QUESTION 2

The following are the balances extracted from the Public Accounts on the Consolidated Fund of the Government of Ghana for the year ended 31 December, 2019

Direct Tax

Indirect Tax

Grants from Bilateral Partners Grants from Multilateral Partners Other Grants Received

Royalties

Fees and Fines

Interest Income

Seminar and Training

Local Consultancy

Foreign Consultancy

Travel and Transport

Travel Allowances

Established Post Salaries

GHS Million

100,000 150,000 25,000 320,000 10,000 8,000 2,000 400 22,000 34,000 23,000 6,000 56,000 220,000

2

Non Established Post 80,000 End of Service Benefits 120,000 Car Maintenance Allowances 40,000 Other Staff Costs 12,000 Cleaning Costs 3,000 Office Consumables 5,000 Subsidies 10,000

Social Benefit Cost

Grants to Local Government 60,000 Property Plant and Equipment at Cost 400,000 Accumulated Consumption of PPEs 45,000 Investments 80,000 Loans and advances 20,000 Cash and equivalent 36,000 Other expenditures 15,000 Domestic Debt 180,000 External Debt 320,000 Interest Expense 40,000 Accumulated Fund (CR) 156,000

Additional Information

i) It is the policy of government to charge consumption of fixed capital on cost. Property plant and equipment is consumed at the rate of 20% per annum

ii) Fees amounting to GHS 20,000,000,000 was earned but not received as at 31 December, 2019

iii) Staff allowances of GHS 500,000,000 remained unpaid at the end of the year

Required:

Prepare in compliance to the IPSAS and the Public Financial Management Act 2016 (Act 921) for the Consolidated Fund

35,000

a. Statement of Revenue and Expenditure for the year ended 31 December, 2019

b. Statement of Financial Position as at 31 December, 2019

c. Notes to the accounts

(5 marks) (5 marks) (5 marks)

(Total 15 marks)