please refer to the bottom of the last picture for the question. Pls solve using the tabulated data

Q.1 The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December, 2020: TITI GHE000 Cash payment to support the real 1.450 Feria waveco Corporate Income 6.490 Lancer the year Sed UN Prancke 1410 Refund of medical exposed 1. Transfer the Road Fund 1.330 Hong the wal buke Mason ween Tini bildir 1.70 Vested tas 10:52 Dames Ad 1.790 Subsoles . Oberlalu Neladende 11 Recettes de Te Reosibles Net Ty 1,70 Repynt of mind the war 1.810 Rupayment of external bodishe year Tunsere District Assembly Commen und DACH 1.500 Seminar and wedishops Receneries of land ances Exoduse they 14.27 En dan di Groceedia of school fordommend Sahadan fud . Barcus 2.11 Repaisance 120 Finca Pedia 5,120 Trander GET 15 Adres Toes charges for kesed 3,1 Noe-established postalanes 23 Esubpost series 11 Cushion Facile duties 6.7 Purchase and equipment 1.60 135.5SF com 13 Restas LLLLLL Trade other way and Proceeds from disposal of me 1,110 2910 720 SIM . Infrastructure widescrepleted Linatus PAYT Capital project was feed Dividende momente 1.210 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved our yar excluding that 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Supplementary Budget GH Glico 11,000 NO Drotta Indirect taxes -tak rew Kirane Commation of employce Kids and Service Public de interest Subsidies Traders Social bences ther place IM 20 2000 2000 100 300 10 2000 200 1000 1 000 2000 2.100 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of H00 Commotice of Fixed Capital 2.590 1980 12310 10 IPPE the completed PE Balitarc completed Trust Fund Diversos Loans and advances Dames Dee Hinancial investments External Debt Tine Receive Buyables Cash and equivalent Becumulated fund rature in TO Trysil Hevaluation Reserve 1.210 1.90 70 9.870 4.560 7,6301 140 140 290 8.7501 TO 6. Inventories included in use of goods and services available at the end of the year was as follows: Inwontones for eleventones for sale GH000 GH000 Historical Cost Replacement Cost 2.000 2.500 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of. Consumpticed Fixed Capital TIPE 2.500 Uhtressure completed 190 PNE 12.30 strasisture completed 410 trust Fundi 3210 Ibenes Dla d advances 7610 Domestic De X Dancin 4500 Hatemal Deks 7610 Les Receivable 2.480 Haya 1410 Cash and chegavalem 2.8901 Accumulated and 70 thor 6760 treasury Billed 1.40 Heval Reserve 1980 6. Inventories included in use of goods and services available at the end of the year was as follows: eventories for welches for sale GH000 Historical Cout Replacement Cont Net Realable Vale 1.000 900 1.000 4. The probability of receipt of the outstanding opening Taxes Receivables as at 15 February 2021 was only 5% as the entity from which government expects to collect the tax from had been declared insolvent. In December 2020 Investments with a carrying amount of GHc1,110,000 was liquidated for GHc1.020,000. 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH0450,000 of the other bilateral grants. The Goverment of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHc1,890,000. This grant is highly probable to be received in the first month after the financial year end 7. Domestic debt interest and external debt interest amounting to GHc1,210,000 and GHc540,000 respectively was due but not paid due to the financial constraints during the year. 8. It is the policy of government to provide for consumption of fixed assets on all non-financial assets acquired during the year and those already existing using the straight line method at the following rates: Property, Plant and Equipment 25% Infrastructure asset completed 20% No depreciation is charged on assets sold during the year. 9. Salaries and other emoluments outstanding during the year amounted to GHc1.270,000 while that of use of goods and services amounted GHc760,000. Additionally, GHc3,030,000 of rent paid during the year relate to 2021. GH570,000 relating to other expenses was outstanding as at 31 December, 2020 10. As at 31" December, 2020, corporate tax assessments amounting to GHc4,500,000 was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31 December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24.960,000 and Infrastructural assets in progress GHc18.210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31" December, 2020 You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2020: 25 marks b) Statement of Financial Position of the Consolidated