The following Trial Balance is the financial details of West Municipal Assembly for the year

ended $31$ December, $2021$

District Development Facility $($DDF$)$ $$58,600$ Credit

Special Sanitation Grant from Government $$30,260$ Credit

Share of Common Fund $$587,450$ Credit

Property Rate $($ii$)$ $$73,230$ Credit

Funeral Rate $$25,270$ Credit

Salary Div $1$ $$266,280$ Debit

Commission to Revenue Collectors $$15,790$ Debit

Printing and Publication $$66,110$ Debit

Utility Bills $$20,040$ Debit

Conferences $$14,580$ Debit

Donations $$80,770$ Credit

Contract Retention $$13,970$ Credit

Market Tolls $$25,550$ Credit

Court Fines $$109,400$ Credit

Marriage and Divorce Registration $$43,840$ Credit

Telecommunication Cost $$18,830$ Debit

Repairs and Maintenance $$9,720$ Debit

Town Hall Meetings $$64,890$ Debit

Special Audit Fees $$27,130$ Debit

Travel and Transport $$54,670$ Debit

Revenue Receivable $$208,570$ Debit

Salary Div $2$ $$315,090$ Debit

Assembly Members Allowance $$79,000$ Debit

Consultancy Cost $$4,750$ Debit

Hawkers License $$37,150$ Credit

Chop bar License $$85,600$ Credit

Market Stall Rent $$31,590$ Credit

Bungalow Rent $$20,750$ Credit

Advertisement and Promotions $$11,500$ Credit

Office Consumables $(1/1/2021)$ $$18,290$ Debit

Purchase of Office Consumable $$47,580$ Debit

Withholding Tax $$45,400$ Credit

Interest on Loan$/$ Financial Assets $($vii$)$ $$5,740$ Debit $$1,050$ Credit

Other Expense $($iv$)$ $$25,620$ Debit

Motor Vehicles $($v$)$ $$61,180$ Debit $$18,220$ Credit

Building Structures $($v$)$ $$119,200$ Debit $$7,450$ Credit

Fixtures, Furniture and Fittings $($v$)$ $$25,000$ Debit $$10,000$ Credit

Work in Progress $$20,520$ Debit

Loans and Advances to Staff $$20,700$ Debit

Payables $$96,760$ Credit

Long Term loans $$75,330$ Credit

Accumulated Fund $$70,870$ Credit

Cash and Cash Equivalents $$50,730$ Debit

$$

Additional Adjustments to be made.

i$)$ It is policy of the Assembly to adopt Accrual Basis in preparing its financial

Statements in compliance with Public Financial Management Act, $2016($Act $921),$

Public Sector accounting Standards $($IPSAS$)$ and Local Governance Act $2016,$

$($Act $936).$

ii$)$ Office Consumables in respect of Stationery and other items bought remained

unused during the year. The ending inventory amounted to $$1,550,000.$

iii$)$ Property Rates received in respect of $2022$ financial year amounted to $$2,050,000.$

iv$)$ Salaries outstanding during the year amounted to $$750,000$ and other expenses

amounting to $$1,105,000$ paid in respect of $2022$ financial year.

v$)$ Consumption of fixed assets is charged on straight line basis for the year as

follows:

Asset Useful Life

Motor Vehicles $10$ Years

Furniture, Fixtures & Fittings $5$ Years

Building and Structures $50$ Years

vi$)$ Included in the Work in progress is an amount of $$2,000,000$ relating to a

Building which was completed, commissioned and put to use on $5$ July $2021,$ after

an additional amount of $$800,000$ was spent to complete the pavement aspect of

the building. This expenditure has not yet been paid.

vii$)$ Interest on Loans to staff is at the rate of $15\%$ per annum and interest on long term

Loans is at the rate of $10\%$per annum

Required:

Prepare:

a$)$ A Statement of Financial Performance for West Municipal for the year ended $31$

December $2021.$ Statement of Accumulated Fund.

b$)$ A Statement of Financial Position for West Municipal as at $31$ December, $2021.$