Question 4 The following transactions were extracted from the books of CAG relating to the Consolidated Fund GH.000 Direct taxes 1.200.000 Value added taxes 850,000 Taxes on international trade 220.000 Communication service taxes 300.000 Other taxes on goods and services 80.000 Non-tax revers 450.000 Fees, lines and perties 70,000 Investment income 35.000 Bilateral grants received 210.000 Multilateral grants received 399,909 External borrowing during the year 600 330 Domestic borrowing 423,320 Domestic debt interest paid 189.760 Extemal debt interest and 284.440 Established post sales 840,000 Salaries of foreign mission 120,000 Non established post 300,300 Contract appointment 89.000 Transfer to households (13% SSF contribution) 88.900 Conferences, workshops and training 220,300 Travel and transport 20.230 Foreign travels cost 65.230 Rent 11.900 Repairs and maintenance X.CO Purchase of PPES 220.000 Construction of infrastructure 320.200 Subsales cost 80.000 Grant (District Assembly Connon find) 130.000 Social benefits 13,400 Other expenditures 22.100 Equity investment during the year Loand and advances granted 10.100 Equity investment (1/1/2016) 110.000 Loans and advances (1/1/2016) 34.400 Payables (1/1/2016) 180.800 Domestic debt(1/1/2016) 1.000, 500 External debt/1/1/2016) 1.850.200 Trust fund (1/1/2016) 980.000 Deposts (1/1/2016) 72.000 Cash and cash equivalent 1/1/2016) 32.000 Accumulated Fund (1/1/2016) DR. 3.907.100 Additional information a) Consumption of fixed capital was as follows: PPE GHc44,000,000 and infrastructure assets GHc32. 200,000 90.000 b) It is the policy of government to adopt accrual basis prospectively and any non-financial asset acquired prior to the adoption of the accrual basis should be ignored from the financial statements. No revaluation of such asset is required. c) Direct tax revenues due to government but not collected as 31" December 2015 amounted to GHc77,000,000 and the tax payers have made arrangement to pay honour their taxes by 14 February 2016. However, Ghana Revenue Authority has the information that one of the companies is going through forced liquidation and may not be able to honour its indebtedness of GHc23, 000,000 and therefore should be written off as irrecoverable. d) Public debt interest amounting to GHc88,000,000 was outstanding at the end of the year but the Minister of Finance has made necessary arrangement with the creditors to effect the payment in March 2017. 0 e) As at the end of 2016, an amount of GHc105,000,000 was outstanding as employee benefits due to the implementation of single spine salary structure. Required: a) Prepare in compliance to the Public Financial Management Act, the Chart of Accounts of Government of Ghana and the IPSAS: 1) Statement of Receipt and Payment of the Consolidated Fund for the year ended 31 December, 2016 ii) Statement of Financial Performance of the Consolidated Fund for the year ended 31" December, 2016 iii) Statement of Financial Position of the Consolidated Fund as at 31" December, 2016 iv) Cash flow Statement of the Consolidated Fund for the year ended 31" December, 2016. b) Outline any four (4) accounting policies you may wish to include in the notes to the report. Question 4 The following transactions were extracted from the books of CAG relating to the Consolidated Fund GH.000 Direct taxes 1.200.000 Value added taxes 850,000 Taxes on international trade 220.000 Communication service taxes 300.000 Other taxes on goods and services 80.000 Non-tax revers 450.000 Fees, lines and perties 70,000 Investment income 35.000 Bilateral grants received 210.000 Multilateral grants received 399,909 External borrowing during the year 600 330 Domestic borrowing 423,320 Domestic debt interest paid 189.760 Extemal debt interest and 284.440 Established post sales 840,000 Salaries of foreign mission 120,000 Non established post 300,300 Contract appointment 89.000 Transfer to households (13% SSF contribution) 88.900 Conferences, workshops and training 220,300 Travel and transport 20.230 Foreign travels cost 65.230 Rent 11.900 Repairs and maintenance X.CO Purchase of PPES 220.000 Construction of infrastructure 320.200 Subsales cost 80.000 Grant (District Assembly Connon find) 130.000 Social benefits 13,400 Other expenditures 22.100 Equity investment during the year Loand and advances granted 10.100 Equity investment (1/1/2016) 110.000 Loans and advances (1/1/2016) 34.400 Payables (1/1/2016) 180.800 Domestic debt(1/1/2016) 1.000, 500 External debt/1/1/2016) 1.850.200 Trust fund (1/1/2016) 980.000 Deposts (1/1/2016) 72.000 Cash and cash equivalent 1/1/2016) 32.000 Accumulated Fund (1/1/2016) DR. 3.907.100 Additional information a) Consumption of fixed capital was as follows: PPE GHc44,000,000 and infrastructure assets GHc32. 200,000 90.000 b) It is the policy of government to adopt accrual basis prospectively and any non-financial asset acquired prior to the adoption of the accrual basis should be ignored from the financial statements. No revaluation of such asset is required. c) Direct tax revenues due to government but not collected as 31" December 2015 amounted to GHc77,000,000 and the tax payers have made arrangement to pay honour their taxes by 14 February 2016. However, Ghana Revenue Authority has the information that one of the companies is going through forced liquidation and may not be able to honour its indebtedness of GHc23, 000,000 and therefore should be written off as irrecoverable. d) Public debt interest amounting to GHc88,000,000 was outstanding at the end of the year but the Minister of Finance has made necessary arrangement with the creditors to effect the payment in March 2017. 0 e) As at the end of 2016, an amount of GHc105,000,000 was outstanding as employee benefits due to the implementation of single spine salary structure. Required: a) Prepare in compliance to the Public Financial Management Act, the Chart of Accounts of Government of Ghana and the IPSAS: 1) Statement of Receipt and Payment of the Consolidated Fund for the year ended 31 December, 2016 ii) Statement of Financial Performance of the Consolidated Fund for the year ended 31" December, 2016 iii) Statement of Financial Position of the Consolidated Fund as at 31" December, 2016 iv) Cash flow Statement of the Consolidated Fund for the year ended 31" December, 2016. b) Outline any four (4) accounting policies you may wish to include in the notes to the report