QUESTION 12 - MMDAS Akra Metropolitan Assembly (AMA) is the oldest and largest Assembly in Ghana. Below is its most recent Trial Balance. Trial Balance as at 31st December, 2017 GHS'000 GHS'000 Property rates 43,000 Ceded revenue 28,2501 Share of district assembly common fund 66,605 Herbalist licenses 1,200 Hawkers licenses 1,448 Training workshop 1,990 Fixed deposit 14,000 Contract retention 32,150 Tax withholdings 2,345 Advances to staff 5,989 Contract mobilization 58,345 Bank and cash 21,109 Investment in Bonds 12,000 Loans 1,234 Unretired imprest 809 Established post 51,240 Assemblymen allowances 1,050 Printing and publication 200 Rent 134 Repairs and maintenance 918 Rehabilitation of facilities 3,568 219,100 119,900 31,100 1,240 224 560 98 33,200 4,245 Construction works completed Construction works in progress Purchase of furniture and fittings Purchase of computer and accessories Consultancy Conference and seminar cost Finance charges Allowances to staff Casual labour Donor support Market toll Lorry parks Court fines and penalties Share of stool land revenue Special rate Basic rate Hiring of equipment and facilities Market store rent 90,770 88,900 44,660 10,260 15,600 11,200 87,820 1,580 1.860 28 2,120 1,220 12,000 Rent of residential accommodation Utilities and office consumables Accumulated fund (1/1/17) Foreign travels cost and per diem Special social interventions Interest on fixed deposits and bonds GCB Loan HPIC grant 650 235 6,700 13,000 22,8901 584,358 584,358 Additional information i) The fixed deposit amounting to GHS 10,000,000 was made with Ghana Commercial Bank on July 1st, 2015 at the rate of 20% per annum. Interest is receivable every three months. The last quarter interest is yet to be received. ii) Consumption of fixed capital on all assets is charged at 10% flat per annum 111) During the year newly constructed market stores were let out to traders who paid two years rent in advance on July 1st 2015 and this rent will expire on June 30th, 2017. iv) Revenues are classified in line with the Local Governance Act 2016, Act 936. Prepare suitable for external use in accordance with the Public Financial Management Act 2016and the International Public Sector Accounting Standards: i) Revenue and Expenditure Statement for the year ended 31st December, 2017; ii) A statement of Accumulated fund as at 31st December, 2017 iii) A Statement of Financial Position as at 31st December, 2017