CORIS RECREATION ASSEMBLY CORIS RA is a government owned enterprise which is legislated to generate its own income which uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASS You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as stipulated by the IPSASS. Working with a team of qualified and experienced accountants, you were able to prepare the following accounting information of CORIS RA for the year ending December 2020: DETAILS AMOUNT ACTIVITY Dividend Received 93,250 INVESTING Loan payment 143,000 FINANCING Amounts Recovered 194,000 OPERATING Interest Expense 200,000 FINANCING Court Administration Fees 240,000 OPERATING Cost of Training 275,000 OPERATING Bar License 300,400 OPERATING Store Rent 300,750 OPERATING Fines and Penalties 330,000 OPERATING General Cleaning 350,000 OPERATING Sanitation 370,000 OPERATING Accumulated Fund (1/1/2020) 370,600 OPERATING Basic Taxes and Rates 370,900 OPERATING Allowances 370,900 OPERATING Equity Investment Acquired 420,000 INVESTING Royalties 430,000 OPERATING Accountancy and Consultancies cost 470,000 OPERATING Work-In-Progress 490,000 Herbalist License 530,370 OPERATING Posts not on Establishment 580,000 OPERATING Other Expenditure 600,000 OPERATING Stool Land Revenue 600,000 OPERATING Transport and Travelling cost 620,000 OPERATING Utilities 630,000 OPERATING Hostel License 630,920 OPERATING Advances to Staff 660,000 OPERATING Local Park Fees 720,400 OPERATING Inventory and Consumables 800,000 OPERATING Special Services 820,000 OPERATING Property Rate 820,900 Social Benefit 840,300 OPERATING Market Tolls 870,000 OPERATING Consumption of Fixed Assets 960,000 INVESTING Infrastructure, Plant and Equipment 980,000 INVESTING Permit Fees 990,000 OPERATING Proceeds from Sale of Equity 990,320 FINANCING Established Posts 1,140,700 Development Bonds Issued 1,300,000 FINANCING Business Income 2,300,600 Loans Received 2,330,000 FINANCING Local Fund 2,930,000 INVESTING Rent from Land and Building 6,120,800 INVESTING Central Government Salaries 12,000,000 OPERATING Cash and Cash Equivalent @ (1/1/2020) 12,300,240 Parish Development Facility 15,000,600 OPERATING NOTES 1. You are to ensure that CORIS RA adopts and maintain the accrual accounting basis when preparing its financial statements 2. As of December 31, 2020, the Established Post had outstanding salaries of $180,000,000.00 3. Closing Inventory and Consumables as at December 31, 2020 stood at $170,000,000.00 Using the guidelines and formats set out in the applicable IPSASs, you are to: Prepare a statement of cash flow for the year ended December 31, 2020 using the accrual basis method b. Prepare a statement of financial performance for the year ended December 31, 2020 using the accrual basis method a. CORIS RECREATION ASSEMBLY CORIS RA is a government owned enterprise which is legislated to generate its own income which uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASS You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as stipulated by the IPSASS. Working with a team of qualified and experienced accountants, you were able to prepare the following accounting information of CORIS RA for the year ending December 2020: DETAILS AMOUNT ACTIVITY Dividend Received 93,250 INVESTING Loan payment 143,000 FINANCING Amounts Recovered 194,000 OPERATING Interest Expense 200,000 FINANCING Court Administration Fees 240,000 OPERATING Cost of Training 275,000 OPERATING Bar License 300,400 OPERATING Store Rent 300,750 OPERATING Fines and Penalties 330,000 OPERATING General Cleaning 350,000 OPERATING Sanitation 370,000 OPERATING Accumulated Fund (1/1/2020) 370,600 OPERATING Basic Taxes and Rates 370,900 OPERATING Allowances 370,900 OPERATING Equity Investment Acquired 420,000 INVESTING Royalties 430,000 OPERATING Accountancy and Consultancies cost 470,000 OPERATING Work-In-Progress 490,000 Herbalist License 530,370 OPERATING Posts not on Establishment 580,000 OPERATING Other Expenditure 600,000 OPERATING Stool Land Revenue 600,000 OPERATING Transport and Travelling cost 620,000 OPERATING Utilities 630,000 OPERATING Hostel License 630,920 OPERATING Advances to Staff 660,000 OPERATING Local Park Fees 720,400 OPERATING Inventory and Consumables 800,000 OPERATING Special Services 820,000 OPERATING Property Rate 820,900 Social Benefit 840,300 OPERATING Market Tolls 870,000 OPERATING Consumption of Fixed Assets 960,000 INVESTING Infrastructure, Plant and Equipment 980,000 INVESTING Permit Fees 990,000 OPERATING Proceeds from Sale of Equity 990,320 FINANCING Established Posts 1,140,700 Development Bonds Issued 1,300,000 FINANCING Business Income 2,300,600 Loans Received 2,330,000 FINANCING Local Fund 2,930,000 INVESTING Rent from Land and Building 6,120,800 INVESTING Central Government Salaries 12,000,000 OPERATING Cash and Cash Equivalent @ (1/1/2020) 12,300,240 Parish Development Facility 15,000,600 OPERATING NOTES 1. You are to ensure that CORIS RA adopts and maintain the accrual accounting basis when preparing its financial statements 2. As of December 31, 2020, the Established Post had outstanding salaries of $180,000,000.00 3. Closing Inventory and Consumables as at December 31, 2020 stood at $170,000,000.00 Using the guidelines and formats set out in the applicable IPSASs, you are to: Prepare a statement of cash flow for the year ended December 31, 2020 using the accrual basis method b. Prepare a statement of financial performance for the year ended December 31, 2020 using the accrual basis method a