SECTION B ANSWER ONE AND TWO OTHER QUESTIONS FROM THIS SECTION Question One The following trial balance has been extracted from the public records of Ghana for the year 2015 GH 000 GH 000 Loans: Domestic 3,211,500 Foreign 101,605,000 Trust borrowings 10,729,000 Cash 932,441,000 Investments: General 286,007,000 International 1,996,815,160 Local 361,400,000 Loans Advanced: Statutory Boards 434,400,000 Other Governments 266,342,500 General 14,000,000 Staff loans 60,007,000 Departmental revolving fund 5,050,000 Expenditure (Note 1) 1,295,132,860 Revenue (Note 2) 3,688,351,250 General revenue 8,500,000 Trust funds 9,500,000 Public debt interest outstanding 823,000 Pension prepaid 758,230 Road fund in arrears 752,000 4,737,912,750 4,737,912.750 Notes: GH 000 450,542,000 (1) Expenditure is made up of the following Personal Emoluments 12.5%SSF contributions Pension Utility subsidy Gratuities 9,556,180 19,575,000 18,700,000 5,185,500 225,300,500 Administration Student ID: Service Road Fund Investment Public debt interest Contingency Expenditure HIPC Expenditure Total 43.420,000 4,632,000 56,230,000 3,500,000 6,500,400 451,991,286 1,295,132.868 (2) Revenue is made of Indirect Taxes Direct Taxes Taxes of Foreign trade Value Added Taxes NHIL 980,000,000 658,200,000 80,000,000 780,050,000 19,501,25 185,000,000 95,400,000 190,000,000 700,200,000 Non tax Grants HIPC Receipts Divestiture Proceeds 3,688,351,25 Additional Information 1) Only 60% of the grants received relates to the year 2015. 2) An amount of $ 700,500,000 being additional emohmmets resulting from salaries adjustments for the last quarter of 2015 has not been paid. The related 12.5% S? contribution should be provided. 3) Investments income of 10.5% on the local investment is to be socrued. 4) The rate of interest payable on all government borrowing is 5% pe. 5) Transfer into the road fund for every year must be 4,850,900,800 Payments towards pension that is accrued at the end of the year is 256,500,000. 7) The trial balance is exclusive of a loan of 890,750,000 received from China during the year with a grace period of 2 years. You are required to: a) Prepare the consolidated fund revenue and expenditure statement of Ghana for the year ended, 31/12/2015. (20 mark b) Prepare the consolidated fund balance sheet as at that date. (15 martesi) SECTION B ANSWER ONE AND TWO OTHER QUESTIONS FROM THIS SECTION Question One The following trial balance has been extracted from the public records of Ghana for the year 2015 GH 000 GH 000 Loans: Domestic 3,211,500 Foreign 101,605,000 Trust borrowings 10,729,000 Cash 932,441,000 Investments: General 286,007,000 International 1,996,815,160 Local 361,400,000 Loans Advanced: Statutory Boards 434,400,000 Other Governments 266,342,500 General 14,000,000 Staff loans 60,007,000 Departmental revolving fund 5,050,000 Expenditure (Note 1) 1,295,132,860 Revenue (Note 2) 3,688,351,250 General revenue 8,500,000 Trust funds 9,500,000 Public debt interest outstanding 823,000 Pension prepaid 758,230 Road fund in arrears 752,000 4,737,912,750 4,737,912.750 Notes: GH 000 450,542,000 (1) Expenditure is made up of the following Personal Emoluments 12.5%SSF contributions Pension Utility subsidy Gratuities 9,556,180 19,575,000 18,700,000 5,185,500 225,300,500 Administration Student ID: Service Road Fund Investment Public debt interest Contingency Expenditure HIPC Expenditure Total 43.420,000 4,632,000 56,230,000 3,500,000 6,500,400 451,991,286 1,295,132.868 (2) Revenue is made of Indirect Taxes Direct Taxes Taxes of Foreign trade Value Added Taxes NHIL 980,000,000 658,200,000 80,000,000 780,050,000 19,501,25 185,000,000 95,400,000 190,000,000 700,200,000 Non tax Grants HIPC Receipts Divestiture Proceeds 3,688,351,25 Additional Information 1) Only 60% of the grants received relates to the year 2015. 2) An amount of $ 700,500,000 being additional emohmmets resulting from salaries adjustments for the last quarter of 2015 has not been paid. The related 12.5% S? contribution should be provided. 3) Investments income of 10.5% on the local investment is to be socrued. 4) The rate of interest payable on all government borrowing is 5% pe. 5) Transfer into the road fund for every year must be 4,850,900,800 Payments towards pension that is accrued at the end of the year is 256,500,000. 7) The trial balance is exclusive of a loan of 890,750,000 received from China during the year with a grace period of 2 years. You are required to: a) Prepare the consolidated fund revenue and expenditure statement of Ghana for the year ended, 31/12/2015. (20 mark b) Prepare the consolidated fund balance sheet as at that date. (15 martesi)