The following is a summarized list of the receipts and payments extracted from the lodger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December 2020 II Cash payment to support the aged Foreign travelling cost Corporate Income tax Loans and advances granted during the year UN Peace keeping Expenses Refund of medical expenses of paupers Transfer to the Road Fund Borrowing from the domestic commercial banks Medical support for pregnant women Training and capacity building Value added taxes Domestie debt interest paid Other expenses Subsidies on utilities Other bilateral grants National award and celebrations Recoveries of opening Taxes Receivables Net Treasury Operations Repayment of domestic borrowing during the year Repayment of external borrowing during the year Transfer to District Assembly Common Fund (DACF) Seminar and workshops Recoveries of loans and advances He'000 3,450 1.250 6,450 8.560 1.410 1.960 1.320 3.280 1.280 1,730 10,870 1,340 1.790 1.280 1.380 1,120 1.230 1.740 1,810 1.640 1.590 1.820 820 Page 1 of 5 14270 1.570 External borrowing during the year External debt interest paid Grant received in support of school feeding programme Subsidies on fuel Infrastructure works in progress Repairs and maintenance Fines. Penalties and forfeiture Transfer to GET Fund Administrative cost Fees and charges for services rendered Non-established post salaries Financial investment during the year Established post salaries Custom and Excise duties Purchase of property plant and equipment 13% SSF contribution Rent tax Staff allowances Transfer to other statutory funds Proceeds from disposal of PPE State Protocol Expenses Infrastructure works completed Trust funds Income tax (PAYE) Capital project grants received Dividends and other investment income 2.680 1.980 2,170 1.230 5.120 1.650 860 3.140 2.840 2,340 6110 6.790 1.680 1,260 3.950 2.050 1.110 2,910 720 6,170 1.780 8.360 1.270 1.240 The following additional information is made available: The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2030 fiscal year excluding that of capital apenditure and investments is as follows: Original Budget Supplementary Badget GH000 Gill 8.000 5.000 Direct taxes Indirect taxes Non-tax revenue 11.000 9,000 6.000 2000 Grants 8.000 2.000 Compensation of employees 8.000 3.000 Goods and Service cost 3.000 Public debe interest 2.000 1.000 Subsidies 2.000 2000 Transfers 6000 2.000 Social benefits 2.000 1.000 Other expenses 2.000 1,000 Consumption of Fixed Capital 3.500 3. Balances extracted from the ledger of the Consolidated Fund as #101/20 consisted of GH 000 Consumption of Fixed Capital PPE 2.590 Infrastructure completed 1980 PPE 12,310 Infrastructure completed Trust Funds 3210 Inventories 1,980 Loans and advances 7640 Domestic Debt 9.870 Financial Investments 4.560 External Debe 7.6.30 Taxes Receivable 2.480 Payables 1,430 Cash and cash equivalent 2.890 Accumulated fund 8.750 Infrastructure in progress 6,740 Treasury bls issued 3.480 Revaluation Reserve 3.900 6 Inventories included in use of goods and services available at the end of the year was a follows: Inventories for use Inventories for sale GH 000 G000 Historical Cost 2,000 2.500 Replacement Cost 1,000 800 Net Rcalizable Value 900 1.000 4. The probability of receipt of the outstanding opening Texes Receivables 13 February 2021 was only as the entity from which government expects to collect the tax frustad been declared insolvent. In December 2000 Investments with a co Gil,110,000 was liquidated for GHC 1.020,000 S. The capital project grant was received from the Government of Japan is November 2000 The Government of Ghana reasonably expects to comply with the grant agreement. The Goverment of Ghana is unlikely to comply with some of the conditions for grants amounting to GH450,000 of the other bilateral as The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korce amounting to GHe 1,890,000. This grant is highly probable to be received the fish after the financial year end 7. Domestic debt interest and external (cht interest amoutting to Ge1 200,000 GHc540.000 respectively was due but not paid due to the financial constits during the year 254 & It is the policy of government to provide for consumption of fised stallica assets acquired during the year and those already existing using the straight line med the following rates Property. Mant and Equipment Infrastructure asset completed 20% No depreciation is charged on assets sold during the year 9. Salaries and other emoluments outstanding during the year mounted to GHc1.270,000 while that of use of goods and services amounted GHc760.000. Additionally, GH23,030,000 of rent paid during the year relate to 2021. GH_570.000 neluting the expenses was outstanding