The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account for the year ended 31 December, 2019:

GH 'million

Financial investment during the year 325.00

Established post salaries 155.00

Custom and Excise duties 550.00

Non-established post salaries 95.00

13% SSF contribution 32.50

Transfer to the District Assembly Common Fund (DACF) 75.00

Seminar and workshops 45.00

Medical support for pregnant women 35.00

Training and capacity building 25.00

Value added taxes 300.00

Transfer to the Road Fund 15.00

Repayment of external borrowing during the year 195.00

Corporate Income tax 350.00

Loans and advances granted during the year 135.00

Recoveries of loans and advances 65.00

External borrowing during the year at 5% 295.00

Net Treasury Account 45.00

Grant received in support of school feeding programme 105.00

Subsidies on fuel 35.00

Income tax (PAYE) 80.00

External debt interest paid 5.00

Subsidies on utilities 10.00

Other bilateral grants 15.00

Fines, Penalties and Forfeiture 55.00

Transfer to GET Fund 40.00

Other expenses 30.00

Staff allowances 45.00

Transfer to other statutory funds 50.00

Administrative cost 22.50

Proceeds from liquidation of Investments 110.00

Fees and charges for services 270.00

Payments for Road Infrastructure in progress 700.00

Trust funds 45.00

Proceeds from sale of Machinery & Equipment 50.00

Cash payment to support the aged 12.00

Foreign travelling cost 33.00

Dividends and other investment income 35.00

National award and celebrations 16.00

Repairs and maintenance 14.00

Purchase of machinery and equipment 300.00

Capital project grants received 85.00

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.

Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of:

GH'million

Inventories 65.00

Cash and Cash equivalent 235.00

Treasury Bills 60.00

External Debt outstanding at 5% 120.00

Payables 15.00

Loans and Advances 82.50

Financial Investments 175.00

Machinery & Equipment 150.00

Road Infrastructure completed 900.00

Road Infrastructure in progress 300.00

Prov. For depreciation on Machinery & Equipment 90.00

Prov. For depreciation on Roads Infrastructure 30.00

Accumulated Fund 1,500.00

Revaluation Reserve 185.00

Receivables 92.50

During the year, the Parliament of Ghana approved a transfer of 10% of total tax revenue received in the year to the District Assembly Common Fund.

The capital project grants were received from the UK Government in June 2019. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH15 million of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant amounting to GH22 million which is yet to be received. The probability of receipt of this grant in two months time is high.

The opening payables were in respect of the supplies for seminars and workshops while the opening receivables were in respect of fees and charges for services. Opening payables were settled and opening receivables received. The payments in respect of workshop and seminar cost for the year 2019 included the opening payables and 75% of the cost of supplies for workshops; and the amount received for fees and charges for services included the opening receivables and 80% of fees and charges for services for 2019.

The additional external borrowing was done in the first week of January, 2019 and the repayment of external debt was done in the last week of December, 2019. Interest on external debt is yet to be accrued.

On 31st December, 2019, 75% of the road infrastructure in progress as at 31st December, 2019 was completed and therefore commissioned as completed. The Government of Ghana applies the revaluation model for its non-current assets in line with IPSAS 17: Property, Plant and Equipment. In this respect, a professional valuer was engaged who produced the following values as at 31st December, 2019: Machinery and Equipment GH600 million and Road Infrastructure assets completed GH2,000 million.

During 2019, a piece of equipment costing GH50 million bought two years ago was disposed of for a sum of GH50 million.

It is the policy of government to provide for consumption of fixed capital on all non-financial assets at 20% on cost per annum.

Financial Investments amounting to GH110 million was liquidated on 31st December, 2019 at book value.

Salaries and other emoluments outstanding during the year amounted to GH12 million while that of use of goods and services other than workshop and seminars amounted GH15 million. Prepayments relating to 2020 included in use of goods and services in respect of rent amounted to GH18 million. GH8.5 million relating to other expenses was outstanding as at 31st December, 2019.

