b) Mpuntuo Municipal Assembly (MMA) is a subnational level institution in Ghana which is in the process of preparing its financial statements for year ended 31st December, 2019. Below is the Assemblys most recent Trial Balance as at 31st December 2019. GHc'000 GHc'000 Property rates 48,000 Ceded revenue 29,000 Share of district assembly common fund 68,000 Hawkers licenses 2,000 Training workshop 2,500 Fixed deposit 15,000 Contract retention 32,000 Tax withholdings 3,500 Advances to staff 6,000 Contract mobilization 59,800 Bank and cash 20,000 Loans 1,200 Established post 52,000 Assemblymen allowances 1,300 Printing and publication 600 Rent 200 Repairs and maintenance 800 Rehabilitation of facilities 4,500 Construction works completed 240,000 Construction works in progress 125,000 Purchase of furniture and fittings 30,000 Purchase of computer and accessories 1,250 Consultancy 350 Conference and seminar cost 670 Finance charges 140 Allowances to staff 34,300 Casual labour 4,320 Donor support 95,450 Market tolls 86,350 Lorry parks 45,000 Court fines and penalties 11,120 Share of stool land revenue 14,700 Basic rates 86,200 Hiring of equipment and facilities 1,600 Market store rent 1,640 Rent of residential accommodation 2,200 Utilities and office consumables 2,900 Accumulated fund 58,810 Foreign travels cost and per diem 860 Special social interventions 380 Interest on fixed deposits 6,500 GCB Loan ....... 12,000 604,070 604,070 Additional information The following additional information has been made available: 1. The fixed deposit amounting to GHc15million was made with Sika Bank on July 1st, 2019 at the rate of 20% per annum. Interest is receivable every three months. The last quarter interest is yet to be received. 2. Consumption of fixed capital on all non-current assets are charged at 20% per annum on a straight line basis. 3. During the year, newly constructed market stores were let out to traders who paid two years rent in advance on July 1st 2019 and this rent will expire on June 30th, 2021. 4. Revenues are classified in line with the provisions of the Local Governance Act, 2016, (Act 936). 5. Inventories of stationery and printing materials for use available at the end of the year was as follows: GHc million Historical Cost 800 Replacement Cost 600 Net Realisable value 500 You are required to prepare, in a format suitable for external use, and in accordance with the Public Financial Management Act, 2016 (Act 921), the Local Governance Act, 2016 (Act 936) and the International Public Sector Accounting Standards the following: i) A Statement of Financial Performance for the year ended 31st December, 2019; ii) A statement of Changes in Net Asset and Equity for the year ended 31st December, 2019; iii) A Statement of Financial Position as at 31st December, 2019; and iv) Notes to the accounts.