as at 31 December, 2000 10. As at 31 December, 2020, corporate tax assessments amounting to GHOL.300,000 cutstanding to be paid by corporate entities to government, while the amount molto government as at 31 December, 2020 in respect of taxes on goods and services stood G3,850,000. It is estimated that only 90% of the outstanding takes to get my be recovered 11. The Government of Ghana applies the revaluation model for its non-currents existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment to this repost Professional Valuer was engaged who produced the following valuessat 31 December 2020. Property, plant and Equipment GH14.560,000. Infrastructurales celted GHc24,900.000 and infrastructural assets in propers Ge18.210,000 GH5.720.000 Infrastructure in progress was completed and tradered to Infrastructure at 31 December 2020. Prior to the revaluation exercise. Property. Plant and Equipment with a cost od GH1,040,000 and accumulated Depreciation of GHc330,000 was sold. All det non-current assets were done before 31 December, 2000, You are required to Prepare the following financial statements in accordance with the PFM laws of the Chart of Accounts of government and relevant accrual basis IPSAS Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2000 25 mars b) Statement of Financial Position of the Consolidated Fund at the year end 31 December 2020, 15 mars ) Statement of Changes in Net Assets and Equity for the year ended 31 December 2006 5 mars d) Separate Statement of Badget Comparison with Actuals in accordance with 1SAS 24 and 20 marks c) Show detailed working for all derived answers 25 marks Total Marke 100% 4. The probability of receipt of the outstanding opening Texes Receivables 13 February 2021 was only as the entity from which government expects to collect the tax frustad been declared insolvent. In December 2000 Investments with a co Gil,110,000 was liquidated for GHC 1.020,000 S. The capital project grant was received from the Government of Japan is November 2000 The Government of Ghana reasonably expects to comply with the grant agreement. The Goverment of Ghana is unlikely to comply with some of the conditions for grants amounting to GH450,000 of the other bilateral as The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korce amounting to GHe 1,890,000. This grant is highly probable to be received the fish after the financial year end 7. Domestic debt interest and external (cht interest amoutting to Ge1 200,000 GHc540.000 respectively was due but not paid due to the financial constits during the year 254 & It is the policy of government to provide for consumption of fised stallica assets acquired during the year and those already existing using the straight line med the following rates Property. Mant and Equipment Infrastructure asset completed 20% No depreciation is charged on assets sold during the year 9. Salaries and other emoluments outstanding during the year mounted to GHc1.270,000 while that of use of goods and services amounted GHc760.000. Additionally, GH23,030,000 of rent paid during the year relate to 2021. GH_570.000 neluting the expenses was outstanding as at 31 December, 2000 10. As at 31 December, 2020, corporate tax assessments amounting to GHOL.300,000 cutstanding to be paid by corporate entities to government, while the amount molto government as at 31 December, 2020 in respect of taxes on goods and services stood G3,850,000. It is estimated that only 90% of the outstanding takes to get my be recovered 11. The Government of Ghana applies the revaluation model for its non-currents existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment to this repost Professional Valuer was engaged who produced the following valuessat 31 December 2020. Property, plant and Equipment GH14.560,000. Infrastructurales celted GHc24,900.000 and infrastructural assets in propers Ge18.210,000 GH5.720.000 Infrastructure in progress was completed and tradered to Infrastructure at 31 December 2020. Prior to the revaluation exercise. Property. Plant and Equipment with a cost od GH1,040,000 and accumulated Depreciation of GHc330,000 was sold. All det non-current assets were done before 31 December, 2000, You are required to Prepare the following financial statements in accordance with the PFM laws of the Chart of Accounts of government and relevant accrual basis IPSAS Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2000 25 mars b) Statement of Financial Position of the Consolidated Fund at the year end 31 December 2020, 15 mars ) Statement of Changes in Net Assets and Equity for the year ended 31 December 2006 5 mars d) Separate Statement of Badget Comparison with Actuals in accordance with 1SAS 24 and 20 marks c) Show