The trial balance of MBA University, a Ghanaian public University, is provided below. Trial Balance as...

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The trial balance of MBA University, a Ghanaian public University, is provided below. Trial Balance as at 31" December 2019 Admission forms Academic facility user fee Residential facility user fee Government subvention-salaries Government subvention-Goods and services 2,100,000 Established post salaries Casual labour Part-time salaries Examination cost Utilities Travel and transport Repair and maintenance Insurance Office consumable Seminar, workshop and training Matriculations and congregation Other fees Book and research allowance Other allowances Government guaranteed bank loans Interest on loans Motor vehicles Land and building Equipment Staff advances and loans Cash and cash equivalent Fees Receivable Payables Donations and grant GHC000 GH₂000 100,000 1,800,000 1,400,000 2,100,000 900,000 Other expenses Provision for uncollectible fees Accumulated surplus 850,000 350,000 700.000 1,300,000 250,000 150,000 50,000 10,000 600,000 65,000 500,000 220,000 100,000 300,000 1.400,000 340,000 60,000 100,000 430,000 92,000 9962000 420,000 800,000 120,000 280,000 60,000 105.000 270.000 110,000 1.502.000 9967000 Additional Information. i) Some of the students were unable to settle their academic facility user fees totalling GHC550,000,000 at the end of the year and residential facility amounting to GHC120,000,000. It is estimated that 5% of the academic and residential facility user fees receivable at end of the year will be uncollectible and as such appropriate allowance should be created. ii) Claims for allowances of employees amounting to GHC20,000,000 was not paid at the end of the year. Such claims will be paid in January 2020. iii) The alumina association has donated a civilian bus to the University. The records of the associated shows that the bus donated cost GHC800,000, however the fair value of the bus is GHC520,000. No record was made in the books iii) The alumina association has donated a civilian bus to the University. The records of the associated shows that the bus donated cost GHC800,000, however the fair value of the bus is GHC520,000. No record was made in the books of the University. iv) Included in the equipment was computer and accessories worth GHC140,000,000 which has been destroyed completely by fire on 25th of January 2020. v) Some lecturers have sued the University for unlawful dismissal on 1 October, 2018 seeking damages amounting to GHC80,000,000. As at year end, the case has been heard awaiting judgement. Unfortunately, the judgement was given in favour of the plaintiffs on 20th January 2020. vi) Consumption of non-current assets is to be charged based on the estimated useful lives. The estimated useful are as follows: motor vehicle 5 years, building 10 years and equipment 5 years. The cost of the building is GHC1,000,000,000. vii) The budget of the University for the year shows the revenues: government subvention GHC3,500,000,000; internally generated fund GHC3,100,000,000 and donation/grant GHC300,000,000. viii) The expenditure budget of the University is as follows: Compensation of employees GHC3,600,000,000; goods and services interest GHC2,400,000,000, GHC100,000,000 and other expenses GHC190,000,000. Required: Prepare in accordance with the relevant IPSAS, Public Financial Management Act 2016 and Public Financial Management Regulation 2019: a) Statement of financial performance for the year ended 31" December 2019. b) Statement of financial position as at 31" December 2019. c) Statement of Budget Information in comparison with Actual Outcomes for the year ended 31" December 2019. The trial balance of MBA University, a Ghanaian public University, is provided below. Trial Balance as at 31" December 2019 Admission forms Academic facility user fee Residential facility user fee Government subvention-salaries Government subvention-Goods and services 2,100,000 Established post salaries Casual labour Part-time salaries Examination cost Utilities Travel and transport Repair and maintenance Insurance Office consumable Seminar, workshop and training Matriculations and congregation Other fees Book and research allowance Other allowances Government guaranteed bank loans Interest on loans Motor vehicles Land and building Equipment Staff advances and loans Cash and cash equivalent Fees Receivable Payables Donations and grant GHC000 GH₂000 100,000 1,800,000 1,400,000 2,100,000 900,000 Other expenses Provision for uncollectible fees Accumulated surplus 850,000 350,000 700.000 1,300,000 250,000 150,000 50,000 10,000 600,000 65,000 500,000 220,000 100,000 300,000 1.400,000 340,000 60,000 100,000 430,000 92,000 9962000 420,000 800,000 120,000 280,000 60,000 105.000 270.000 110,000 1.502.000 9967000 Additional Information. i) Some of the students were unable to settle their academic facility user fees totalling GHC550,000,000 at the end of the year and residential facility amounting to GHC120,000,000. It is estimated that 5% of the academic and residential facility user fees receivable at end of the year will be uncollectible and as such appropriate allowance should be created. ii) Claims for allowances of employees amounting to GHC20,000,000 was not paid at the end of the year. Such claims will be paid in January 2020. iii) The alumina association has donated a civilian bus to the University. The records of the associated shows that the bus donated cost GHC800,000, however the fair value of the bus is GHC520,000. No record was made in the books iii) The alumina association has donated a civilian bus to the University. The records of the associated shows that the bus donated cost GHC800,000, however the fair value of the bus is GHC520,000. No record was made in the books of the University. iv) Included in the equipment was computer and accessories worth GHC140,000,000 which has been destroyed completely by fire on 25th of January 2020. v) Some lecturers have sued the University for unlawful dismissal on 1 October, 2018 seeking damages amounting to GHC80,000,000. As at year end, the case has been heard awaiting judgement. Unfortunately, the judgement was given in favour of the plaintiffs on 20th January 2020. vi) Consumption of non-current assets is to be charged based on the estimated useful lives. The estimated useful are as follows: motor vehicle 5 years, building 10 years and equipment 5 years. The cost of the building is GHC1,000,000,000. vii) The budget of the University for the year shows the revenues: government subvention GHC3,500,000,000; internally generated fund GHC3,100,000,000 and donation/grant GHC300,000,000. viii) The expenditure budget of the University is as follows: Compensation of employees GHC3,600,000,000; goods and services interest GHC2,400,000,000, GHC100,000,000 and other expenses GHC190,000,000. Required: Prepare in accordance with the relevant IPSAS, Public Financial Management Act 2016 and Public Financial Management Regulation 2019: a) Statement of financial performance for the year ended 31" December 2019. b) Statement of financial position as at 31" December 2019. c) Statement of Budget Information in comparison with Actual Outcomes for the year ended 31" December 2019.

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a Statement of Financial Performance for the year ended 31 December 2019 GHC000 Revenue Government S... View the full answer