Question One 100 560 The Trial Balance below relates to the Controller and Accountant General for the Consolidated Fund for the year ended 31" December 2019. GHC'000 GHC'000 Income taxes 21,200 Export dutites 42,100 Gift tax Rent Tax Import duties 68,000 Fines and Penalties 230 Grants 52,200 Company tax 35,600 District assembly common fund 37,300 Getfund 18,700 Compensaction for employees 72,000 Trust fund Investment (01/01/19) 31,000 Equity investment (01/01/19) 13,400 Advances (01/01/19) 3,400 Loans (01/01/19) 2,000 Bank and cash (01/01/19) 150 Domestic debt interest 8,000 External debt debt interest 12,000 External debt (01/01/19) 70,000 Domestic debt (01/01/19) 25,000 Fuel Subsidies 24,400 SFF contribution 500 Trust Tund 41,000 Administrative cost 26,800 Conferences and workshops 16,500 Purchase of Vehicles 34,000 Purchase of plant and equipment 12,000 Rentals 1,200 Foreign travels 35,000 Independence day celebration 15,000 National awards 8,900 Accummulated fund (01/01/19) 12,860 370,550 370,550 Additional Information i) The government is first time adopting the full accrual basis of accounting in accordance with the International Public Sector Accounting Standards (IPSAS). Domestic debt interest and external debt interest amounting to GHc3,200,000 and GHc1,250,000 respectively was due but not paid as result of financial constraints during the year The goverment is required to transfer 5% of total tax revenues to the district assembly common fund during the year. iv) v) It is the policy of government to charge depreciation on all non-financial assets at these rates per annum: Property plant and equipment 20% on cost, Motor vehicles 10% on cost. Salaries and other emoluments outstanding during the year amounted to GHc200, 000,000 whiles that of goods and services amounted to GH120,000,000 vi) Payments for administrative cost included rental payments in respect of which GHc3,000,000 related to two years from July 1" 2019 to June 30th 2021 vii) Taxes that had been assessed as payable by tax payers for the fiscal year 31/12/19 but which were still outstanding were: GHc000 Income taxes Export duties 4,000 Import duties 6,000 Company tax 2,000 Evidence from past experience shows that 20% of the outstanding taxes are unlikely to be received by the government of Ghana. Required: Prepare in a form suitable for publication and in accordance with Accrual bases IPSAS and the financial enactments of Ghana: i) Statement of Financial Performance for the year ended 31 December, 2019 ii) Statement of Financial Position as at 31 December, 2019. iii) Notes to the accounts (Total: 30 marks) 3,000 Question Two a) Briefly discuss the reporting requirements of IPSAS 24: Presentation of Budget Information, and justify the relevance of this standard in governmental budgeting and accountability b) The concept of Value for Money (VFM) in the public sector has been associated with the SEs. The relevant elements of the VFM can be applied as an assessment tool for almost all government programmes/projects. Using relevant public sector examples, you are required to: i) Demonstrate how the concept of VFM is applied in the distribution of the District Assembly Common Fund (DACF) ii) Demonstrate how the concept of VFM can be used to attain the objective(s) of public procurement (Total: 20 marks) Question One 100 560 The Trial Balance below relates to the Controller and Accountant General for the Consolidated Fund for the year ended 31" December 2019. GHC'000 GHC'000 Income taxes 21,200 Export dutites 42,100 Gift tax Rent Tax Import duties 68,000 Fines and Penalties 230 Grants 52,200 Company tax 35,600 District assembly common fund 37,300 Getfund 18,700 Compensaction for employees 72,000 Trust fund Investment (01/01/19) 31,000 Equity investment (01/01/19) 13,400 Advances (01/01/19) 3,400 Loans (01/01/19) 2,000 Bank and cash (01/01/19) 150 Domestic debt interest 8,000 External debt debt interest 12,000 External debt (01/01/19) 70,000 Domestic debt (01/01/19) 25,000 Fuel Subsidies 24,400 SFF contribution 500 Trust Tund 41,000 Administrative cost 26,800 Conferences and workshops 16,500 Purchase of Vehicles 34,000 Purchase of plant and equipment 12,000 Rentals 1,200 Foreign travels 35,000 Independence day celebration 15,000 National awards 8,900 Accummulated fund (01/01/19) 12,860 370,550 370,550 Additional Information i) The government is first time adopting the full accrual basis of accounting in accordance with the International Public Sector Accounting Standards (IPSAS). Domestic debt interest and external debt interest amounting to GHc3,200,000 and GHc1,250,000 respectively was due but not paid as result of financial constraints during the year The goverment is required to transfer 5% of total tax revenues to the district assembly common fund during the year. iv) v) It is the policy of government to charge depreciation on all non-financial assets at these rates per annum: Property plant and equipment 20% on cost, Motor vehicles 10% on cost. Salaries and other emoluments outstanding during the year amounted to GHc200, 000,000 whiles that of goods and services amounted to GH120,000,000 vi) Payments for administrative cost included rental payments in respect of which GHc3,000,000 related to two years from July 1" 2019 to June 30th 2021 vii) Taxes that had been assessed as payable by tax payers for the fiscal year 31/12/19 but which were still outstanding were: GHc000 Income taxes Export duties 4,000 Import duties 6,000 Company tax 2,000 Evidence from past experience shows that 20% of the outstanding taxes are unlikely to be received by the government of Ghana. Required: Prepare in a form suitable for publication and in accordance with Accrual bases IPSAS and the financial enactments of Ghana: i) Statement of Financial Performance for the year ended 31 December, 2019 ii) Statement of Financial Position as at 31 December, 2019. iii) Notes to the accounts (Total: 30 marks) 3,000 Question Two a) Briefly discuss the reporting requirements of IPSAS 24: Presentation of Budget Information, and justify the relevance of this standard in governmental budgeting and accountability b) The concept of Value for Money (VFM) in the public sector has been associated with the SEs. The relevant elements of the VFM can be applied as an assessment tool for almost all government programmes/projects. Using relevant public sector examples, you are required to: i) Demonstrate how the concept of VFM is applied in the distribution of the District Assembly Common Fund (DACF) ii) Demonstrate how the concept of VFM can be used to attain the objective(s) of public procurement (Total: 20 marks)