1. KOOBI Municipal Assembly (MMA) is a subnational level institution in Ghana which is in the process of preparing its financial statements for year ended 31^st December, 2019. Below is the Assemblys most recent Trial Balance as at 31^st December 2019.

	GHc'000	GHc'000
Property rates		48,000
Ceded revenue		29,000
Share of district assembly common fund		68,000
Hawkers licenses		2,000
Training workshop	2,500
Fixed deposit	15,000
Contract retention		32,000
Tax withholdings		3,500
Advances to staff	6,000
Contract mobilization	59,800
Bank and cash	20,000
Loans	1,200
Established post	52,000
Assemblymen allowances	1,300
Printing and publication	600
Rent	200
Repairs and maintenance	800
Rehabilitation of facilities	4,500
Construction works completed	240,000
Construction works in progress	125,000
Purchase of furniture and fittings	30,000
Purchase of computer and accessories	1,250
Consultancy	350
Conference and seminar cost	670
Finance charges	140
Allowances to staff	34,300
Casual labour	4,320
Donor support		95,450
Market tolls		86,350
Lorry parks		45,000
Court fines and penalties		11,120
Share of stool land revenue		14,700
Basic rates		86,200
Hiring of equipment and facilities		1,600
Market store rent		1,640
Rent of residential accommodation		2,200
Utilities and office consumables	2,900
Accumulated fund		58,810
Foreign travels cost and per diem	860
Special social interventions	380
Interest on fixed deposits		6,500
GCB Loan	.......	12,000
	604,070	604,070

Additional information

The following additional information has been made available:

1. The fixed deposit amounting to GHc15million was made with Sika Bank on July 1^st, 2019 at the rate of 20% per annum. Interest is receivable every three months. The last quarter interest is yet to be received.
2. Consumption of fixed capital on all non-current assets are charged at 20% per annum on a straight line basis.
3. During the year, newly constructed market stores were let out to traders who paid two years rent in advance on July 1^st 2019 and this rent will expire on June 30^th, 2021.
4. Revenues are classified in line with the provisions of the Local Governance Act, 2016, (Act 936).
5. Inventories of stationery and printing materials for use available at the end of the year was as follows:

	GHc 000
Historical Cost	800
Replacement Cost	600
Net Realisable value	500

You are required to prepare, in a format suitable for external use, and in accordance with the Public Financial Management Act, 2016 (Act 921), the Local Governance Act, 2016 (Act 936) and the International Public Sector Accounting Standards the following:

1. A Statement of Financial Performance for the year ended 31^st December, 2019;
2. A statement of Changes in Net Asset and Equity for the year ended 31^st December, 2019;
3. A Statement of Financial Position as at 31^st December, 2019; and
4. Notes to the accounts.