General Purpose Financial Statements The following Trial Balance relates to Banco Community College, a public tertiary educational institution in Guyana, as at December 31, 2019. DR CR $000 $000 Fees Income 4,575,622 Permanent Post 5,312,430 Allowance 856,670 Independent consultancy fees 655,600 Legal Cost 25,059 CARICOM Grant 1,540,000 Consultancy Cost 565,500 Non-Permanent Post 1,253,600 Seminars cost 500,000 Sponsorship (granted/received) 8,100 9,066,828 Receivables 468,050 Payables 182,840 20% loan 8,600 Books and Research Allowance 150,765 Plant and Machinery 3,000,000 250,000 Motor Vehicle 2,505,000 352,000 Building 12,300,000 756,000 Software 995,500 150,000 Other Incomes 211,430 Project Work Supervisory Allowance 48,500 Cash and Bank 294,233 Training and Workshop cost 104,000 Bad debt provision (student fees) 4,940 Work in Progress 8,251,735 Other Expenses 71,000 Withholding Tax 90,500 Accumulated Fund 11,205,270 Utilities Bills 560,053 Proceeds from Sale of Admission Forms 9,196,270 Superannuation 278,500 End of Service Benefits 298,040 Stationery Stock 399,165 38,245,900 38,245,900 Additional Information: I. The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. II. Stationery stock as at 31/12/2019 was $200,500,000 but have a Net Realizable Value of $155,254,000. III. Social benefits of $1,720,000 yet to be paid during the year was included in the Work In Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet paid. IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff. V. Provision is to be made for interest on loans. VI. 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtful debt is estimated to be 5% of outstanding school fees. VII. The university uses straight line basis of depreciation for Capital Assets. Capital Assets and their useful lives are detailed out below: Assets Useful Life Plant and Machinery 8 years Motor Vehicle 5 years Building 50 years Software 7 years Required: 1. A Statement of Financial Performance for Banco Community College for the year ended 31/12/2019. (8 marks). 2. With reference to IPSAS 1: Presentation of Financial Statements, state four (4) objectives of general purpose financial statements. (2 marks).