As at 31st December, 2019, corporate tax assessments amounting to GH170 million was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31st December, 2019 in respect of taxes on goods and services stood at GH140 million. It is estimated that, only 80% of the outstanding debt to government may be recovered.

The accrual system of budgeting has been adopted by the government of Ghana. Budget information provided in respect of the Consolidated Fund account for the year ended 31st December, 2019 is provided below:

Original Budget Supplementary Budget

Revenue GH' million GH' million

Direct Tax 450.00 130.00

Indirect Tax 780.00 180.00

Non Tax Revenue 375.00 75.00

Grants 200.00 -

Total Revenue 1,805.00 385.00

Expenses

Compensation to Employees 300.00 45.00

Use of Goods and Services 180.00 35.00

Interest Expenses 20.75

Subsidies 20.00 20.00

Transfers 130.00

Social Benefits 30.00 15.00

Other Expenses 30.00 8.50

Loans and Advances 135.00

Financial Assets 325.00

Capital Assets 1,000.00

Consumption of Fixed Capital 365.00

Total Expenditure 2,535.75 123.50

Surplus - 730.75 261.50

Inventories included in use of goods and services available at the end of the year were as follows:

Inventories for use Inventories for sale

GH million GH million

Historical Cost 8.5 5.5

Replacement Cost 5 4.5

Net Realisable Value 3.5 5

You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS, including the schedules of all workings:

Statement of Receipts and Payments of Cash for the year ended 31st December, 2019; (5 marks)

Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2019; (5

7:50 PM P 46 B/8 Edit 8 QUESTION ONE The following is a summarized list of the rooipts and pantants cetracted from the lecger of the Consolidated Fund eccount for the year ended 31 Decembe, 2019 GH Tmillit. Financial investment ouring the year 325.00 Established post salaries 155.00 Custon and Exames 550.00 Non-established post salaries 55.00 13% SSF Contribution 32.50 Transfer to the District Ascorbly Cormar Fund (DAF) 75.00 Seminar and workshoe 15.00 Morical Sport for pregnant women 35.00 Training and capacity building 25.00 Value added taxes 300.00 Transfer to the Roar Fund 15.00 Renatet af external boring during the year 195.00 Corporate Income tax 350.00 Loans and advancegrated during the year 135.00 Rowenes aflans and are 65.00 Externe borrowing during the veer at 5 295.00 Net Treasury Account 45.00 Girari rece ved in support of school fanding programma 105.00 Subsidies on fue 35.00 Income tax (PAYE) 80.00 External debt interest pairi 5.00 Subsidies on utilites 10.CO Other lateral grants 15.00 Fines, Penalties and of nitrat 55.00 Transfer to GET Fund 10.00 Other expenses 20.00 Saif allowances 45.00 Transfer to other statutory funds 50.00 Administrative cost 22.50 Proceeds from liquidator of Investments 110.00 Fees and charges for services 270.00 Payments for Road Infrastructure in progress 200.00 Trust funds 15.00 Poceeds from sale of Machinery & Equipment 550.00 Cash oyment to support the aged 12.00 Foreign Travelling met 33.00 Dividends and other investment income 35.00 National award and celebrations Repairs and maintenance Purchase of machinery and equiement Capite project grants received 16.00 14.00 300.00 25.10 DO DO Tools Mobile View Share 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. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: GH'million Inventories 65.00 Cash and Cash equivalent 235.00 Treasury Bills 60.00 External Debt outstanding at 5% 120.00 Payables 15.00 Loans and Advances 82.50 Financial Investments 175.00 Machinery & Equipment 150.00 Road Infrastructure completed 900.00 Road Infrastructure in progress 300.00 Prov. For depreciation on Machinery & Equipment 90.00 Prov. For depreciation on Roads Infrastructure 30.00 Accumulated Fund 1,500.00 Revaluation Reserve 185.00 Receivables 92.50 3. During the year, the Parliament of Ghane sporoved a transfer of 10% of total tex revenue receled in the year to the District Assembly Common Fund. 4. The capital project grants were recrived from the UK Government in June 2019. The Government of Ghana reasonably carts to comply with the grant agreement. The Government of Ghane is unlikely to comply with some of the conditions for grants amounting to GH15 milion of the other bilateral grants. The Government of Shana has already cumpled with grant conditionin respect of a bilateral grant amounting to GHCO2 million which is yet to be recered. The probability of receipt of this grant in two months' time is high 5. The opening parables were in respect of ihe supplies for seminars and workshops while the opening recevables were in respect of tees and charges for services. Opering payables were sted and opening receivables received. The payments in sneet of workshop and seminar cast for the year 2019 included the spring payables and 75% of the cost of supplies for workshops and the amount received for tees and charges for services included the opening receivables and 10 of tees and charges for services for 2015 6. The additional external botoning was done in the first week of January 2019 and the repayment af external debt was done in the last week of December, 2019. Interest on external debt is yet to be accrued. 7. On 31 December, 2019, 75% of the mad infrastructure in progress is at 21" December, 2019 was completed and therefore commissioned as completedThe Government of Ghara caplies the revoluction mare for its non current assets in line with IPSAS 17. Property, Plent and Equipment. In this respect a professional veluer was engaged who produced the following velues as at 31 December 2019: Machinery and Equipment GHC600 million and Rand Infrastructure assets competed CHC2.000 million 8. During 2019, a piece of equipment oosting CH250 million bought two years ago Was disposed of for a sun of GH50 million 9. It is the policy of government to proude for consultation of fixed capital on all nan financials at 20% cast per annum 10. Financial Investments amounting to GHC110 million was quidated on 31" December 2009 at baok value 11. Salonics and other emoluments outstanding during the year amounted to GHC12 million while that of use of goods and services other than workshop and seminars amounted GH415 million. Prepayments relating to 2020 included in use of paods and services in resport of rent amountata GH18 million. GH8.5 million relating to other exacnses was outstanding as at 31 December, 2019 12. As et 31" December, 2013, corporate tax assessments a nounting to GHC170 million was still outstanding to be paid by corporate entities to government whilst the total amount owed to gowemment as at 31 December 2019 in respect of taxes on goods and scrvices stood at GHC 140 million. It is estimated that only 20% of the outstanding debt to government may be reword. 