Q.1 The following is a summarized list of the receipts and payments extracted from the edge of the Consolidated Fund account of the Central Government of Ghuma for the year ended 31 December 2020 GH 3.450 1250 1.410 1. 1.730 10.30 Cash payment to support the agent Foreign travelling cost Corporate Income tax Loans and advances granted during the year UN Peace keeping Experien Refund of medical expenses of paupers Transfer to the Road Fund Borrowing from the domestic commercial banks Medical support for pregnant women Training and capacity building Value addedes Domestie de interen pod Other Subsidies on utilities Other healrants National award and celebrations Recoveries of opening Tres Receivable Net Treasury Operation Repayment of domestic borrowing during the yem Repryment of external borrowing during the year Transfer to District Assembly Common Fund (DAC) Seminar and workshops Recoveries of loans and ances 170 LIO 1.500 100 200 157 24 10 2,170 12:30 1.450 310 240 2300 110 External borrowing during the year External debt interest Grand received in support of school feeding programe Subsidies on fuel Infrastructure works in progress Repairs and maintenance Fines, Penalties and fortune Transfer to GET Administrative cost Fees and charges for services rendered Nee-established postalaries Financial imest during the year Established post salaries Custom and Excise duties Purchase of property plant and equipment 13% SSF contribution Rent tax Saff allowances Transfer to other statutory funds Proceeds from disposal of PPE State Protocol Expenses Infrastructure works completed Trust funds Income tax (PAYE) Capital project grants received Dividends and other investment income 3.960 110 210 170 270 The following additional information is made available The Government of Ghana applies the full accrulhes Terminal Public Sector Accounting Standards (IPSAS) as the basis for preparing financial statements 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: 4. The probability of receipt of the outstanding opening Texes Receivables13 February 2021 was only as the entity from which government expects to collect the tax had been declared insolvent. In December 2000 Investments with a coming of GH1,110,000 was liquidated for GH 1.020,000 5. The capital project grant was received from the Government of Japan in November 2000 The Government of Ghana reasonably expects to comply with the grant agreement. The Govemment of Ghana is unlikely to comply with some of the conditions for grants amounting to GH450,000 of the other bilateral grans The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korce amounting to GHe 1,890,000. This grant is lughly probable to be received the fish after the financial year end 1. Domestic debt interest and extemal debt interest amounting to Ge1 200,000 GHc500,000 respectively was due but not paid due to the financial considering the year & It is the policy of government to provide for consumption of fised tallincial assets acquired during the year and those already existing using the straight line med the following rates Property Mantand 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. GH_570.000 neluting to the expenses was outstanding as at 31 December, 2000 10. As at 31 December, 2020, corporate tax assessments amounting to GHOL.300.000 was still outstanding to be paid by corporate entities to government, while the soul mounted to government as at 31 December, 2020 in respect of taxes on goods and services stood GC3,850,000. It is estimated that only 90% of the outstanding takes to my be recovered 11. The Government of Ghana applies the revaluation model for its non-currents existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment to this report a Professional Valuer was engaged who produced the following values as at 31 December 2020. Property, plant and Equipment GHc14.560,000 Infrastructural eled GHc24,900.000 and Infrastructural assets in propress Glic18.210,000. GH.720.000 Infrastructure in progress was completed and traderred 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 det 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 the Chart of Accounts of government and relevant accrual basis IPSAS: .) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2000 25 mars b) Statement of Financial Position of the Consolidated Fundact the year ended 31 December 2020 marks Statement of Changes in Net Assets and Equity for the year ended 31 December 2008 5 mars d) Separate Statement of Budget Comparison with Actuals in scordance with ITSAS 24 and 21 mars c) Show detailed working for all derived answers 25 marks Total Marks 100% 1. The Government of Ghama 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 Badget Supplementary Budget Direct takes Indirect tases Non-tax reve GH00 3.000 11.000 9.000 GLC.000 5.000 6.000 2000 Grants 3.000 2.000 Compensation of employees R600 3.000 Goods and Service cost 6.000 3.000 Public debt interest 1.000 Subsidies 2.000 Transfers 6.000 2,000 Social benefits 2.000 1,000 Other expenses 1.000 Consumption of Fixed Capital 3.500 3. Balances extracted from the lodge of the Consolidated Fund as at 104/20 consisted of GH Consumption of Fixed Capital PPE Infrastructure completed 1980 PPE 12310 Infrastructure completed 4330 Trust Funds Inventories 1.90 Loans and advances 7.500 Domestic Det Financial Investments 4560 External Dete 7.630 Taxes Receivable Payables Cash and cash equivalent Accumulated fund 8.750 Infrastructure in progress Treasury bills issued 3,450 Revaluation Reserve 3,90 6. Inventories included in wie of goods and services wailable at the end of the year was a follows: Inventories for me Inventories for sale GH000 GH000 Historical Cost 2.300 Replacement Cost 1.000 800 Net Realizable Value 900 1.000 Q.1 The following is a summarized list of the receipts and payments extracted from the edge of the Consolidated Fund account of the Central Government of Ghuma for the year ended 31 December 2020 GH 3.450 1250 1.410 1. 