The following information is relevant a. The Madina-Adenta Municipal Assembly adopts modified accrual basis in the preparation of its financial statement b. Investments included a GHC136,000 30% Fiduciary bill acquired on 1st October 2018 from Concise Securities Limited. Income from the bill accrues quarterly in arrears c. Included in the stool land revenue is an amount of GHC3,200,000 which related to the year 2019. The revenue mobilization machinery of the Assembly was very effective to the extent that property rates to the tune of GHC45,500,000 which belong to the fiscal year 2019 were collected in 2018. d. The fixed deposit had a balance of GHC22,000,000 at the beginning of the year. The additional deposits were made equally on 1st April and 1st July. e. Stock of unused stationery is GHC12,500,000 while there is an unpaid bill got electricity to the tune of GHC800,000. Required Prepare the Income and Expenditure Account for the Madina-Adenta Municipal Assembly for the year ending 31st December, 2018 and the Balance sheet as at that date

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