Fund the year ended 31 December 2020: 25 marks as at by corporate entines to government, what the total amount owed to government as at 31 December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24,960,000 and Infrastructural assets in progress GHe18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1.040,000 and accumulated Depreciation of GMC330,000 was sold. All additions to non-current assets were done before 31" December, 2020 year You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS a) Statement of Financial Performance of the Consolidated Fund for the ended 31 December 2020: 25 marks b) Statement of Financial Position of the Consolidated Fund as at the year ended 31 December 2020; 25 marks c) Statement of Changes in Net Assets and Equity for the year ended 31" December 2020; 5 marks d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24; and 20 marks c) Show detailed workings for derived answers 25 marks Total Marks: 100% Page 6 of 6 Q.1 The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December, 2020: 1.700 TRO 160 GI kash payment to support the aged 3,450 Foreign travelling cos! Corporate Income 6450 Loans and advances armeshe your KW UN Peace piept 1410 Refund of cal expofum 1.450 Termat to the Road Tand 1.320 Burrowing this the domestic commercial Bank 520 Medical sugatan won 1.20 Training and capacity building 1.710 Value added the 10.70 mestic debe interest paid 1.200 Other expe 1.790 Sabins on a 1,200 xbor bilan grants 30 National award and celebrations 1,120 Recenesaloni Receables 1.200 Net Treasury Operations Repayment of medic bemowing during the year Ropment of a pin dun the year Temfor lo District Ably Contos Fund (DACH 1.3901 Seminar and workshops 1,820 Receties of loans and advances 820 Estema berrowing during the year 14.20 External debt interest paid 1.570 can received in support of school foodinsprogram 20 Subsidiesen Fuel 1.980 Infrastructure was in progress Repin and more 1.200 Fact. Penalties and forfeitur 5.120 Transfer to GET Fund 1.650 Administrative cast MO Fees and charges for services retened 3140 Non citalashed pod salaries Tinancial interins they 2.30 Established peat salaries 4,110 Custom and Excisesties 6,740 Purchase of property plant and equipment 1.60 1996SSF contribution 1.30 Rent tax 19 Sullallowances 2050 Transfer to the latesy funda 1.110 Proceed to deal of 2.910 Suite Protocol Expenses 720 Infrastructure works completed 170 Trust funds 1.750 Trener PAYEN w Kapal project sameceved 1.2701 Divlels and other investment income 1,3401 2.110 2.0 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis Interational Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Budget Supplementary Budget Gie 5.00 GHO RO 11.000 9.00 2000 Direct taxes Indirectes Non-tax revHOC Grants Compensation of employees Goods and Service cost Public debt interest Subsidies Transfers Social benefits Other expenses 6.00 200 2.000 6.000 2000 2.000 300 1.000 2.000 2.000 B 1.000 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of: OPE GH000 feasumption of Fire Capital PE 2.590 Chfrastructure completed 1990 123310 hfrastructure completed 4.130 Trust Funds 3.210 lihvtories 1.950 Hoans and advances 760 Domestic Debt Financial Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of GH000 densumption of Fire Capital DPE Dofrastructure completed CPE Enfrastructure completed trust Funds hventories Loans and advances Domestic Tebe Bancul lavestment external Debe exes Receivable Cayables Gash and cash quivalent Accumulated fund frastructure in process [Treasury Billed Eevaluation Reserve HELLOHELLA 2.590 1990 12310 4.120 3210 1.980 70 9,870 4560 760 240 1,410 2.890 8.750 3.480 3.980 6. Inventories included in use of goods and services available at the end of the year was as follows: Inventories for use inventories for sale G000 Historical Cou GH000 2.000 2.500 Replacement Com 1.000 800 Net Realizable Value 1.000 4. The probability of receipt of the outstanding opening Taxes Receivables as at 15 February 2021 was only 5% as the entity from which government expects to collect the tax from had been declared insolvent. In December 2020 Investments with a carrying amount of GHc1,110,000 was liquidated for GHc1,020,000. 