Homework: Statement of financial position & statement of financial performance The following are the balances extracted from the Consolidated Fund of Public Accounts for the year ended 31st December, 2018. GH 000 Consumption of fixed Assets Miscellaneous Direct Taxes Social Security Benefit in Kind 13.5% SSF Contribution Project Grant Fines, Penalties and Forfeitures Materials and Office Consumables General Taxes on Goods & Services Travel & Transport Social Assistance Benefits Established Post- salaries Domestic Debt Interest Gratuity Training, Seminar and Conference Cost External Debt Interest Allowances to Employees Repairs and Maintenance Property Income Cash & Bank Balances Advances & Receivables Taxes on Exports Long Term Receivables Non-Established Post-salaries Payables Accumulated Surpluses (1/1/2018) Deposit and Other Trust Monies Short-Term Borrowing Taxes paid by individuals Subsidy on Petroleum Products Fertilizer Subsidies Equity Investment End of Service Benefit Infrastructure, Plant & Equipment Taxes paid by Companies & Enterprise Work-In-Progress Domestic Debt External Debt Employer Social Benefits in Cash Other Expenses (notei) Excise Duties 208,878 98,238 66,120 45,000 9,370 25,928 117,526 265,064 41,610 68,678 800,800 40,200 20,000 54,250 83,772 56,000 34,560 25,000 1,960,898 60,164 581,588 2,836,616 400,104 1,211,044 (61,343,676) 3,752,412 11,299,822 810,436 15.000 24,068 3,619,752 25,880 2,028,806 135,784 304,880 23,719,588 32,283,148 30,500 22,584 92,900 Additional Notes: i) Other Expenses During the year, the Government of Ghana benefited from free services provided from medical experts who were task forces of the British Government. The main object of this task force was to help curb cholera in the country. The fair value of these services amounted to GH 18,740,000. It is the policy of Government to include goods and services received during the year in kind in its financial statements at fair values. The annual estimates for the year ending 2018 were as follows: ii) Annual Budget (GH 000) Revised Budget (GH 000) 800,000 1,000,000 40,000 47.000 1.887.000 940,000 1,200,000 56,000 49,000 2.245,000 Revenue Direct Tax Indirect Tax Grants Non- Tax Revenue Total Revenue Expenditure Compensation of employees Use of goods & Services Public Debt interest Social Benefits Exchange Difference Government Subsidies Other Expenses Consumption of Fixed Assets Total Expenditure Surplus/Deficit 1,367,688 345,672 120,984 187,590 35,000 26,442 35,000 192,000 2.310,376 (423.376) 1,400,040 398,300 112,560 168,954 38,676 29,650 32,000 202,770 2,382,950 (137.950 Required: a) Prepare a Statement of Revenue and Expenditure of the Consolidated Fund for the year ended December 31, 2018 indicating the accompanying variances to the statement. b) Prepare a Statement of Financial Position of the Consolidated Fund as at December 31, 2018. Homework: Statement of financial position & statement of financial performance The following are the balances extracted from the Consolidated Fund of Public Accounts for the year ended 31st December, 2018. GH 000 Consumption of fixed Assets Miscellaneous Direct Taxes Social Security Benefit in Kind 13.5% SSF Contribution Project Grant Fines, Penalties and Forfeitures Materials and Office Consumables General Taxes on Goods & Services Travel & Transport Social Assistance Benefits Established Post- salaries Domestic Debt Interest Gratuity Training, Seminar and Conference Cost External Debt Interest Allowances to Employees Repairs and Maintenance Property Income Cash & Bank Balances Advances & Receivables Taxes on Exports Long Term Receivables Non-Established Post-salaries Payables Accumulated Surpluses (1/1/2018) Deposit and Other Trust Monies Short-Term Borrowing Taxes paid by individuals Subsidy on Petroleum Products Fertilizer Subsidies Equity Investment End of Service Benefit Infrastructure, Plant & Equipment Taxes paid by Companies & Enterprise Work-In-Progress Domestic Debt External Debt Employer Social Benefits in Cash Other Expenses (notei) Excise Duties 208,878 98,238 66,120 45,000 9,370 25,928 117,526 265,064 41,610 68,678 800,800 40,200 20,000 54,250 83,772 56,000 34,560 25,000 1,960,898 60,164 581,588 2,836,616 400,104 1,211,044 (61,343,676) 3,752,412 11,299,822 810,436 15.000 24,068 3,619,752 25,880 2,028,806 135,784 304,880 23,719,588 32,283,148 30,500 22,584 92,900 Additional Notes: i) Other Expenses During the year, the Government of Ghana benefited from free services provided from medical experts who were task forces of the British Government. The main object of this task force was to help curb cholera in the country. The fair value of these services amounted to GH 18,740,000. It is the policy of Government to include goods and services received during the year in kind in its financial statements at fair values. The annual estimates for the year ending 2018 were as follows: ii) Annual Budget (GH 000) Revised Budget (GH 000) 800,000 1,000,000 40,000 47.000 1.887.000 940,000 1,200,000 56,000 49,000 2.245,000 Revenue Direct Tax Indirect Tax Grants Non- Tax Revenue Total Revenue Expenditure Compensation of employees Use of goods & Services Public Debt interest Social Benefits Exchange Difference Government Subsidies Other Expenses Consumption of Fixed Assets Total Expenditure Surplus/Deficit 1,367,688 345,672 120,984 187,590 35,000 26,442 35,000 192,000 2.310,376 (423.376) 1,400,040 398,300 112,560 168,954 38,676 29,650 32,000 202,770 2,382,950 (137.950 Required: a) Prepare a Statement of Revenue and Expenditure of the Consolidated Fund for the year ended December 31, 2018 indicating the accompanying variances to the statement. b) Prepare a Statement of Financial Position of the Consolidated Fund as at December 31, 2018