1.730 10.30 Cash payment to support the agent Foreign travelling cost Corporate Income tax Loans and advances granted during the year UN Peace keeping Experien Refund of medical expenses of paupers Transfer to the Road Fund Borrowing from the domestic commercial banks Medical support for pregnant women Training and capacity building Value addedes Domestie de interen pod Other Subsidies on utilities Other healrants National award and celebrations Recoveries of opening Tres Receivable Net Treasury Operation Repayment of domestic borrowing during the yem Repryment of external borrowing during the year Transfer to District Assembly Common Fund (DAC) Seminar and workshops Recoveries of loans and ances 170 LIO 1.500 100 200 157 24 10 2,170 12:30 1.450 310 240 2300 110 External borrowing during the year External debt interest Grand received in support of school feeding programe Subsidies on fuel Infrastructure works in progress Repairs and maintenance Fines, Penalties and fortune Transfer to GET Administrative cost Fees and charges for services rendered Nee-established postalaries Financial imest during the year Established post salaries Custom and Excise duties Purchase of property plant and equipment 13% SSF contribution Rent tax Saff allowances Transfer to other statutory funds Proceeds from disposal of PPE State Protocol Expenses Infrastructure works completed Trust funds Income tax (PAYE) Capital project grants received Dividends and other investment income 3.960 110 210 170 270 The following additional information is made available The Government of Ghana applies the full accrulhes Terminal Public Sector Accounting Standards (IPSAS) as the basis for preparing financial statements 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: 4. The probability of receipt of the outstanding opening Texes Receivables13 February 2021 was only as the entity from which government expects to collect the tax had been declared insolvent. In December 2000 Investments with a coming of GH1,110,000 was liquidated for GH 1.020,000 5. The capital project grant was received from the Government of Japan in November 2000 The Government of Ghana reasonably expects to comply with the grant agreement. The Govemment of Ghana is unlikely to comply with some of the conditions for grants amounting to GH450,000 of the other bilateral grans The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korce amounting to GHe 1,890,000. This grant is lughly probable to be received the fish after the financial year end 1. Domestic debt interest and extemal debt interest amounting to Ge1 200,000 GHc500,000 respectively was due but not paid due to the financial considering the year & It is the policy of government to provide for consumption of fised tallincial assets acquired during the year and those already existing using the straight line med the following rates Property Mantand 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. GH_570.000 neluting to the expenses was outstanding as at 31 December, 2000 10. As at 31 December, 2020, corporate tax assessments amounting to GHOL.300.000 was still outstanding to be paid by corporate entities to government, while the soul mounted to government as at 31 December, 2020 in respect of taxes on goods and services stood GC3,850,000. It is estimated that only 90% of the outstanding takes to my be recovered 11. The Government of Ghana applies the revaluation model for its non-currents existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment to this report a Professional Valuer was engaged who produced the following values as at 31 December 2020. Property, plant and Equipment GHc14.560,000 Infrastructural eled GHc24,900.000 and Infrastructural assets in propress Glic18.210,000. GH.720.000 Infrastructure in progress was completed and traderred 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 det 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 the Chart of Accounts of government and relevant accrual basis IPSAS: .) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2000 25 mars b) Statement of Financial Position of the Consolidated Fundact the year ended 31 December 2020 marks Statement of Changes in Net Assets and Equity for the year ended 31 December 2008 5 mars d) Separate Statement of Budget Comparison with Actuals in scordance with ITSAS 24 and 21 mars c) Show detailed working for all derived answers 25 marks Total Marks 100% 1. The Government of Ghama 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 Badget Supplementary Budget Direct takes Indirect tases Non-tax reve GH00 3.000 11.000 9.000 GLC.000 5.000 6.000 2000 Grants 3.000 2.000 Compensation of employees R600 3.000 Goods and Service cost 6.000 3.000 Public debt interest 1.000 Subsidies 2.000 Transfers 6.000 2,000 Social benefits 2.000 1,000 Other expenses 1.000 Consumption of Fixed Capital 3.500 3. Balances extracted from the lodge of the Consolidated Fund as at 104/20 consisted of GH Consumption of Fixed Capital PPE Infrastructure completed 1980 PPE 12310 Infrastructure completed 4330 Trust Funds Inventories 1.90 Loans and advances 7.500 Domestic Det Financial Investments 4560 External Dete 7.630 Taxes Receivable Payables Cash and cash equivalent Accumulated fund 8.750 Infrastructure in progress Treasury bills issued 3,450 Revaluation Reserve 3,90 6. Inventories included in wie of goods and services wailable at the end of the year was a follows: Inventories for me Inventories for sale GH000 GH000 Historical Cost 2.300 Replacement Cost 1.000 800 Net Realizable Value 900 1.000