Question
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.
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