detailed working for all derived answers 25 marks Total Marke 100% 4. The probability of receipt of the outstanding opening Taxes Receivable as 19 February 2021 was only as the entity from which government expects to collect the frontal been declared insolvent In December 3020 Investments with a caming Gl.110,000 was liquidated for GHC 1.020,000 5. The capital project grant was seened from the Government of Japan in November 2000 The Government of Ghana resinably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the condities for amounting to GH450,000 of the other bilateral grants. The Goverment of Ghans hus straty complied with grant condition in respect of a bilateral grant from the South Korea amounting to GH 1,890,000. This grant is highly probable to be received in the first month after the financial year end. 7. Domestic debt interest and external debe terest mounting to Ge1.210.000 GH-540.000 respectively was due but not paid due to the financial com during the year & It is the policy of government to provide for consumption of fixed lancial assets acquired during the year and those already existing using the straight line bed the following rate: Property, Plan and Equipment Infrastructure asset completed 20% No depreciation is charged cassets wild during the yeat. 9. Salaries and other emoluments outstanding during the year amounted to GcL270,000 while that of use of goods and services amounted GHE 760.000 Adly GHc3,030,000 of rent paid during the year late to 2021. GH570.000 tether expertise was outstanding as at 31 December, 2020 10. As at 31 December, 2020, corporate tax assessments mounting to GH-4300,000 was Outstanding to be paid by corporate entities to povernment, while the total amewad government as at 31 December, 2020 in respect of taxes on goods and services stood at GHC380,000 is estimated that only 0 of the outstanding takes to government may be recovered IL The Government of Ghana applies the evaluation model for its current setting prior to the adoption in line with IPSAS 17: Property. Plant and Equipment to this respect a Professional Valuer was engaged who produced the following values at 31 December 2020: Property, Plast and Equipment GHc14.560.000, Infrastructural completed GHc24.960.000 and Infrastructural assets in progress GHc1R210,000. Ghae5.190.000 Infrastructure in progress was completed and transferred to infrastructure 31 December 2020. Prior to the revaluation exercise, Property. Plant and Equipment with of GH1,040.000 and accumulated Depreciation of GHc330.000 was sold. All diese non-current assets were done before 31 December, 2020 You are required to Prepare the following financial statements in accordance with the PFM laws of Ghane Chart of Accounts of government and relevant accrual basis IPSAS ) Statement of Financial Performance of the Consolidated Fund for the year 3 25 mars b) Statement of Financial Positive of the Consolidated Fund as at the year ended 31 December 2020, Statement of Changes in Net Assets and Equity for the year ended 31 December 2008 5 mars d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS e) Show detailed working for all derived answers 25 mars Total Marks 100% 4. The probability of receipt of the outstanding opening Taxes Recevabla15 February 2021 was only as the entity from which comment expects collect the us from hul been declared insolvent. In December 2020 lavestments with a carrying amount of Ghet. 110.000 was liquidated for Gel 20.000 $. The capital project grant was received from the Germent of an ember 2000 The Government of Ghana reasonably expect to comply with the grand proment. The Government of Ghun is unlikely to comply with some of the condities for grants amounting to GH450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a balese Korea amounting to GHC 1.890,000. This yramt is highly probable to be received in the first month after the financial year end 7. Domestic de interest and extema de interesting Ghet 20,000 and GHc540,000 respectively was due borse per due to the financial commes during the X. It is the policy of government to provide for consumption of freedtellino-financial assets acquired during the year and those already existing wing the straight line method at the following rates Property. Plant and Equipment Infrastructure asset completed No depreciation is charged during the year 9. Salaries and other emoluments outstanding during the year end to Glict.270.000 while that of use of goods and services amoured G700,000. Additionally. GHc3,030,000 of rent paid during the year relate to 202L GH370.000 elaning to other expenses was outstanding as at 31 December, 2020 10. As at 31 December, 2020, corporate taxassments amcoming GHS00.000 was still