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH0450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHc1,890,000. This grant is highly probable to be received in the first month after the financial rond 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GHc450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHC1,890,000. This grant is highly probable to be received in the first month after the financial year end. 7. Domestic debt interest and external debt interest amounting to GHC1,210,000 and GHc540,000 respectively was due but not paid due to the financial constraints during the year. 8. It is the policy of government to provide for consumption of fixed assets on all non-financial assets acquired during the year and those already existing using the straight line method at the following rates: Property, Plant and Equipment 25% Infrastructure asset completed 20% No depreciation is charged on assets sold during the year. 9. Salaries and other emoluments outstanding during the year amounted to GHc1,270,000 while that of use of goods and services amounted GHc760,000 Additionally. GHc3,030,000 of rent paid during the year relate to 2021. GHc570,000 relating to other expenses was outstanding as at 31" December, 2020. 10. As at 31" December, 2020, corporate tax assessments amounting to GHc4.500,000 was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31" December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that, only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professione arter was engaged who produced 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24.960,000 and Infrastructural assets in progress GHc18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31 December, 2020. Fund as You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated for the year ended 31 December 2020; 25 marks b) Statement of Financial Position of the Consolidated Fund at the year ended 31 December 2020; 25 marks c) Statement of Changes in Net Assets and Equity for the year ended 31" December, 2020: 5 marks d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24; and 20 marks e) Show detailed workings for all derived answers 25 marks Total Marks: 100% Page 6 of 6 Q.1 The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December, 2020: TITI GHE000 Cash payment to support the real 1.450 Feria waveco Corporate Income 6.490 Lancer the year Sed UN Prancke 1410 Refund of medical exposed 1. Transfer the Road Fund 1.330 Hong the wal buke Mason ween Tini bildir 1.70 Vested tas 10:52 Dames Ad 1.790 Subsoles . Oberlalu Neladende 11 Recettes de Te Reosibles Net Ty 1,70 Repynt of mind the war 1.810 Rupayment of external bodishe year Tunsere District Assembly Commen und DACH 1.500 Seminar and wedishops Receneries of land ances Exoduse they 14.27 En dan di Groceedia of school fordommend Sahadan fud . Barcus 2.11 Repaisance 120 Finca Pedia 5,120 Trander GET 15 Adres Toes charges for kesed 3,1 Noe-established postalanes 23 Esubpost series 11 Cushion Facile duties 6.7 Purchase and equipment 1.60 135.5SF com 13 Restas LLLLLL Trade other way and Proceeds from disposal of me 1,110 2910 720 SIM . Infrastructure widescrepleted Linatus PAYT Capital project was feed Dividende momente 1.210 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved our yar excluding that 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Supplementary Budget GH Glico 11,000 NO Drotta Indirect taxes -tak rew Kirane Commation of employce Kids and Service Public de interest Subsidies Traders Social bences ther place IM 20 2000 2000 100 300 10 2000 200 1000 1 000 2000 2.100 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of H00 Commotice of Fixed Capital 2.590 1980 12310 10 IPPE the completed PE Balitarc completed Trust Fund Diversos Loans and advances Dames Dee Hinancial investments External Debt Tine Receive Buyables Cash and equivalent Becumulated fund rature in TO Trysil Hevaluation Reserve 1.210 1.90 70 9.870 4.560 7,6301 140 140 290 8.7501 TO 6. Inventories included in use of goods and services available at the end of the year was as follows: Inwontones for eleventones for sale GH000 GH000 Historical Cost Replacement Cost 2.000 2.500 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of. Consumpticed Fixed Capital TIPE 2.500 Uhtressure completed 190 PNE 12.30 strasisture completed 410 trust Fundi 3210 Ibenes Dla d advances 7610 Domestic De X Dancin 4500 Hatemal Deks 7610 Les Receivable 2.480 Haya 1410 Cash and chegavalem 2.8901 Accumulated and 70 thor 6760 treasury Billed 1.40 Heval Reserve 1980 6. Inventories included in use of goods and services available at the end of the year was as follows: eventories for welches for sale GH000 Historical Cout Replacement Cont Net Realable Vale 1.000 900 1.000 4. The probability of receipt of the outstanding opening Taxes Receivables as at 15 February 2021 was only 5% as the entity from which government expects to collect the tax from had been declared insolvent. In December 2020 Investments with a carrying amount of GHc1,110,000 was liquidated for GHc1.020,000. 