SECTION TOTAL VIRKS: 10) INSWER QUESTION ONE AND TWO OTHER OLESTIONS FROM THIS SECTION Question One The following are balances extracted from the Consolidated Fund Account for the fiscal year ended 31" December, 2018 Consumption of fixed assets Miscellaneous Direct Taxes Social protection benefits in kind to aged 13.5% SSF Contribution Project grants received from Multilateral Institutions Fines, Penalties and Forfeitures Materials and Office Consumables General Taxes on Goods and Services Travel and Transport expenses Social Assistance to individuals living below the poverty line Established Post Salaries Domestic Debt interest Gratuity Training, Conferences and Seminars External Debt interest Allowances to employees Repairs and Maintenance Property income Cash and Bank balances Advances and Receivables Taxes on exports Long Term Receivables Non-Established Post Salaries Payables Accumulated Fund Deposit and Other Trust Funds Short Term borrowings Taxes paid by individuals Subsidy on petroleum products Subsidies on fertilizer Equity Investments End of service benefits Infrastructure, Plant & Equipment Corporate income taxes Infrastructure under construction Domestic Debt External Debt Social benefits in cash to the physically challenged Other Expenses Excise duties GH"000 205,645 310,175 65,712 46,321 9,567 25,348 118,473 268,926 41,732 66.589 824,769 41,445 19,875 53,235 84,603 56,221 35,606 24985 1,972,541 59,187 592,453 2,747,514 423,410 123,456 (60,351,543) 3,645,328 11,352.345 812,654 15,236 23,074 3,543,287 24,879 2,134,597 276,530 314,770 23,625,789 32,183,150 31,525 21.986 123,765 Page 5 of 7 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 financial 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 31st December, 2003. 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 i) Statement of Financial Performance for the year ended 31 December, 2018; (10 marks) 11) 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) SECTION TOTAL VIRKS: 10) INSWER QUESTION ONE AND TWO OTHER OLESTIONS FROM THIS SECTION Question One The following are balances extracted from the Consolidated Fund Account for the fiscal year ended 31" December, 2018 Consumption of fixed assets Miscellaneous Direct Taxes Social protection benefits in kind to aged 13.5% SSF Contribution Project grants received from Multilateral Institutions Fines, Penalties and Forfeitures Materials and Office Consumables General Taxes on Goods and Services Travel and Transport expenses Social Assistance to individuals living below the poverty line Established Post Salaries Domestic Debt interest Gratuity Training, Conferences and Seminars External Debt interest Allowances to employees Repairs and Maintenance Property income Cash and Bank balances Advances and Receivables Taxes on exports Long Term Receivables Non-Established Post Salaries Payables Accumulated Fund Deposit and Other Trust Funds Short Term borrowings Taxes paid by individuals Subsidy on petroleum products Subsidies on fertilizer Equity Investments End of service benefits Infrastructure, Plant & Equipment Corporate income taxes Infrastructure under construction Domestic Debt External Debt Social benefits in cash to the physically challenged Other Expenses Excise duties GH"000 205,645 310,175 65,712 46,321 9,567 25,348 118,473 268,926 41,732 66.589 824,769 41,445 19,875 53,235 84,603 56,221 35,606 24985 1,972,541 59,187 592,453 2,747,514 423,410 123,456 (60,351,543) 3,645,328 11,352.345 812,654 15,236 23,074 3,543,287 24,879 2,134,597 276,530 314,770 23,625,789 32,183,150 31,525 21.986 123,765 Page 5 of 7 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 financial 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 31st December, 2003. 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 i) Statement of Financial Performance for the year ended 31 December, 2018; (10 marks) 11) 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