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Mpuntuo Municipal Assembly (MMA) is a subnational level institution in Ghana which is in the process of preparing its financial statements for year ended 31st

Mpuntuo Municipal Assembly (MMA) is a subnational level institution in Ghana which is in

the process of preparing its financial statements for year ended 31st December, 2019. Below is

the Assembly's most recent Trial Balance as at 31st 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 1st, 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 1st 2019 and this rent will expire on June 30th, 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' million

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:

i) A Statement of Financial Performance for the year ended 31st December, 2019;

ii) A statement of Changes in Net Asset and Equity for the year ended 31st December, 2019;

iii) A Statement of Financial Position as at 31st December, 2019; and

iv) Notes to the accounts.

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