate areas which are editable 3.2. Compile a statement of financial performance of Department of Air Travel for financial year ended 31 March 2022. Notes to the statement of financial performance 3.3.1. Annual appropriation 3.3.2. Departmental revenue 3.3. 3.3.2.1. Sales of goods and services other than capital assets 3.3.2.2. Fines, penalties, and forfeits 3.3.2.3. Interest and dividends 3.3.3. Compensation of employees 3.3.3.1. Salaries and wages 3.3.3.2. Social contribution 3.3.4. Goods and services 3.3.5. Transfers and subsidies A. Trial Balance of Department of Air Travel for the year ended 31 March 2022 Debit General Account of Vote Interest Fines Penalties Dividends Administrative fees Sales by market establishment Sales of broken laptops (current) Purchases of New Equipment Bought Buildings Aid Assistance Aid assistance (current) Basic Salary Service based wages Medical aid Bargaining council Pension Fund Transfers to Households Transfers and subsidies (Public corporations) Water and electricity Cleaning Interest paid Stationery Rent on land Bought new laptops (current) Consultation and advisory Administrative fees Computer Software Advertising Bursaries to employees Audit cost Fleet services Travel and subsistence Inventory Unauthorized expenditure approved without funding Venues B. Additional Information 10 000 000 15 000 000 650 000 8 000 000 960 000 210 000 35 000 200 000 550 500 7 000 000 180 000 65 000 15 000 13 250 350 000 30 000 450 000 680 000 100 000 170 020 200 000 32 000 75 000 630 000 20 000 600 000 100 000 Credit 154 820 440 80 000 60 000 90 000 930 000 3 000 000 1 500 000 92 000 750 000 1. All the appropriated funds to the department were received. 2. The remaining balance of voted funds/Annual appropriation to be surrendered was R109 154 670. 3. The remaining aid assistance was R100 000. 4. There was no own revenue included in Annual appropriation. 5. The Department currently has four Programmes i.e. Administration, Operational, Aviation and Corporate services. The department's vote/ appropriation is allocated in the following ratio: • Administration 50% • Operational 20% • Aviation 20% • Corporate services 10%