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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
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 GHS Million Direct Tax 100,000 Indirect Tax 150,000 Grants from Bilateral Partners 25,000 Grants from Multilateral Partners 320,000 Other Grants Received 10,000 Royalties 8,000 Fees and Fines 2,000 Interest Income 400 Seminar and Training 22,000 Local Consultancy 34,000 Foreign Consultancy 23,000 Travel and Transport 6,000 Travel Allowances 56,000 Established Post Salaries 220,000 2 Non Established Post End of Service Benefits Car Maintenance Allowances Cleaning Costs Property Plant and Equipment at Cost 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 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 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
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
GHS Million
Direct Tax
100,000
Indirect Tax
150,000
Grants from Bilateral Partners
25,000
Grants from Multilateral Partners
320,000
Other Grants Received
10,000
Royalties
8,000
Fees and Fines
2,000
Interest Income
400
Seminar and Training
22,000
Local Consultancy
34,000
Foreign Consultancy
23,000
Travel and Transport
6,000
Travel Allowances
56,000
Established Post Salaries
220,000
2
Non Established Post
End of Service Benefits
Car Maintenance Allowances
Cleaning Costs
Property Plant and Equipment at Cost
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
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
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
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