outstanding to be paid by corporate entities o government, the wealment owed to government as at 31 December, 2020 in respect of tee goods and services sodat GH23,880,000. It is estimated that only 90% of the outstanding the terms may he recovered 11. The Government of Ghosa applies the revolution model for existing prior to the adoption) in line with IPSAS 17: Property, Plantande. In this respect a Professional Value was empared who produced the following 31 December 2020 Property. Plant and Equipment Glc7360,000, Infrastructural es completed GHc24.960,000 and Infrastructural assets in peoprene Gl.210,000 GB,140,000 of Infrastructure in progress was completed and transfered to destructure 31 December 2020. Prior to the evaluation exercise. Property. Plant and Eat with a cost of GH1,040,000 and accumulated Depreciation of G330,000 was sold. All dies to no-cuments were done before 31 December, 2020 You are required to Prepare the following financial statements in accordance with the PMs of home the Chart of Accounts of government and relevant socrul heses IPSAS a) Statement of Financial Performance of the Consolidated for the year ended 31 December 2020: 25 marks 5) Statement of Financial Position of the Constituted Fundstened 31 December 2020 25 marks Statement of Changes in Net Asets and Equity for the year ended 31 December 2000, mark d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24 and 20 marks e) Show detailed workings for all derived answers mark Total Marks 100% The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Budget Supplementary Badget GHC000 Glk R000 5.000 Direct taxes Indirect taxes Non-tax revenue 11.000 9,000 6.000 2000 Page 2 of Grants 8.000 2.000 Compensation of employees 8.000 3.000 Goods and Service cost 6.000 3.000 Public debt interest 2.000 1.000 Subsidies 2.000 2000 Transfers 6.000 2.000 Social benefits 2,000 1.000 Other expenses 2.000 1,000 Consumption of Fixed Capital 3.500 3. Balances extracted from the lodger of the Consolidated Fund us at 101/26 consisted of GH 000 Consumption of Fixed Capital PPE 2.590 Infrastructure completed 1980 PPE 12,310 Infrastructure completed Trust Funds 3210 Inventories 1,980 Loans and advances 7640 Domestic Debt 9,870 Financial Investments 4.560 External Debt 7.630 Taxes Receivable 2.480 Payables 1.430 Cash and cash equivalent 2.890 Accumulated fund 8.750 Infrastructure in progress 6,740 Treasury bills issued 3.480 Revaluation Reserve 3.90 6. Inventories included in use of goods and services wailable at the end of the year was >> follows: Inventories for use Inventories for sale GH 000 Gh00 Historical Cost 2.000 2.500 Replacement Cost 1.000 800 Net Realizable Value 900 1.000 The following is a summarized list of the receipts and payments extracted from the lodger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December 2020 II Cash payment to support the aged Foreign travelling cost Corporate Income tax Loans and advances granted during the year UN Peace keeping Expenses Refund of medical expenses of paupers Transfer to the Road Fund Borrowing from the domestic commercial banks Medical support for pregnant women Training and capacity building Value added taxes Domestie debt interest paid Other expenses Subsidies on utilities Other bilateral grants National award and celebrations Recoveries of opening Taxes Receivables Net Treasury Operations Repayment of domestic borrowing during the year Repayment of external borrowing during the year Transfer to District Assembly Common Fund (DACF) Seminar and workshops Recoveries of loans and advances He'000 3,450 1.250 6,450 8.560 1.410 1.960 1.320 3.280 1.280 1,730 10,870 1,340 1.790 1.280 1.380 1,120 1.230 1.740 1,810 1.640 1.590 1.820 820 Page 1 of 5 14270 1.570 External borrowing during the year External debt interest paid Grant received in support of school feeding programme Subsidies on fuel Infrastructure works in progress Repairs and maintenance Fines. Penalties and forfeiture Transfer to GET Fund Administrative cost Fees and charges for services rendered Non-established post salaries Financial investment during the year Established post salaries Custom and Excise duties Purchase of property plant and equipment 13% SSF contribution Rent tax Staff allowances Transfer to other statutory funds Proceeds from disposal of PPE State Protocol Expenses Infrastructure works completed Trust funds Income tax (PAYE) Capital project grants received Dividends and other investment income 2.680 1.980 2,170 1.230 5.120 1.650 860 3.140 2.840 2,340 6110 6.790 1.680 1,260 3.950 2.050 1.110 2,910 720 6,170 1.780 8.360 1.270 1.240 The following is a summarized list of the receipts and payments extracted from the lodger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December 