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH0450,000 of the other bilateral grants. The Goverment of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHc1,890,000. This grant is highly probable to be received in the first month after the financial year end 7. Domestic debt interest and external debt interest amounting to GHc1,210,000 and GHc540,000 respectively was due but not paid due to the financial constraints during the year. 8. It is the policy of government to provide for consumption of fixed assets on all non-financial assets acquired during the year and those already existing using the straight line method at the following rates: Property, Plant and Equipment 25% Infrastructure asset completed 20% No depreciation is charged on assets sold during the year. 9. Salaries and other emoluments outstanding during the year amounted to GHc1.270,000 while that of use of goods and services amounted GHc760,000. Additionally, GHc3,030,000 of rent paid during the year relate to 2021. GH570,000 relating to other expenses was outstanding as at 31 December, 2020 10. As at 31" December, 2020, corporate tax assessments amounting to GHc4,500,000 was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31 December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24.960,000 and Infrastructural assets in progress GHc18.210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31" December, 2020 You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2020: 25 marks b) Statement of Financial Position of the Consolidated Fund the year ended 31 December 2020: 25 marks as at by corporate entines to government, what the total amount owed to government as at 31 December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24,960,000 and Infrastructural assets in progress GHe18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1.040,000 and accumulated Depreciation of GMC330,000 was sold. All additions to non-current assets were done before 31" December, 2020 year You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS a) Statement of Financial Performance of the Consolidated Fund for the ended 31 December 2020: 25 marks b) Statement of Financial Position of the Consolidated Fund as at the year ended 31 December 2020; 25 marks c) Statement of Changes in Net Assets and Equity for the year ended 31" December 2020; 5 marks d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24; and 20 marks c) Show detailed workings for derived answers 25 marks Total Marks: 100% Page 6 of 6 Q.1 The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December, 2020: 1.700 TRO 160 GI kash payment to support the aged 3,450 Foreign travelling cos! Corporate Income 6450 Loans and advances armeshe your KW UN Peace piept 1410 Refund of cal expofum 1.450 Termat to the Road Tand 1.320 Burrowing this the domestic commercial Bank 520 Medical sugatan won 1.20 Training and capacity building 1.710 Value added the 10.70 mestic debe interest paid 1.200 Other expe 1.790 Sabins on a 1,200 xbor bilan grants 30 National award and celebrations 1,120 Recenesaloni Receables 1.200 Net Treasury Operations Repayment of medic bemowing during the year Ropment of a pin dun the year Temfor lo District Ably Contos Fund (DACH 1.3901 Seminar and workshops 1,820 Receties of loans and advances 820 Estema berrowing during the year 14.20 External debt interest paid 1.570 can received in support of school foodinsprogram 20 Subsidiesen Fuel 1.980 Infrastructure was in progress Repin and more 1.200 Fact. Penalties and forfeitur 5.120 Transfer to GET Fund 1.650 Administrative cast MO Fees and charges for services retened 3140 Non citalashed pod salaries Tinancial interins they 2.30 Established peat salaries 4,110 Custom and Excisesties 6,740 Purchase of property plant and equipment 1.60 1996SSF contribution 1.30 Rent tax 19 Sullallowances 2050 Transfer to the latesy funda 1.110 Proceed to deal of 2.910 Suite Protocol Expenses 720 Infrastructure works completed 170 Trust funds 1.750 Trener PAYEN w Kapal project sameceved 1.2701 Divlels and other investment income 1,3401 2.110 2.0 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis Interational Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Budget