Below is the Trial Balance of Department of Tourism as at 31 December, 2019

Debit

Credit

Gh000 GH'000

Compensation for employees 100,000

Established position 50,000

Casual and daily rated labour 10,000

End of service benefits 20,000

13% social security contribution 10,000

Goods and services 80,000

Travel and transport 15,000

General cleaning 25,000

Office supplies 10,000

Utilities 5,000

Seminar and conferences 20,000

Repairs and maintenance 6,000

Non-financial assets 120,000

Equipment 50,000

Accumulated consumption on equipment 10,000

Retained internally generated fund 46,000

Fixed deposit 2,000

Loans 30,000

Advance 10,000

Cash and Bank 8,000

Other expenditures 8,000

Accumulated fund 36,000

Foreign travels cost 5,000

Travel allowances 9,000

Payables. 29,000

Insurance 2,000

Bank charges 500

Motor vehicle 100,000 32,500

Furniture 80,000 30,000

Probation 8,000

483,500. 483,500

Additional information:

i. Utilities outstanding at the end of the year was GHc3,000,000.

ii. Consumption of fixed capital should be charged on the useful life as follows:

equipment- 4 years, Motor vehicle - 5 years, and Furniture - 4 years.

iii. Internally generated revenue receivable at the end of the year was GHc4,000,000.

iv. Inventory of office supply as 31 December 2019 has a cost of GHe2,000,000 and current replacement cost of GHc1,800,000.

v.The revenue budget of the department is as follows: Government of Ghana GH400.000.000 and Internally Generated Fund GHc45.000.000.

vi.The expenditure approved in the 2019 budget is as follows: Compensation of employees GHe100,000,000; goods and services GHc80,000,000 and other expenditures GHc5,000,000.

Required:

Prepare in compliance with the IPSAS and PFM Act 2016:

a) A Statement of Revenue and Expenditure for the year ended 31" December, 2019

b) A Statement of Financial Position as at 31> December 2019

c) A Statement of Budget Information in Comparison with the Budget for the year ended

31 December 2019

d) Notes to the financial statement