2020 II Cash payment to support the aged Foreign travelling cost Corporate Income tax Loans and advances granted during the year UN Peace keeping Expenses Refund of medical expenses of paupers Transfer to the Road Fund Borrowing from the domestic commercial banks Medical support for pregnant women Training and capacity building Value added taxes Domestie debt interest paid Other expenses Subsidies on utilities Other bilateral grants National award and celebrations Recoveries of opening Taxes Receivables Net Treasury Operations Repayment of domestic borrowing during the year Repayment of external borrowing during the year Transfer to District Assembly Common Fund (DACF) Seminar and workshops Recoveries of loans and advances He'000 3,450 1.250 6,450 8.560 1.410 1.960 1.320 3.280 1.280 1,730 10,870 1,340 1.790 1.280 1.380 1,120 1.230 1.740 1,810 1.640 1.590 1.820 820 Page 1 of 5 14270 1.570 External borrowing during the year External debt interest paid Grant received in support of school feeding programme Subsidies on fuel Infrastructure works in progress Repairs and maintenance Fines. Penalties and forfeiture Transfer to GET Fund Administrative cost Fees and charges for services rendered Non-established post salaries Financial investment during the year Established post salaries Custom and Excise duties Purchase of property plant and equipment 13% SSF contribution Rent tax Staff allowances Transfer to other statutory funds Proceeds from disposal of PPE State Protocol Expenses Infrastructure works completed Trust funds Income tax (PAYE) Capital project grants received Dividends and other investment income 2.680 1.980 2,170 1.230 5.120 1.650 860 3.140 2.840 2,340 6110 6.790 1.680 1,260 3.950 2.050 1.110 2,910 720 6,170 1.780 8.360 1.270 1.240 The following additional information is made available: The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2030 fiscal year excluding that of capital apenditure and investments is as follows: Original Budget Supplementary Badget GH000 Gill 8.000 5.000 Direct taxes Indirect taxes Non-tax revenue 11.000 9,000 6.000 2000 Grants 8.000 2.000 Compensation of employees 8.000 3.000 Goods and Service cost 3.000 Public debe interest 2.000 1.000 Subsidies 2.000 2000 Transfers 6000 2.000 Social benefits 2.000 1.000 Other expenses 2.000 1,000 Consumption of Fixed Capital 3.500 3. Balances extracted from the ledger of the Consolidated Fund as #101/20 consisted of GH 000 Consumption of Fixed Capital PPE 2.590 Infrastructure completed 1980 PPE 12,310 Infrastructure completed Trust Funds 3210 Inventories 1,980 Loans and advances 7640 Domestic Debt 9.870 Financial Investments 4.560 External Debe 7.6.30 Taxes Receivable 2.480 Payables 1,430 Cash and cash equivalent 2.890 Accumulated fund 8.750 Infrastructure in progress 6,740 Treasury bls issued 3.480 Revaluation Reserve 3.900 6 Inventories included in use of goods and services available at the end of the year was a follows: Inventories for use Inventories for sale GH 000 G000 Historical Cost 2,000 2.500 Replacement Cost 1,000 800 Net Rcalizable Value 900 1.000 4. The probability of receipt of the outstanding opening Texes Receivables 13 February 2021 was only as the entity from which government expects to collect the tax frustad been declared insolvent. In December 2000 Investments with a co Gil,110,000 was liquidated for GHC 1.020,000 S. The capital project grant was received from the Government of Japan is November 2000 The Government of Ghana reasonably expects to comply with the grant agreement. The Goverment of Ghana is unlikely to comply with some of the conditions for grants amounting to GH450,000 of the other bilateral as The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korce amounting to GHe 1,890,000. This grant is highly probable to be received the fish after the financial year end 7. Domestic debt interest and external (cht interest amoutting to Ge1 200,000 GHc540.000 respectively was due but not paid due to the financial constits during the year 254 & It is the policy of government to provide for consumption of fised stallica assets acquired during the year and those already existing using the straight line med the following rates Property. Mant and Equipment Infrastructure asset completed 20% No depreciation is charged on assets sold during the year 9. Salaries and other emoluments outstanding during the year mounted to GHc1.270,000 while that of use of goods and services amounted GHc760.000. Additionally, GH23,030,000 of rent paid during the year relate to 2021. GH_570.000 neluting the expenses was outstanding as at 31 December, 2000 10. As at 31 December, 2020, corporate tax assessments amounting to GHOL.300,000 cutstanding to be