Below is the Trial Balance of the Consolidated Fund of Ghana for the year ended 31st December, 2020 Trial Balance as at 31 December 2020

Debit Credit GHc'm GHc'm Company taxes 15,000 Value added taxes 32,000 Pay as you earn 18,000 Custom duties 41,000 Fees and Charges 7,500 Royalties 1,350 Fines and penalties 600 Grants 23,000 54,000 Cash and Bank 19,000 Loans and advances 43,600 Property, plant and equipment 218,400 35,400 Equity investment 67,000 Receivables and Payables 3,000 33,000 Domestic debt and Interest 12,000 125,000 External Debt and Interest 17,000 145,000 Established post salaried 46,000 Seminar and conferences 7,000 Non-established post 3,500 Repairs and maintenance 1,500 Car maintenance allowance 900 13% social security contribution 1,650 Utilities 560 Office consumables 140 End of Service Benefits 2,100 Social benefits 4,000 Subsidies 2,000 Othe expenses 5,000 National day celebration 1,000 Bank charges 35 Accumulated Fund 29,465 507,850 507,850

Additional Information

1. Office consumable costing to GHc16, 000,000,000 remained unused during the year. The net replacement value of the inventory is estimated as GHc14, 000,000,000.

2. Interest amounting to GHc1,200,000,000 and GHc2,500,000,000 was due for payment on domestic debt and external debt respectively at the end of the year.

3. Income tax charged on companies amounting to GHc1,200,000,000 was not received during the year.

4. Salaries due but not paid amount to GHc3,000,000,000 and salaries paid in advance to staff was GHc1,100,000,000 at the end of the year.

5. Property, plant and equipment is estimated to be consumed evenly over 10 years.

6. Budget for 2020 financial year is as follows: GHcm Compensation for employees 46,650 Goods and services 18,900 Interest 32,500 Subsidies 4,200 Social benefit 5,500 Grant to institutions 28,000 Grants from donors 45,000 Non tax 8,750 Direct tax 32,900 Indirect tax 72.900 Other expenses 5,000 Required: Prepare for publication in compliance with the International Public Sector Accounting Standards (IPSAS) and the Public Financial Management Act 2016, Act 921:

a) Statement of Financial Performance for the year ended 31 December 2020 in comparison with the budget for the same period.

b) Statement of Financial Position as at 31 December 2020.

c) Notes to the financial statement

Question 3 [15 marks] Below is the Trial Balance of the Consolidated Fund of Ghana for the year ended 31 December, 2020 Trial Balance as at 31 December 2020 Debit Credit GHm GHc'm 15,000 Company taxes Value added taxes 32,000 18,000 Pay as you earn Custom duties 41,000 7,500 Fees and Charges Royalties 1,350 600 Fines and penalties Grants 23,000 54,000 Cash and Bank 19,000 Loans and advances 43,600 218,400 35,400 Property, plant and equipment Equity investment 67,000 3,000 33,000 Receivables and Payables Domestic debt and Interest 12,000 125,000 17,000 145,000 46,000 7,000 External Debt and Interest Established post salaried Seminar and conferences Non-established post Repairs and maintenance Car maintenance allowance 3,500 1,500 900 1,650 13% social security contribution Utilities 560 Office consumables 140 End of Service Benefits 2,100 Social benefits 4,000 Subsidies 2,000 Othe expenses 5,000 National day celebration 1,000 Bank charges 35 Accumulated Fund 29,465 507,850 507,850 Additional Information 1. Office consumable costing to GHe16, 000,000,000 remained unused during the year. The net replacement value of the inventory is estimated as GHc14,000,000,000. 2. Interest amounting to GHc1,200,000,000 and GHc2,500,000,000 was due for payment on domestic debt and external debt respectively at the end of the year. 3. Income tax charged on companies amounting to GHc1,200,000,000 was not received during the year. 4. Salaries due but not paid amount to GHC3,000,000,000 and salaries paid in advance to staff was GHc1,100,000,000 at the end of the year. 5. Property, plant and equipment is estimated to be consumed evenly over 10 years. 6. Budget for 2020 financial year is as follows: GHcm 46,650 Compensation for employees Goods and services 18,900 Interest 32,500 Subsidies 4,200 Social benefit 5,500 Grant to institutions 28,000 Grants from donors 45,000 Non tax 8,750 Direct tax 32,900 Indirect tax 72.900 Other expenses 5,000 Required: Prepare for publication in compliance with the International Public Sector Accounting Standards (IPSAS) and the Public Financial Management Act 2016, Act 921: a) Statement of Financial Performance for the year ended 31 December 2020 in comparison with the budget for the same period. b) Statement of Financial Position as at 31 December 2020. c) Notes to the financial statements. Question 3 [15 marks] Below is the Trial Balance of the Consolidated Fund of Ghana for the year ended 31 December, 2020 Trial Balance as at 31 December 2020 Debit Credit GHm GHc'm 15,000 Company taxes Value added taxes 32,000 18,000 Pay as you earn Custom duties 41,000 7,500 Fees and Charges Royalties 1,350 600 Fines and penalties Grants 23,000 54,000 Cash and Bank 19,000 Loans and advances 43,600 218,400 35,400 Property, plant and equipment Equity investment 67,000 3,000 33,000 Receivables and Payables Domestic debt and Interest 12,000 125,000 17,000 145,000 46,000 7,000 External Debt and Interest Established post salaried Seminar and conferences Non-established post Repairs and maintenance Car maintenance allowance 3,500 1,500 900 1,650 13% social security contribution Utilities 560 Office consumables 140 End of Service Benefits 2,100 Social benefits 4,000 Subsidies 2,000 Othe expenses 5,000 National day celebration 1,000 Bank charges 35 Accumulated Fund 29,465 507,850 507,850 Additional Information 1. Office consumable costing to GHe16, 000,000,000 remained unused during the year. The net replacement value of the inventory is estimated as GHc14,000,000,000. 2. Interest amounting to GHc1,200,000,000 and GHc2,500,000,000 was due for payment on domestic debt and external debt respectively at the end of the year. 3. Income tax charged on companies amounting to GHc1,200,000,000 was not received during the year. 4. Salaries due but not paid amount to GHC3,000,000,000 and salaries paid in advance to staff was GHc1,100,000,000 at the end of the year. 5. Property, plant and equipment is estimated to be consumed evenly over 10 years. 6. Budget for 2020 financial year is as follows: GHcm 46,650 Compensation for employees Goods and services 18,900 Interest 32,500 Subsidies 4,200 Social benefit 5,500 Grant to institutions 28,000 Grants from donors 45,000 Non tax 8,750 Direct tax 32,900 Indirect tax 72.900 Other expenses 5,000 Required: Prepare for publication in compliance with the International Public Sector Accounting Standards (IPSAS) and the Public Financial Management Act 2016, Act 921: a) Statement of Financial Performance for the year ended 31 December 2020 in comparison with the budget for the same period. b) Statement of Financial Position as at 31 December 2020. c) Notes to the financial statements