fuck you all...the deadline is past and thats every information that was given...so why cant you use that

Q.1 The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December, 2020: 1.790 KH'000 Cash payment to support the aged 3,450 Foreign travelling cost 1.250 Corporate Income tax 6,450 Loans and advances granted during the year 8.50 UN Peace keeping Expenses 1.410 Refund of medical expenses of papers 1,966 Transfer to the Road Fund 1,320 Borrowing from the domestic commercial banks Medical support for pregnant women 1.280 Training and capacity building 1.710 Value added taxes 10,870 Testic debt interest 1,3 Other expenses Subsidies on utilities 1.280 Other lateral L.RO National award and celebrations 1.120 Recoveries of opening Taxes Receivables 1,21 Net Treasury Operations 1,740 Repayment of domestic borrowin during this year NIO Repayment of external borrowing during the year 1,640 Transfer to District Assembly Common Fund (DACE 1.590 Seminar and workshops R20 Recoveries of loans and advances KNI External borrowing during the year 14.270 External debt interest paid 1.570 Grand received in support of school feeding programme 2.610 Subsidies en fuel 1.90 Infrastructure works in progress 2.17 Repairs and maintenance 1.240 Fines, Penalties and forfeiture 5.120 Transfer to GET Tund 1.650 Administrative cost Fees and charges for services rendered Nee-established post salaries 2,840 Financial investment during the year 2,542 Established post salarics 110 Custom and Excise duties 6,790 Purchase of property plant and equipment 1.0 13% SSF contribution 1.10 Rent as 3.96 Suallallowances 2,056 Transfer to other statutory funds 1.11G Proceeds from disposal of PPE 2,910 Suate Protocollo 720 Infrastructure works completed 6,170 Trust fonds 1,70 Income tax (PAYE) 8.00 Capital project and received 1.270 Dividends and other investment income 1.24 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis tomos) LI The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Budget Supplementary Budget GHc000 5.000 6,000 2000 Direct taxes Indirect taxes Non-tax rever Grants Comention of employees Goods and Service cost Publike debt interest Subsidies Transfers Secial benefits Other expenses GHc"000 8.00 11.000 9.000 XOXO 8.000 6,000 2000 2.000 6.000 2.000 2.000 2.000 3.000 3.000 1.000 2.000 2.000 1.000 1.000 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of: GIOC Konsumption of Fred Capital PE 2.590 Infrastructure completed 1980 PE 12,310 lihtrastructure completed 4,320 Erust Funds 3.216 ventories 1.90 aans and advances 7.640 Domestic Det 9370 Winancial Investments xial Debt 7.610 exes Receivable 2,400 Payables 1.430 klash and cash 2800 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of GH2000 Konsumption of Fixed Capital WIPE 2.590 infrastructure completed 1980 JPE 12.310 infrastructure pleted 4,120 Lirust Funds 3.210 inventories 1.800 Hoans and advances 7640 thomestic Dete 9,670 Winancial Investments 4,500 xternal Debt 7,630 fixes Receivable 2.40 Tayables 1,430 Klash and chequivalent 2.890 Accumulated fund 2.750 infrastructure in progress 140 easury billsid 3.400 Hevaluation Reserve 3,90 6. Inventories included in use of goods and services available at the end of the year was as follows: Inventories for use inventories for sale GH TM GHO Historical Con 2.000 2.500 Replacement Cost 1.000 800 Net Rulirable Value 900 1.000 4. The probability of receipt of the outstanding opening Taxes Receivables as at 15 February 2021 was only 5% as the entity from which government expects to collect the tax from had been declared insolvent. In December 2020 Investments with a carrying amount of GHc1,110,000 was liquidated for GHc1,020,000. 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GHc450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHC1,890,000. This grant is highly probable to be received in the first month after the financial year end. 7. Domestic debt interest and external debt interest amounting to GHc1,210,000 and GHc540,000 respectively was due but not paid due to the financial constraints during the year. 25% 8. It is the policy of government to provide for consumption of fixed assets on all non-financial assets acquired during the year and those already existing using the straight line method at the following rates: Property, Plant and Equipment Infrastructure asset completed 20% No depreciation is charged on assets sold during the year. 9. Salaries and other emoluments outstanding during the year amounted to GHc1,270,000 while that of use of goods and services amounted GHc760,000 Additionally, GHc3,030,000 of rent paid during the year relate to 2021. GHc570,000 relating to other expenses was outstanding as at 31" December, 2020. 10. As at 31 December, 2020, corporate tax assessments amounting to GHc4,300,000 was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31 December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that, only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24,960,000 and Infrastructural assets in progress GHc18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31" December, 2020. You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2020 25 marks estimated that, only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24.960,000 and Infrastructural assets in progress GHc18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31" December, 2020 at You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2020; 25 marks b) Statement of Financial Position of the Consolidated Fund as the year ended 31 December 2020; 25 marks c) Statement of Changes in Net Assets and Equity for the year ended 31" December 2020; 5 marks d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24 and 20 marks e) Show detailed workings for all