paid by corporate entities to government, while the amount molto government as at 31 December, 2020 in respect of taxes on goods and services stood G3,850,000. It is estimated that only 90% of the outstanding takes to get my be recovered 11. The Government of Ghana applies the revaluation model for its non-currents existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment to this repost Professional Valuer was engaged who produced the following valuessat 31 December 2020. Property, plant and Equipment GH14.560,000. Infrastructurales celted GHc24,900.000 and infrastructural assets in propers Ge18.210,000 GH5.720.000 Infrastructure in progress was completed and tradered to Infrastructure at 31 December 2020. Prior to the revaluation exercise. Property. Plant and Equipment with a cost od GH1,040,000 and accumulated Depreciation of GHc330,000 was sold. All det non-current assets were done before 31 December, 2000, You are required to Prepare the following financial statements in accordance with the PFM laws of the Chart of Accounts of government and relevant accrual basis IPSAS Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2000 25 mars b) Statement of Financial Position of the Consolidated Fund at the year end 31 December 2020, 15 mars ) Statement of Changes in Net Assets and Equity for the year ended 31 December 2006 5 mars d) Separate Statement of Badget Comparison with Actuals in accordance with 1SAS 24 and 20 marks c) Show detailed working for all derived answers 25 marks Total Marke 100% 4. The probability of receipt of the outstanding opening Texes Receivables 13 February 2021 was only as the entity from which government expects to collect the tax frustad been declared insolvent. In December 2000 Investments with a co Gil,110,000 was liquidated for GHC 1.020,000 S. The capital project grant was received from the Government of Japan is November 2000 The Government of Ghana reasonably expects to comply with the grant agreement. The Goverment of Ghana is unlikely to comply with some of the conditions for grants amounting to GH450,000 of the other bilateral as The Government of Ghana has already complied with grant condition in respect of a bilateral grant from the South Korce amounting to GHe 1,890,000. This grant is highly probable to be received the fish after the financial year end 7. Domestic debt interest and external (cht interest amoutting to Ge1 200,000 GHc540.000 respectively was due but not paid due to the financial constits during the year 254 & It is the policy of government to provide for consumption of fised stallica assets acquired during the year and those already existing using the straight line med the following rates Property. Mant and Equipment Infrastructure asset completed 20% No depreciation is charged on assets sold during the year 9. Salaries and other emoluments outstanding during the year mounted to GHc1.270,000 while that of use of goods and services amounted GHc760.000. Additionally, GH23,030,000 of rent paid during the year relate to 2021. GH_570.000 neluting the expenses was outstanding as at 31 December, 2000 10. As at 31 December, 2020, corporate tax assessments amounting to GHOL.300,000 cutstanding to be paid by corporate entities to government, while the amount molto government as at 31 December, 2020 in respect of taxes on goods and services stood G3,850,000. It is estimated that only 90% of the outstanding takes to get my be recovered 11. The Government of Ghana applies the revaluation model for its non-currents existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment to this repost Professional Valuer was engaged who produced the following valuessat 31 December 2020. Property, plant and Equipment GH14.560,000. Infrastructurales celted GHc24,900.000 and infrastructural assets in propers Ge18.210,000 GH5.720.000 Infrastructure in progress was completed and tradered to Infrastructure at 31 December 2020. Prior to the revaluation exercise. Property. Plant and Equipment with a cost od GH1,040,000 and accumulated Depreciation of GHc330,000 was sold. All det non-current assets were done before 31 December, 2000, You are required to Prepare the following financial statements in accordance with the PFM laws of the Chart of Accounts of government and relevant accrual basis IPSAS Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2000 25 mars b) Statement of Financial Position of the Consolidated Fund at the year end 31 December 2020, 15 mars ) Statement of Changes in Net Assets and Equity for the year ended 31 December 2006 5 mars d) Separate Statement of Badget Comparison with Actuals in accordance with 1SAS 24 and 20 marks c) Show detailed working for all derived answers 25 marks Total Marke 100% 4. The