Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 2 You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000

QUESTION 2 You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019.

Debit Credit

GHC'000 GHc'000

Corporate taxes

200,000

Personal income taxes

120,000

Capital gain taxes and sundries

50,000

Taxes on general goods and services

180,000

Fees, fines and penalties

80,000

Investment income

20,000

Custom duties

250,000

Grants

150,000

Communication service taxes

100,000

Royalties

40,000

Established post 240,000

Casual labour 60,000

Travel and transport 70,000

Repairs and maintenance 50,000

13% Social security contribution 26,000

Gratuity and end of service benefit 168,000

State protocol 180,000

Independence Day celebration 205,000

Seminar and conferences 30,000

Probation 25,000

Property plant and equipment (at cost) 300,000

Infrastructure (at cost) 400,000

Accumulated consumption of fixed capital- PPE

50,000

Accumulated consumption of fixed capital- Infrastructure

80,000

Grants to local government 290,000

Social benefits 315,000

Subsidies cost 245,000

Domestic debt Interest 500,000

External debt interest 580,000

Domestic debt

1,200,000

External debt

1,800,000

Loans and advances 90,000

Equity investment 200,000

Cash and cash equivalent 110,000

Sundry creditors

80,000

Accumulated Fund 316,000 ...........

4,400,000 4,400,000

Additional Information The following has been extracted from the 2019 annual budget.

GHc000HH

Compensation for employees 490,000

Good and services 350,000

Direct taxes 400,000

Indirect taxes 600,000

Public debt interest 800,000

Subsidies cost 240,000

Social benefit 250,000

Grants to local government 260,000

Grants from other governments 150,000

Consumption of fixed capital -

Non-tax revenue 200,000

Consumption of fixed capital for the year ended 31st December, 2019 is charged as follows; property, plant and equipment GHc20,000,000 and infrastructure GHc30,000,000. Donation received in-kind during the year amounted to GHc24,000,000 and no record was made in the books of accounts. Salary for 5,000 new staff recruited into the civil service remained unpaid during the year. Repair and maintenance paid in advanced to recognized garages during the year amounted to GHc96,000,000. Domestic interest due but not paid at the end of the year amounted to GHc10,000,000.

The financial reports are prepared using current chart of accounts of government.

Required: Prepare in line with the IPSAS and the Public Financial Laws of Ghana: A Statement of Revenue and Statement of the Consolidated Fund in Comparison with the Budget for the year ended 31st December, 2019.

A Statement of Financial Position of the Consolidated Fund as 31st December, 2019

Notes to the financial statement.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Global Financial Crisis What Have We Learnt

Authors: Steven Kates

1st Edition

0857934228, 978-0857934222

More Books

Students also viewed these Finance questions

Question

What determines growth in equity investment in a firm?

Answered: 1 week ago