One QUSAP Trust Fund Balance below relates to the Controller and Accountant General for the Consolidated the year ended 31st December 2019. GHC'000 GHC'000 ST Income taxes 21,200+ Export dutites 42,100 D Gift tax 100 Di Rent Tax 560 It Import duties 68,000 Fines and Penalties 230 God Grants : 52,200 DT Company tax 35,600 Grunts District assembly common fund 37,300 Getfund 18,700 Cor Compensaction for employees 72,000 Trust fund Investment (01/01/19) 31,000 Equity investment (01/01/19) 13,400 P Advances (01/01/19) 3,400 47 Loans (01/01/19) 2,000 SFP Bank and cash (01/01/19) 150 PD Domestic debt interest 8,000 PD External debt debt interest 12,000 SP External debt (01/01/19) 70,000 & Domestic debt (01/01/19) 25,000 Swi Fuel Subsidies 24,400 500 korps FF contribution 41,000 26,800 Gas Administrative cost 16,500 Gas Conferences and workshops 34,000 Mun FA Purchase of Vehicles 12,000 Han FA Purchase of plant and equipment 1,200 35,000 us Foreign travels 15,000 Gus Independence day celebration 8,900 Gus National awards 12,860 SHPK Accummulated fund (01/01/19) 370,550 370.550 ay Rentals tional Information The government is first time adopting the full accrual basis of accounting in accordance with the International Public Sector Accounting Standards (IPSAS). Domestic debt interest and external debt interest amounting to GHc3,200,000 and GHc1,250,000 respectively was due but not paid as result of financial constraints during the year. i ) The government is required to transfer 5% of total tax revenues to the district assembly common fund during the year. Page 2 of 3 miners: Dr. Samuel N.Y. Simpson & Justice Asante iv) It is the policy of government to charge depreciation on all non-financial assets at these rates per annum: Property plant and equipment 20% on cost, Motor vehicles 10% on cost. as v vi) Salaries and other emoluments outstanding during the year amounted to GHc200, 000,000 whiles that of goods and services amounted to GHc120,000,000. Payments for administrative cost included rental payments in respect of which GHc3,000,000 related to two years from July 1st 2019 to June 30th 2021 Taxes that had been assessed as payable by tax payers for the fiscal year 31/12/19 but which were still outstanding were: Parii) GHc'000 Income taxes 3,000 Export duties 4,000 Import duties 6,000 Company tax 2,000 Evidence from past experience shows that 20% of the outstanding taxes are unlikely to be received by the government of Ghana. Required: Prepare in a form suitable for publication and in accordance with Accrual bases IPSAS and the financial enactments of Ghana: i) Statement of Financial Performance for the year ended 31" December, 2019 ii) Statement of Financial Position as at 31 December, 2019. iii) Notes to the accounts Totol. 20 One QUSAP Trust Fund Balance below relates to the Controller and Accountant General for the Consolidated the year ended 31st December 2019. GHC'000 GHC'000 ST Income taxes 21,200+ Export dutites 42,100 D Gift tax 100 Di Rent Tax 560 It Import duties 68,000 Fines and Penalties 230 God Grants : 52,200 DT Company tax 35,600 Grunts District assembly common fund 37,300 Getfund 18,700 Cor Compensaction for employees 72,000 Trust fund Investment (01/01/19) 31,000 Equity investment (01/01/19) 13,400 P Advances (01/01/19) 3,400 47 Loans (01/01/19) 2,000 SFP Bank and cash (01/01/19) 150 PD Domestic debt interest 8,000 PD External debt debt interest 12,000 SP External debt (01/01/19) 70,000 & Domestic debt (01/01/19) 25,000 Swi Fuel Subsidies 24,400 500 korps FF contribution 41,000 26,800 Gas Administrative cost 16,500 Gas Conferences and workshops 34,000 Mun FA Purchase of Vehicles 12,000 Han FA Purchase of plant and equipment 1,200 35,000 us Foreign travels 15,000 Gus Independence day celebration 8,900 Gus National awards 12,860 SHPK Accummulated fund (01/01/19) 370,550 370.550 ay Rentals tional Information The government is first time adopting the full accrual basis of accounting in accordance with the International Public Sector Accounting Standards (IPSAS). Domestic debt interest and external debt interest amounting to GHc3,200,000 and GHc1,250,000 respectively was due but not paid as result of financial constraints during the year. i ) The government is required to transfer 5% of total tax revenues to the district assembly common fund during the year. Page 2 of 3 miners: Dr. Samuel N.Y. Simpson & Justice Asante iv) It is the policy of government to charge depreciation on all non-financial assets at these rates per annum: Property plant and equipment 20% on cost, Motor vehicles 10% on cost. as v vi) Salaries and other emoluments outstanding during the year amounted to GHc200, 000,000 whiles that of goods and services amounted to GHc120,000,000. Payments for administrative cost included rental payments in respect of which GHc3,000,000 related to two years from July 1st 2019 to June 30th 2021 Taxes that had been assessed as payable by tax payers for the fiscal year 31/12/19 but which were still outstanding were: Parii) GHc'000 Income taxes 3,000 Export duties 4,000 Import duties 6,000 Company tax 2,000 Evidence from past experience shows that 20% of the outstanding taxes are unlikely to be received by the government of Ghana. Required: Prepare in a form suitable for publication and in accordance with Accrual bases IPSAS and the financial enactments of Ghana: i) Statement of Financial Performance for the year ended 31" December, 2019 ii) Statement of Financial Position as at 31 December, 2019. iii) Notes to the accounts Totol. 20