probability of receipt of the outstanding opening Taxes Receivable as 19 February 2021 was only as the entity from which government expects to collect the frontal been declared insolvent In December 3020 Investments with a caming Gl.110,000 was liquidated for GHC 1.020,000 5. The capital project grant was seened from the Government of Japan in November 2000 The Government of Ghana resinably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the condities for amounting to GH450,000 of the other bilateral grants. The Goverment of Ghans hus straty complied with grant condition in respect of a bilateral grant from the South Korea amounting to GH 1,890,000. This grant is highly probable to be received in the first month after the financial year end. 7. Domestic debt interest and external debe terest mounting to Ge1.210.000 GH-540.000 respectively was due but not paid due to the financial com during the year & It is the policy of government to provide for consumption of fixed lancial assets acquired during the year and those already existing using the straight line bed the following rate: Property, Plan and Equipment Infrastructure asset completed 20% No depreciation is charged cassets wild during the yeat. 9. Salaries and other emoluments outstanding during the year amounted to GcL270,000 while that of use of goods and services amounted GHE 760.000 Adly GHc3,030,000 of rent paid during the year late to 2021. GH570.000 tether expertise was outstanding as at 31 December, 2020 10. As at 31 December, 2020, corporate tax assessments mounting to GH-4300,000 was Outstanding to be paid by corporate entities to povernment, while the total amewad government as at 31 December, 2020 in respect of taxes on goods and services stood at GHC380,000 is estimated that only 0 of the outstanding takes to government may be recovered IL The Government of Ghana applies the evaluation model for its current setting prior to the adoption in line with IPSAS 17: Property. Plant and Equipment to this respect a Professional Valuer was engaged who produced the following values at 31 December 2020: Property, Plast and Equipment GHc14.560.000, Infrastructural completed GHc24.960.000 and Infrastructural assets in progress GHc1R210,000. Ghae5.190.000 Infrastructure in progress was completed and transferred to infrastructure 31 December 2020. Prior to the revaluation exercise, Property. Plant and Equipment with of GH1,040.000 and accumulated Depreciation of GHc330.000 was sold. All diese non-current assets were done before 31 December, 2020 You are required to Prepare the following financial statements in accordance with the PFM laws of Ghane Chart of Accounts of government and relevant accrual basis IPSAS ) Statement of Financial Performance of the Consolidated Fund for the year 3 25 mars b) Statement of Financial Positive of the Consolidated Fund as at the year ended 31 December 2020, Statement of Changes in Net Assets and Equity for the year ended 31 December 2008 5 mars d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS e) Show detailed working for all derived answers 25 mars Total Marks 100% 4. The probability of receipt of the outstanding opening Taxes Recevabla15 February 2021 was only as the entity from which comment expects collect the us from hul been declared insolvent. In December 2020 lavestments with a carrying amount of Ghet. 110.000 was liquidated for Gel 20.000 $. The capital project grant was received from the Germent of an ember 2000 The Government of Ghana reasonably expect to comply with the grand proment. The Government of Ghun is unlikely to comply with some of the condities for grants amounting to GH450,000 of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a balese Korea amounting to GHC 1.890,000. This yramt is highly probable to be received in the first month after the financial year end 7. Domestic de interest and extema de interesting Ghet 20,000 and GHc540,000 respectively was due borse per due to the financial commes during the X. It is the policy of government to provide for consumption of freedtellino-financial assets acquired during the year and those already existing wing the straight line method at the following rates Property. Plant and Equipment Infrastructure asset completed No depreciation is charged during the year 9. Salaries and other emoluments outstanding during the year end to Glict.270.000 while that of use of goods and services amoured G700,000. Additionally. GHc3,030,000 of rent paid during the year relate to 202L GH370.000 elaning to other expenses was outstanding as at 31 December, 2020 10. As at 31 December, 2020, corporate taxassments amcoming GHS00.000 was still outstanding to be paid by corporate entities o government, the