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