Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions were extracted from the books of CAG relating to the Consolidated Fund for the year ended 31 December, 2019 Direct taxes GHc'000

The following transactions were extracted from the books of CAG relating to the Consolidated Fund for the year ended 31 December, 2019 Direct taxes GHc'000 1,200,000 850,000 Value added taxes Taxes on international trade 220,000 Communication service taxes 300,000 Other taxes on goods and services 80,000 450,000 Non-tax revenues Fees, fines and penalties 70,000 Investment income 35,000 Bilateral grants received 210,000 Multilateral grants received 399,909 External borrowing during the year 600,330 Domestic borrowing 423,320 Domestic debt interest paid 189,760 External debt interest paid 284,440 Established post salaries 840,000 Salaries of foreign mission 120,000 Non established post 300,300 Contract appointment 89,000 Transfer to households (13% SSF contribution) 88,900 Conferences, workshops and training 220,300 Travel and transport 20,230 Foreign travels cost 65,230 Rent 11,900 Repairs and maintenance 8,909 Purchase of PPES 220,000 Construction of infrastructure 320,200 Subsidies cost 80,000 Grant (District Assembly Common fund) 130,000 Social benefits 13,400 Other expenditures 22,100 Equity investment during the year 90,000 Loan and advances granted 10,100 Equity investment (1/1/2019) 110,000 Loans and advances (1/1/2019) 34,400 Payables (1/1/2019) 180,800 Domestic debt (1/1/2019) 1,000,500 External debt (1/1/2019) 1,850,200 Trust fund (1/1/2019) 980,000 Deposits (1/1/2019) 72,000 Cash and cash equivalent (1/1/2019) 32,000 Accumulated Fund (1/1/2019) DR. 3,907,100 Additional information 1. The approved budget for the 2019 fiscal year excluding that of capital expenditure and investments is as follows: Original Supplementary Budget Budget GHc'000 GHC '000 Direct taxes 160,000 3,500 Indirect taxes 1,200,000 30,000 Non-tax revenue 366,500 21,500 Grants 606,000 Compensation of employees 1,767,200 2,500 Goods and Service cost 1,199,100 2,000 Public debt interest 233,500 600 Subsidies 434,000 450 Transfers 16,400 1,000 Social benefits Other expenses 61200 30, 600 2. As at 31st December, 2019, corporate tax assessments amounting to GHc3,250,000 was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31st December, 2018 in respect of taxes on goods and services stood at GHC1,900,000. It is estimated that, only 40% of the outstanding debt to government may be recovered. 3. Inventory included in use of goods and services available at the end of the year was as follows: Inventory for use GHc' 000 Inventory for sale GHc' 000 1,900 1,400 1,700 1,800 1,500 1,200 e, property and equipment is consumed at the rate 10% per annum on moluments outstanding during the year amounted to GHc350,000,000 goods and services amounted GHc105,00,000. Additionally, airs paid during the year relate to 2020. mounting to GHc88,000,000 was outstanding at the end of the year. cial statements in accordance with the PFM laws of Ghana, the Chart and relevant accrual basis IPSAS: al Performance of the Consolidated Fund for the year ended al Position of the Consolidated Fund as at the year ended 31 December ot and Payment of the Consolidated Fund for the year ended 31st f Budget Comparison with Actuals in accordance with IPSAS statements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Understand why customers are loyal to a particular service firm.

Answered: 1 week ago