13. The scrual system of budgeting has been adopted by the government of Ghare. Budget information provided in respect of the Consoldated Fund account for the year cried 31 December, 2019 in provided bali QUESTION ONE The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account for the year ended 31 December, 2019: Financial investment during the year Established post salaries Custom and Excise duties Non-established post salaries 13% SSF contribution Transfer to the District Assembly Common Fund (DACF) Seminar and workshops Medical support for pregnant women Training and capacity building Value added taxes Transfer to the Road Fund Repayment of external borrowing during the year Corporate Income tax Loans and advances granted during the year Recoveries of loans and advances External borrowing during the year at 5% Net Treasury Account Grant received in support of school feeding programme Subsidies on fuel Income tax (PAYE) External debt interest paid Subsidies on utilities Other bilateral grants Fines, Penalties and Forfeiture Transfer to GET Fund Other expenses Staff allowances Transfer to other statutory funds Administrative cost Proceeds from liquidation of Investments Fees and charges for services Payments for Road Infrastructure in progress Trust funds Proceeds from sale of Machinery & Equipment Cash payment to support the aged Foreign travelling cost Dividends and other investment income GH 'million 325.00 155.00 550,00 95.00 32.50 75.00 Here 45.00 20 35.00 25.00 300.00 15.00 195.00 350.00 135.00 65.00 295.00 45.00 105.00 35.00 wewe 80.00 5.00 10.00 15.00 55.00 40.00 30.00 45.00 50.00 22.50 110.00 270.00 700.00 45.00 50.00 12.00 33.00 35.00 National award and celebrations Repairs and maintenance Purchase of machinery and equipment Capital project grants received 16.00 14.00 300.00 85.00 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. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: GH'million Inventories 65.00 Cash and Cash equivalent 235.00 Treasury Bills 60.00 External Debt outstanding at 5% 120.00 Payables 15.00 Loans and Advances 82.50 Financial Investments 175.00 Machinery & Equipment 150.00 Road Infrastructure completed 900.00 Road Infrastructure in progress 300.00 Prov. For depreciation on Machinery & Equipment 90.00 Prov. For depreciation on Roads Infrastructure 30.00 Accumulated Fund 1,500.00 Revaluation Reserve 185.00 Receivables 92.50 3 During the war the Parliament of Ghana Groved transfer of 100% of total toy revenue 3. During the year, the Parliament of Ghana approved a transfer of 10% of total tax revenue received in the year to the District Assembly Common Fund. 4. The capital project grants were received from the UK Government in June 2019. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH15 million of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant amounting to GH22 million which is yet to be received. The probability of receipt of this grant in two months' time is high. 5. The opening payables were in respect of the supplies for seminars and workshops while the opening receivables were in respect of fees and charges for services. Opening payables were settled and opening receivables received. The payments in respect of workshop and seminar cost for the year 2019 included the opening payables and 75% of the cost of supplies for workshops, and the amount received for fees and charges for services included the opening receivables and 80% of fees and charges for services for 2019 6. The additional external borrowing was done in the first week of January, 2019 and the repayment of external debt was done in the last week of December, 2019. Interest on external debt is yet to be accrued. 7. On 31st December, 2019, 75% of the road infrastructure in progress as at 31" December, 2019 was completed and therefore commissioned as completed. The Government of Ghana applies the revaluation model for its non-current assets in line with IPSAS 17: Property, Plant and Equipment. In this respect, a professional valuer was engaged who produced the following values as at 31" December, 2019: Machinery and Equipment GH600 million and Road Infrastructure assets completed GH2,000 million. 8. During 2019, a piece of equipment costing GH50 million bought two years ago was disposed of for a sum of GH50 million. 9. It is the policy of government to provide for consumption of fixed capital on all non- financial assets at 20% on cost per annum. 