Supplementary Budget Gie 5.00 GHO RO 11.000 9.00 2000 Direct taxes Indirectes Non-tax revHOC Grants Compensation of employees Goods and Service cost Public debt interest Subsidies Transfers Social benefits Other expenses 6.00 200 2.000 6.000 2000 2.000 300 1.000 2.000 2.000 B 1.000 Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of: OPE GH000 feasumption of Fire Capital PE 2.590 Chfrastructure completed 1990 123310 hfrastructure completed 4.130 Trust Funds 3.210 lihvtories 1.950 Hoans and advances 760 Domestic Debt Financial Consumption of Fixed Capital 3,500 3. Balances extracted from the ledger of the Consolidated Fund as at 1/01/20 consisted of GH000 densumption of Fire Capital DPE Dofrastructure completed CPE Enfrastructure completed trust Funds hventories Loans and advances Domestic Tebe Bancul lavestment external Debe exes Receivable Cayables Gash and cash quivalent Accumulated fund frastructure in process [Treasury Billed Eevaluation Reserve HELLOHELLA 2.590 1990 12310 4.120 3210 1.980 70 9,870 4560 760 240 1,410 2.890 8.750 3.480 3.980 6. Inventories included in use of goods and services available at the end of the year was as follows: Inventories for use inventories for sale G000 Historical Cou GH000 2.000 2.500 Replacement Com 1.000 800 Net Realizable Value 1.000 4. The probability of receipt of the outstanding opening Taxes Receivables as at 15 February 2021 was only 5% as the entity from which government expects to collect the tax from had been declared insolvent. In December 2020 Investments with a carrying amount of GHc1,110,000 was liquidated for GHc1,020,000. 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH0450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHc1,890,000. This grant is highly probable to be received in the first month after the financial rond 5. The capital project grant was received from the Government of Japan in November 2020. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GHc450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korea amounting to GHC1,890,000. This grant is highly probable to be received in the first month after the financial year end. 7. Domestic debt interest and external debt interest amounting to GHC1,210,000 and GHc540,000 respectively was due but not paid due to the financial constraints during the year. 8. It is the policy of government to provide for consumption of fixed assets on all non-financial assets acquired during the year and those already existing using the straight line method at the following rates: Property, Plant and Equipment 25% Infrastructure asset completed 20% No depreciation is charged on assets sold during the year. 9. Salaries and other emoluments outstanding during the year amounted to GHc1,270,000 while that of use of goods and services amounted GHc760,000 Additionally. GHc3,030,000 of rent paid during the year relate to 2021. GHc570,000 relating to other expenses was outstanding as at 31" December, 2020. 10. As at 31" December, 2020, corporate tax assessments amounting to GHc4.500,000 was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31" December, 2020 in respect of taxes on goods and services stood at GHc3,880,000. It is estimated that, only 90% of the outstanding taxes to government may be recovered. 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professione arter was engaged who produced 11. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property, Plant and Equipment. In this respect, a Professional Valuer was engaged who produced the following values as at 31" December, 2020: Property, Plant and Equipment GHc14,560,000; Infrastructural assets completed GHc24.960,000 and Infrastructural assets in progress GHc18,210,000. GHc5,740,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31" December, 2020. Prior to the revaluation exercise, Property, Plant and Equipment with a cost of GHc1,040,000 and accumulated Depreciation of GHc330,000 was sold. All additions to non-current assets were done before 31 December, 2020. Fund as You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated for the year ended 31 December 2020; 25 marks b) Statement of Financial Position of the Consolidated Fund at the year ended 31 December 2020; 25 marks c) Statement of Changes in Net Assets and Equity for the year ended 31" December, 2020: 5 marks d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24; and 20 marks e) Show detailed workings for all derived answers 25 marks Total Marks: 100% Page 6 of 6