derived 25 marks Total Marks: answers 100% Page 6 of 6 Q.1 The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December, 2020: 1.790 KH'000 Cash payment to support the aged 3,450 Foreign travelling cost 1.250 Corporate Income tax 6,450 Loans and advances granted during the year 8.50 UN Peace keeping Expenses 1.410 Refund of medical expenses of papers 1,966 Transfer to the Road Fund 1,320 Borrowing from the domestic commercial banks Medical support for pregnant women 1.280 Training and capacity building 1.710 Value added taxes 10,870 Testic debt interest 1,3 Other expenses Subsidies on utilities 1.280 Other lateral L.RO National award and celebrations 1.120 Recoveries of opening Taxes Receivables 1,21 Net Treasury Operations 1,740 Repayment of domestic borrowin during this year NIO Repayment of external borrowing during the year 1,640 Transfer to District Assembly Common Fund (DACE 1.590 Seminar and workshops R20 Recoveries of loans and advances KNI External borrowing during the year 14.270 External debt interest paid 1.570 Grand received in support of school feeding programme 2.610 Subsidies en fuel 1.90 Infrastructure works in progress 2.17 Repairs and maintenance 1.240 Fines, Penalties and forfeiture 5.120 Transfer to GET Tund 1.650 Administrative cost Fees and charges for services rendered Nee-established post salaries 2,840 Financial investment during the year 2,542 Established post salarics 110 Custom and Excise duties 6,790 Purchase of property plant and equipment 1.0 13% SSF contribution 1.10 Rent as 3.96 Suallallowances 2,056 Transfer to other statutory funds 1.11G Proceeds from disposal of PPE 2,910 Suate Protocollo 720 Infrastructure works completed 6,170 Trust fonds 1,70 Income tax (PAYE) 8.00 Capital project and received 1.270 Dividends and other investment income 1.24 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis tomos) LI The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Budget Supplementary Budget GHc000 5.000 6,000 2000 Direct taxes Indirect taxes Non-tax rever Grants Comention of employees Goods and Service cost Publike debt interest Subsidies Transfers Secial benefits Other expenses GHc"000 8.00 11.000 9.000 XOXO 8.000 6,000 2000 2.000 6.000 2.000 2.000 2.000 3.000 3.000 1.000 2.000 2.000 1.000 1.000 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of: GIOC Konsumption of Fred Capital PE 2.590 Infrastructure completed 1980 PE 12,310 lihtrastructure completed 4,320 Erust Funds 3.216 ventories 1.90 aans and advances 7.640 Domestic Det 9370 Winancial Investments xial Debt 7.610 exes Receivable 2,400 Payables 1.430 klash and cash 2800 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of GH2000 Konsumption of Fixed Capital WIPE 2.590 infrastructure completed 1980 JPE 12.310 infrastructure pleted 4,120 Lirust Funds 3.210 inventories 1.800 Hoans and advances 7640 thomestic Dete 9,670 Winancial Investments 4,500 xternal Debt 7,630 fixes Receivable 2.40 Tayables 1,430 Klash and chequivalent 2.890 Accumulated fund 2.750 infrastructure in progress 140 easury billsid 3.400 Hevaluation Reserve 3,90 6. Inventories included in use of goods and services available at the end of the year was as follows: Inventories for use inventories for sale GH TM GHO Historical Con 2.000 2.500 Replacement Cost 1.000 800 Net Rulirable Value 900 1.000 4. The probability of receipt of the outstanding opening Taxes Receivables as at 15 February 2021 was only 5% as the entity from which government expects to collect the tax from had been declared insolvent. In December 2020 Investments with a carrying amount of GHc1,110,000 was liquidated for GHc1,020,000. 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GHc450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHC1,890,000. This grant is highly probable to be received in the first month after the financial year end. 7. Domestic debt interest and external debt interest amounting to GHc1,210,000 and GHc540,000 respectively was due but not paid due to the financial constraints during the year. 25% 8. It is the policy of government to provide for consumption of fixed assets on all non-financial assets acquired during the year and those already existing using the straight line method at the following rates: Property, Plant and Equipment Infrastructure asset completed 20% No depreciation is charged on assets sold during the year. 9. Salaries and other emoluments outstanding during the year amounted to GHc1,270,000 while that of use of goods and services amounted GHc760,000 Additionally, GHc3,030,000 of rent paid during the year relate to 2021. GHc570,000 relating to other expenses was outstanding as at 31" December, 2020. 10. As at 31 December, 2020, corporate tax assessments amounting to GHc4,300,000 was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31 December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that, only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24,960,000 and Infrastructural assets in progress GHc18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31" December, 2020. You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2020 25 marks estimated that, only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24.960,000 and Infrastructural assets in progress GHc18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31" December, 2020 at You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2020; 25 marks b) Statement of Financial Position of the Consolidated Fund as the year ended 31 December 2020; 25 marks c) Statement of Changes in Net Assets and Equity for the year ended 31" December 2020; 5 marks d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24 and 20 marks e) Show detailed workings for all derived 25 marks Total Marks: answers 100% Page 6 of 6