wealment owed to government as at 31 December, 2020 in respect of tee goods and services sodat GH23,880,000. It is estimated that only 90% of the outstanding the terms may he recovered 11. The Government of Ghosa applies the revolution model for existing prior to the adoption) in line with IPSAS 17: Property, Plantande. In this respect a Professional Value was empared who produced the following 31 December 2020 Property. Plant and Equipment Glc7360,000, Infrastructural es completed GHc24.960,000 and Infrastructural assets in peoprene Gl.210,000 GB,140,000 of Infrastructure in progress was completed and transfered to destructure 31 December 2020. Prior to the evaluation exercise. Property. Plant and Eat with a cost of GH1,040,000 and accumulated Depreciation of G330,000 was sold. All dies to no-cuments were done before 31 December, 2020 You are required to Prepare the following financial statements in accordance with the PMs of home the Chart of Accounts of government and relevant socrul heses IPSAS a) Statement of Financial Performance of the Consolidated for the year ended 31 December 2020: 25 marks 5) Statement of Financial Position of the Constituted Fundstened 31 December 2020 25 marks Statement of Changes in Net Asets and Equity for the year ended 31 December 2000, mark d) Separate Statement of Budget Comparison with Actuals in accordance with IPSAS 24 and 20 marks e) Show detailed workings for all derived answers mark Total Marks 100% The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. The approved budget for the 2020 fiscal year excluding that of capital expenditure and investments is as follows: Original Budget Supplementary Badget GHC000 Glk R000 5.000 Direct taxes Indirect taxes Non-tax revenue 11.000 9,000 6.000 2000 Page 2 of Grants 8.000 2.000 Compensation of employees 8.000 3.000 Goods and Service cost 6.000 3.000 Public debt interest 2.000 1.000 Subsidies 2.000 2000 Transfers 6.000 2.000 Social benefits 2,000 1.000 Other expenses 2.000 1,000 Consumption of Fixed Capital 3.500 3. Balances extracted from the lodger of the Consolidated Fund us at 101/26 consisted of GH 000 Consumption of Fixed Capital PPE 2.590 Infrastructure completed 1980 PPE 12,310 Infrastructure completed Trust Funds 3210 Inventories 1,980 Loans and advances 7640 Domestic Debt 9,870 Financial Investments 4.560 External Debt 7.630 Taxes Receivable 2.480 Payables 1.430 Cash and cash equivalent 2.890 Accumulated fund 8.750 Infrastructure in progress 6,740 Treasury bills issued 3.480 Revaluation Reserve 3.90 6. Inventories included in use of goods and services wailable at the end of the year was >> follows: Inventories for use Inventories for sale GH 000 Gh00 Historical Cost 2.000 2.500 Replacement Cost 1.000 800 Net Realizable Value 900 1.000 The following is a summarized list of the receipts and payments extracted from the lodger of the Consolidated Fund account of the Central Government of Ghana for the year ended 31 December 2020 II Cash payment to support the aged Foreign travelling cost Corporate Income tax Loans and advances granted during the year UN Peace keeping Expenses Refund of medical expenses of paupers Transfer to the Road Fund Borrowing from the domestic commercial banks Medical support for pregnant women Training and capacity building Value added taxes Domestie debt interest paid Other expenses Subsidies on utilities Other bilateral grants National award and celebrations Recoveries of opening Taxes Receivables Net Treasury Operations Repayment of domestic borrowing during the year Repayment of external borrowing during the year Transfer to District Assembly Common Fund (DACF) Seminar and workshops Recoveries of loans and advances He'000 3,450 1.250 6,450 8.560 1.410 1.960 1.320 3.280 1.280 1,730 10,870 1,340 1.790 1.280 1.380 1,120 1.230 1.740 1,810 1.640 1.590 1.820 820 Page 1 of 5 14270 1.570 External borrowing during the year External debt interest paid Grant received in support of school feeding programme Subsidies on fuel Infrastructure works in progress Repairs and maintenance Fines. Penalties and forfeiture Transfer to GET Fund Administrative cost Fees and charges for services rendered Non-established post salaries Financial investment during the year Established post salaries Custom and Excise duties Purchase of property plant and equipment 13% SSF contribution Rent tax Staff allowances Transfer to other statutory funds Proceeds from disposal of PPE State Protocol Expenses Infrastructure works completed Trust funds Income tax (PAYE) Capital project grants received Dividends and other investment income 2.680 1.980 2,170 1.230 5.120 1.650 860 3.140 2.840 2,340 6110 6.790 1.680 1,260 3.950 2.050 1.110 2,910 720 6,170 1.780 8.360 1.270 1.240