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 Assembly's most recent Trial Balance as at 31st December 2019.

Property rates

Ceded revenue

Share of district assembly common fund Hawkers licenses

Training workshop

Fixed deposit

Contract retention

Tax withholdings

Advances to staff

Contract mobilization

Bank and cash

Loans

Established post

Assemblymen allowances

Printing and publication

Rent

Repairs and maintenance

Rehabilitation of facilities

Construction works completed Construction works in progress Purchase of furniture and fittings Purchase of computer and accessories Consultancy

Conference and seminar cost

Finance charges

Allowances to staff

Casual labour

Donor support

Market tolls

Lorry parks

Court fines and penalties

Share of stool land revenue

Basic rates

Hiring of equipment and facilities Market store rent

GHc'000 48,000 29,000 68,000 2,000

Examiners: Samuel N.Y. Simpson, William A. Atuilik &

Seth Terkper

Page 2 of 4

GHc'000

2,500 15,000

32,000 3,500

6,000 59,800 20,000

1,200 52,000 1,300 600 200 800 4,500 240,000 125,000 30,000 1,250 350 670 140 34,300 4,320

95,450 86,350 45,000 11,120 14,700 86,200

1,600 1,640

Rent of residential accommodation Utilities and office consumables Accumulated fund

Foreign travels cost and per diem Special social interventions Interest on fixed deposits

GCB Loan

Additional information

2,200 2,900

58,810 860

380

6,500

..........

604,070

12,000 604,070

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.