10. Financial Investments amounting to GH110 million was liquidated on 31st December, 2019 at book value. 11. Salaries and other emoluments outstanding during the year amounted to GH12 million while that of use of goods and services other than workshop and seminars amounted GH15 million. Prepayments relating to 2020 included in use of goods and services in respect of rent amounted to GH18 million. GH8,5 million relating to other expenses was outstanding as at 31 December, 2019. 12. As at 31 December, 2019, corporate tax assessments amounting to GH170 million was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31 December, 2019 in respect of taxes on goods and services stood at GH140 million. It is estimated that, only 80% of the outstanding debt to government may be recovered. 13. The accrual system of budgeting has been adopted by the government of Ghana. Budget information provided in respect of the Consolidated Fund account for the year ended 31 December, 2019 is provided below: Original Budget Supplementary Budget Revenue GH4 million GH' million Direct Tax 450.00 130.00 Indirect Tax 780.00 180.00 Non Tax Revenue 375.00 75.00 Grants 200.00 Total Revenue 1.805.00 385.00 Expenses Compensation to Employees 300.00 45.00 Use of Goods and Services 180.00 35.00 Interest Expenses 20.75 Subsidies 20.00 20.00 Transfers 130.00 Social Benefits 30.00 15.00 Other Expenses 30.00 8.50 Loans and Advances 135.00 Financial Assets 325.00 Capital Assets 1,000.00 Consumption of Fixed Capital 365.00 Total Expenditure 2,535.75 123.50 Surplus 730.75 261.50 14. Inventories included in use of goods and services available at the end of the year were as follows: Inventories for use Inventories for sale GH million GH million Historical Cost 8.5 5.5 Replacement Cost 5 4.5 Net Realisable Value 3.5 5 You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of govemment and relevant accrual basis IPSAS, including the schedules of all workings: a) Statement of Receipts and Payments of Cash for the year ended 31" December, 2019; (5 marks) b) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2019, (5 marks) c) Statement of Financial Position of the Consolidated Fund as at the year ended 31 December 2019; (5 marks) (5 marks) d) Cash Flows Statement for the year to 31" December, 2019; e) Statement of Budget Comparison with Actual Outturn for the year ended 31 December, 2019: (5 marks) 7:50 PM P 46 B/8 Edit 8 QUESTION ONE The following is a summarized list of the rooipts and pantants cetracted from the lecger of the Consolidated Fund eccount for the year ended 31 Decembe, 2019 GH Tmillit. Financial investment ouring the year 325.00 Established post salaries 155.00 Custon and Exames 550.00 Non-established post salaries 55.00 13% SSF Contribution 32.50 Transfer to the District Ascorbly Cormar Fund (DAF) 75.00 Seminar and workshoe 15.00 Morical Sport for pregnant women 35.00 Training and capacity building 25.00 Value added taxes 300.00 Transfer to the Roar Fund 15.00 Renatet af external boring during the year 195.00 Corporate Income tax 350.00 Loans and advancegrated during the year 135.00 Rowenes aflans and are 65.00 Externe borrowing during the veer at 5 295.00 Net Treasury Account 45.00 Girari rece ved in support of school fanding programma 105.00 Subsidies on fue 35.00 Income tax (PAYE) 80.00 External debt interest pairi 5.00 Subsidies on utilites 10.CO Other lateral grants 15.00 Fines, Penalties and of nitrat 55.00 Transfer to GET Fund 10.00 Other expenses 20.00 Saif allowances 45.00 Transfer to other statutory funds 50.00 Administrative cost 22.50 Proceeds from liquidator of Investments 110.00 Fees and charges for services 270.00 Payments for Road Infrastructure in progress 200.00 Trust funds 15.00 Poceeds from sale of Machinery & Equipment 550.00 Cash oyment to support the aged 12.00 Foreign Travelling met 33.00 Dividends and other investment income 35.00 National award and celebrations Repairs and maintenance Purchase of machinery and equiement Capite project grants received 16.00 14.00 300.00 25.10 DO DO Tools Mobile View Share 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. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: GH'million Inventories 65.00 Cash and Cash equivalent 235.00 Treasury Bills 60.00 External Debt outstanding at 5% 120.00 Payables 15.00 Loans and Advances 82.50 Financial Investments 175.00 Machinery & Equipment 150.00 Road Infrastructure completed 900.00 Road Infrastructure in progress 300.00 Prov. For depreciation on Machinery & Equipment 90.00 Prov. For depreciation on Roads Infrastructure 30.00 Accumulated Fund 1,500.00 Revaluation Reserve 185.00 Receivables 92.50 3. During the year, the Parliament of Ghane sporoved a transfer of 10% of total tex revenue receled in the year to the District Assembly Common Fund. 4. The capital project grants were recrived from the UK Government in June 2019. The Government of Ghana reasonably carts to comply with the grant agreement. The Government of Ghane is unlikely to comply with some of the conditions for grants amounting to GH15 milion of the other bilateral grants. The Government of Shana has already cumpled with grant conditionin respect of a bilateral grant amounting to GHCO2 million which is yet to be recered. The probability of receipt of this grant in two months' time is high 5. The opening parables were in respect of ihe supplies for seminars and workshops while the opening recevables were in respect of tees and charges for services. Opering payables were sted and opening receivables received. The payments in sneet of workshop and seminar cast for the year 2019 included the spring payables and 75% of the cost of supplies for workshops and the amount received for tees and charges for services included the opening receivables and 10 of tees and charges for services for 2015 6. The additional external botoning was done in the first week of January 2019 and the repayment af external debt was done in the last week of December, 2019. Interest on external debt is yet to be accrued. 7. On 31 December, 2019, 75% of the mad infrastructure in progress is at 21" December, 2019 was completed and therefore commissioned as completedThe Government of Ghara caplies the revoluction mare for its non current assets in line with IPSAS 17. Property, Plent and Equipment. In this respect a professional veluer was engaged who produced the following velues as at 31 December 2019: Machinery and Equipment GHC600 million and Rand Infrastructure assets competed CHC2.000 million 8. During 2019, a piece of equipment oosting CH250 million bought two years ago Was disposed of for a sun of GH50 million 9. It is the policy of government to proude for consultation of fixed capital on all nan financials at 20% cast per annum 10. Financial Investments amounting to GHC110 million was quidated on 31" December 2009 at baok value 11. Salonics and other emoluments outstanding during the year amounted to GHC12 million while that of use of goods and services other than workshop and seminars amounted GH415 million. Prepayments relating to 2020 included in use of paods and services in resport of rent amountata GH18 million. GH8.5 million relating to other exacnses was outstanding as at 31 December, 2019 12. As et 31" December, 2013, corporate tax assessments a nounting to GHC170 million was still outstanding to be paid by corporate entities to government whilst the total amount owed to gowemment as at 31 December 2019 in respect of taxes on goods and scrvices stood at GHC 140 million. It is estimated that only 20% of the outstanding debt to government may be reword. 13. The scrual system of budgeting has been adopted by the government of Ghare. Budget information provided in respect of the Consoldated Fund account for the year cried 31 December, 2019 in provided bali QUESTION ONE The following is a summarized list of the receipts and payments extracted from the ledger of the Consolidated Fund account for the year ended 31 December, 2019: Financial investment during the year Established post salaries Custom and Excise duties Non-established post salaries 13% SSF contribution Transfer to the District Assembly Common Fund (DACF) Seminar and workshops Medical support for pregnant women Training and capacity building Value added taxes Transfer to the Road Fund Repayment of external borrowing during the year Corporate Income tax Loans and advances granted during the year Recoveries of loans and advances External borrowing during the year at 5% Net Treasury Account Grant received in support of school feeding programme Subsidies on fuel Income tax (PAYE) External debt interest paid Subsidies on utilities Other bilateral grants Fines, Penalties and Forfeiture Transfer to GET Fund Other expenses Staff allowances Transfer to other statutory funds Administrative cost Proceeds from liquidation of Investments Fees and charges for services Payments for Road Infrastructure in progress Trust funds Proceeds from sale of Machinery & Equipment Cash payment to support the aged Foreign travelling cost Dividends and other investment income GH 'million 325.00 155.00 550,00 95.00 32.50 75.00 Here 45.00 20 35.00 25.00 300.00 15.00 195.00 350.00 135.00 65.00 295.00 45.00 105.00 35.00 wewe 80.00 5.00 10.00 15.00 55.00 40.00 30.00 45.00 50.00 22.50 110.00 270.00 700.00 45.00 50.00 12.00 33.00 35.00 National award and celebrations Repairs and maintenance Purchase of machinery and equipment Capital project grants received 16.00 14.00 300.00 85.00 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. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: GH'million Inventories 65.00 Cash and Cash equivalent 235.00 Treasury Bills 60.00 External Debt outstanding at 5% 120.00 Payables 15.00 Loans and Advances 82.50 Financial Investments 175.00 Machinery & Equipment 150.00 Road Infrastructure completed 900.00 Road Infrastructure in progress 300.00 Prov. For depreciation on Machinery & Equipment 90.00 Prov. For depreciation on Roads Infrastructure 30.00 Accumulated Fund 1,500.00 Revaluation Reserve 185.00 Receivables 92.50 3 During the war the Parliament of Ghana Groved transfer of 100% of total toy revenue 3. During the year, the Parliament of Ghana approved a transfer of 10% of total tax revenue received in the year to the District Assembly Common Fund. 4. The capital project grants were received from the UK Government in June 2019. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH15 million of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant amounting to GH22 million which is yet to be received. The probability of receipt of this grant in two months' time is high. 5. The opening payables were in respect of the supplies for seminars and workshops while the opening receivables were in respect of fees and charges for services. Opening payables were settled and opening receivables received. The payments in respect of workshop and seminar cost for the year 2019 included the opening payables and 75% of the cost of supplies for workshops, and the amount received for fees and charges for services included the opening receivables and 80% of fees and charges for services for 2019 6. The additional external borrowing was done in the first week of January, 2019 and the repayment of external debt was done in the last week of December, 2019. Interest on external debt is yet to be accrued. 7. On 31st December, 2019, 75% of the road infrastructure in progress as at 31" December, 2019 was completed and therefore commissioned as completed. The Government of Ghana applies the revaluation model for its non-current assets in line with IPSAS 17: Property, Plant and Equipment. In this respect, a professional valuer was engaged who produced the following values as at 31" December, 2019: Machinery and Equipment GH600 million and Road Infrastructure assets completed GH2,000 million. 8. During 2019, a piece of equipment costing GH50 million bought two years ago was disposed of for a sum of GH50 million. 9. It is the policy of government to provide for consumption of fixed capital on all non- financial assets at 20% on cost per annum. 10. Financial Investments amounting to GH110 million was liquidated on 31st December, 2019 at book value. 11. Salaries and other emoluments outstanding during the year amounted to GH12 million while that of use of goods and services other than workshop and seminars amounted GH15 million. Prepayments relating to 2020 included in use of goods and services in respect of rent amounted to GH18 million. GH8,5 million relating to other expenses was outstanding as at 31 December, 2019. 12. As at 31 December, 2019, corporate tax assessments amounting to GH170 million was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31 December, 2019 in respect of taxes on goods and services stood at GH140 million. It is estimated that, only 80% of the outstanding debt to government may be recovered. 13. The accrual system of budgeting has been adopted by the government of Ghana. Budget information provided in respect of the Consolidated Fund account for the year ended 31 December, 2019 is provided below: Original Budget Supplementary Budget Revenue GH4 million GH' million Direct Tax 450.00 130.00 Indirect Tax 780.00 180.00 Non Tax Revenue 375.00 75.00 Grants 200.00 Total Revenue 1.805.00 385.00 Expenses Compensation to Employees 300.00 45.00 Use of Goods and Services 180.00 35.00 Interest Expenses 20.75 Subsidies 20.00 20.00 Transfers 130.00 Social Benefits 30.00 15.00 Other Expenses 30.00 8.50 Loans and Advances 135.00 Financial Assets 325.00 Capital Assets 1,000.00 Consumption of Fixed Capital 365.00 Total Expenditure 2,535.75 123.50 Surplus 730.75 261.50 14. Inventories included in use of goods and services available at the end of the year were as follows: Inventories for use Inventories for sale GH million GH million Historical Cost 8.5 5.5 Replacement Cost 5 4.5 Net Realisable Value 3.5 5 You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of govemment and relevant accrual basis IPSAS, including the schedules of all workings: a) Statement of Receipts and Payments of Cash for the year ended 31" December, 2019; (5 marks) b) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2019, (5 marks) c) Statement of Financial Position of the Consolidated Fund as at the year ended 31 December 2019; (5 marks) (5 marks) d) Cash Flows Statement for the year to 31" December, 2019; e) Statement of Budget Comparison with Actual Outturn for the year ended 31 December, 2019