Question One The following are balances extracted from the Consolidated Fund Account for the fiscal year ended 31" December, 2018 GHe000 205,645 Consumption of fixed assets 310,175 Miscellaneous Direct Taxes 65,712 Social protection benefits in kind to aged 13.5% SSF Contribution 46,321 Project grants received from Multilateral Institutions 9,567 Fines, Penalties and Forfeitures 25,348 Materials and Office Consumables 118,473 General Taxes on Goods and Services 268,926 Travel and Transport expenses 41,732 Social Assistance to individuals living below the poverty line 66,589 Established Post Salaries 824,769 Domestic Debt interest 41,445 Gratuity 19.875 Training, Conferences and Seminars 53.235 External Debt interest 84,603 Allowances to employees 56,221 Repairs and Maintenance 35,606 Property income 24,985 Cash and Bank balances 1,972,541 Advances and Receivables 59,187 Taxes on exports 592,453 Long Term Receivables 2,747,514 Non-Established Post Salaries 423,410 Payables 123,456 Accumulated Fund (60,351,543) Deposit and Other Trust Funds 3,645,328 Short Term borrowings 11,352,345 Taxes paid by individuals 812,654 Subsidy on petroleum products 15,236 Subsidies on fertilizer 23,074 Equity Investments 3,543,287 End of service benefits 24,879 Infrastructure, Plant & Equipment 2,134,597 Corporate income taxes 276,530 Infrastructure under construction 314,770 Domestic Debt 23,625,789 External Debt 32,183,150 Social benefits in cash to the physically challenged 31,525 Other Expenses 21,986 Excise duties 123,765 The following additional information is made available in respect of the Consolidated Fund Account: 1. During the fiscal year under consideration, a medical team sponsored by the US Government intervened in a cholera outbreak providing services which has been fair valued to be GHc18,480,000.00. This has not yet been recognised in the transactions above. 2. As at 31* December, 2018, corporate tax assessments amounting to GHc12,000,000 was still outstanding to be paid by corporate entities to government 3. The total amount of VAT owed to government as at 31" December, 2018 stood at GHc30,000,000. It is estimated that, 10% of the amount outstanding is unlikely to be paid by one firm that has folded up. 4. External debt interest amounting to GHc2,000,000 was due but not paid due to the finamoal 1 constraints during the year. 5. On 31" December 2018, 50% of Infrastructure under construction is to be transferred to Infrastructure, Plant & Equipment. The transfer has not yet been done. 6. Salaries and other emoluments outstanding during the year amounted to GHc15,000,000 while that of use of goods and services amounted GHc8,500,000. 7. Included in Use of Goods and services are Inventories that have been valued at GHc7500,000. These Inventories were derived through a stock take at 31 December, 2008. You are required to prepare the following financial statements in compliance with the accrual basis International Public Sector Accounting Standards (IPSAS) and the relevant chart of accounts in respect of the Consolidated Fund 1) Statement of Financial Performance for the year ended 31 December, 2018; (10 marks) ii) Statement of Financial Position as at 31 December, 2018. (10 marks) iii) Show the schedule of workings (5 marks) iv) State 5 issues on which accounting policy may be disclosed in the notes to the financial statements (5 marks) (Total: 30 marks) Question One The following are balances extracted from the Consolidated Fund Account for the fiscal year ended 31" December, 2018 GHe000 205,645 Consumption of fixed assets 310,175 Miscellaneous Direct Taxes 65,712 Social protection benefits in kind to aged 13.5% SSF Contribution 46,321 Project grants received from Multilateral Institutions 9,567 Fines, Penalties and Forfeitures 25,348 Materials and Office Consumables 118,473 General Taxes on Goods and Services 268,926 Travel and Transport expenses 41,732 Social Assistance to individuals living below the poverty line 66,589 Established Post Salaries 824,769 Domestic Debt interest 41,445 Gratuity 19.875 Training, Conferences and Seminars 53.235 External Debt interest 84,603 Allowances to employees 56,221 Repairs and Maintenance 35,606 Property income 24,985 Cash and Bank balances 1,972,541 Advances and Receivables 59,187 Taxes on exports 592,453 Long Term Receivables 2,747,514 Non-Established Post Salaries 423,410 Payables 123,456 Accumulated Fund (60,351,543) Deposit and Other Trust Funds 3,645,328 Short Term borrowings 11,352,345 Taxes paid by individuals 812,654 Subsidy on petroleum products 15,236 Subsidies on fertilizer 23,074 Equity Investments 3,543,287 End of service benefits 24,879 Infrastructure, Plant & Equipment 2,134,597 Corporate income taxes 276,530 Infrastructure under construction 314,770 Domestic Debt 23,625,789 External Debt 32,183,150 Social benefits in cash to the physically challenged 31,525 Other Expenses 21,986 Excise duties 123,765 The following additional information is made available in respect of the Consolidated Fund Account: 1. During the fiscal year under consideration, a medical team sponsored by the US Government intervened in a cholera outbreak providing services which has been fair valued to be GHc18,480,000.00. This has not yet been recognised in the transactions above. 2. As at 31* December, 2018, corporate tax assessments amounting to GHc12,000,000 was still outstanding to be paid by corporate entities to government 3. The total amount of VAT owed to government as at 31" December, 2018 stood at GHc30,000,000. It is estimated that, 10% of the amount outstanding is unlikely to be paid by one firm that has folded up. 4. External debt interest amounting to GHc2,000,000 was due but not paid due to the finamoal 1 constraints during the year. 5. On 31" December 2018, 50% of Infrastructure under construction is to be transferred to Infrastructure, Plant & Equipment. The transfer has not yet been done. 6. Salaries and other emoluments outstanding during the year amounted to GHc15,000,000 while that of use of goods and services amounted GHc8,500,000. 7. Included in Use of Goods and services are Inventories that have been valued at GHc7500,000. These Inventories were derived through a stock take at 31 December, 2008. You are required to prepare the following financial statements in compliance with the accrual basis International Public Sector Accounting Standards (IPSAS) and the relevant chart of accounts in respect of the Consolidated Fund 1) Statement of Financial Performance for the year ended 31 December, 2018; (10 marks) ii) Statement of Financial Position as at 31 December, 2018. (10 marks) iii) Show the schedule of workings (5 marks) iv) State 5 issues on which accounting policy may be disclosed in the notes to the financial statements (5 marks) (Total: 30 marks)