GRADED ASSIGNMENT 3 (209) You have just been posted to the Office of the Accountant General Department of Jamaica The AGD is responsible for the consolidation of Government accounts You have been asked to analyze the information given below in the Trial Balance of the Consolidated Fund for the year anded December 31, 2017 Direct tas revenues do to government but were not received at December 31. 2017 amounted to $49,000,000 As established post salary in us as a result of salary increment in the fourth (4*) quarter of 2017 was $56.000.000 and goods and services outstanding the end of the year amounted to $12,000,000.00 1) The grant shown in the trial balance as espenditure represents statutory transfer to the Contingency Fund (CF) A y arrears in the CF should be treated as payable The current rate of transfers 75% on the count received vii Public debt interest of $14,000,000 was due to creditors but was not paid as 20 December 31, 2017 Required ) Prepare in a form suitable for publication and in accordance with the relevant Financial Laws and IPSAS: DR (000) DESCRIPTION 6,762 Direct tages 2.00$ Indirect the 214 Non tax revenues 3.352 Grants 1.255 Trodsury bills 745 Bonds on GSE 825 Euro bonds 641 Bilateral and multilateral debts 361 Trust funds and deposits CR (000) 6.941 74716 1156 1.250 11,120 13,462 Statement of Financial Performance of the Consolidated Fund for the year anded December 31, 2017 (show all working clearly) (3 marks) DESCRIPTION Established post salaries Non-established post salaries Cagual labour cost Administration cost Conferences and seminars Foreien travel cost Grants Subsidies for consumption Subsidies for production Social benefits Domestic debt interest External debt interest Purchase of motor vehicle Purchase of equipment Purchase of shipping container Construction of infrastructure Equity and security investment Loans and advances Cash and bank Reserves Other expenditures Accumulated fund ii. Statement of Financial Position of the Consolidated Fund as at December 31. 2017 (Show all working clearly) (S marks) 1.453 1.741 247 b) Identify the IPSASs that cover Cash Basis Accounting: outline mandatory disclosure requirements for presentation of financial statements 367 560 560 090 960 910 44,753 65,766 Additional information: 1) 11) It is the policy of the Accountant General to adopt accrual basis of preparing the public accounts of the Consolidated Fund for the first time in compliance with the Financial Administration Regulations and the International Public Sector Accounting Standards (IPSAS). The effective date is December 31, 2017 The current Chart of Accounts based on the FAA 2005 is used in the classification ofrenEETES i nitures Consumption of fisted capital charged on cost for the year has been computed as $156.000.000 m GRADED ASSIGNMENT 3 (209) You have just been posted to the Office of the Accountant General Department of Jamaica The AGD is responsible for the consolidation of Government accounts You have been asked to analyze the information given below in the Trial Balance of the Consolidated Fund for the year anded December 31, 2017 Direct tas revenues do to government but were not received at December 31. 2017 amounted to $49,000,000 As established post salary in us as a result of salary increment in the fourth (4*) quarter of 2017 was $56.000.000 and goods and services outstanding the end of the year amounted to $12,000,000.00 1) The grant shown in the trial balance as espenditure represents statutory transfer to the Contingency Fund (CF) A y arrears in the CF should be treated as payable The current rate of transfers 75% on the count received vii Public debt interest of $14,000,000 was due to creditors but was not paid as 20 December 31, 2017 Required ) Prepare in a form suitable for publication and in accordance with the relevant Financial Laws and IPSAS: DR (000) DESCRIPTION 6,762 Direct tages 2.00$ Indirect the 214 Non tax revenues 3.352 Grants 1.255 Trodsury bills 745 Bonds on GSE 825 Euro bonds 641 Bilateral and multilateral debts 361 Trust funds and deposits CR (000) 6.941 74716 1156 1.250 11,120 13,462 Statement of Financial Performance of the Consolidated Fund for the year anded December 31, 2017 (show all working clearly) (3 marks) DESCRIPTION Established post salaries Non-established post salaries Cagual labour cost Administration cost Conferences and seminars Foreien travel cost Grants Subsidies for consumption Subsidies for production Social benefits Domestic debt interest External debt interest Purchase of motor vehicle Purchase of equipment Purchase of shipping container Construction of infrastructure Equity and security investment Loans and advances Cash and bank Reserves Other expenditures Accumulated fund ii. Statement of Financial Position of the Consolidated Fund as at December 31. 2017 (Show all working clearly) (S marks) 1.453 1.741 247 b) Identify the IPSASs that cover Cash Basis Accounting: outline mandatory disclosure requirements for presentation of financial statements 367 560 560 090 960 910 44,753 65,766 Additional information: 1) 11) It is the policy of the Accountant General to adopt accrual basis of preparing the public accounts of the Consolidated Fund for the first time in compliance with the Financial Administration Regulations and the International Public Sector Accounting Standards (IPSAS). The effective date is December 31, 2017 The current Chart of Accounts based on the FAA 2005 is used in the classification ofrenEETES i nitures Consumption of fisted capital charged on cost for the year has been computed as $156.000.000 m
