The following Trial Balance relates to Banco Community College, a public tertiary educational institution in Guyana, as at December 31, 2019.
Graded Assessment 2: Problem Set 1 General Purpose Financial Statements The following Trial Balance relates to Banco Community College, a public tertiary educational institution in Guyana, as at December 31, 2019 DR CR 5000 S000 Fees Income 4.575.622 Permanent Post 5.312,430 Allowance 856,670 Independent consultancy fees 655,600 Legal Cost 25,059 CARICOM Grant 1.540,000 Consultancy Cout 565,500 Non-Permanent Post 1.253 600 Seminars cost 500,000 Sponsorship (granted/received) 8.100 9.064.28 Receivables 46.00 Payables 162.840 20% loan 8,600 Books and Research Alowance 150,265 Plant and Machinery 3,000,000 250,000 Motor Vehide 2.505,000 352.000 Building 12.300.000 756.000 995,500 150.000 Other Incomes 211,430 Project Work Supervisory Allowance 18,500 Cash and Bank 294,233 Training and Workshop cost 104.000 Bad debt provision student fees) 4,940 Work in Progress 251,735 Other Expenses Withholding Tax 90,500 Accumulated Fund 11 205,270 Utilities Bills 560,053 Proceeds from Sale of Admission Forms 9,196,270 Superannuation 278,500 End of Service Benefits 298,040 Stationery Stock 399,165 38.245.900 38.245.000 71.000 Additional Information: The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. Stationery stock as at 31/12/2019 was $200.500,000 but have a Net Realicable Value of $155.254.000 Social benefits of $1.720,000 yet to be paid during the year was included in the Work in Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet pad Books and Research Allowance was received from Government during the period amounting to $317.530,000 for disbursement to qualified Lectures and Administrative staff Provision is to be made for interest on loans. cox of the receivables represent an amount of students fees outstanding as at 31/12/2018. Provision for our debt is estimated to be 5% of outstanding school V. VE fees Cash and hand Training and Workshop.com provision student fees 294,233 104,000 4.940 2 of 2 ropen 8.251,735 71.000 90.500 11.205,270 SCO,OS) senses Withholding Tax Accumulated Fund Utilities Proceeds from Sale of Admission forms Superannuation End of Service Benefits Stationery Stock 9.1920 278,500 298,040 399,165 Additional information: The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements Stationery stock as at 31/12/2019 was $200.500,000 but have a Net Realizable Value of $155,254,000 IL Social benefits of $1.720,000 yet to be paid during the year was included in the Work in Progress value. Consultancy cost amounting $234.500,000 was incurred but not yet paid IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff V. Provision is to be made for interest on loans VL 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtfuldebt is estimated to be 5% of outstanding school fees VIL The university uses straight line basis of depreciation for Capital Assets. Capital Assets and their useful lives are detailed out below Uw Life Plant and Machinery Motor Vehicle 5 years Building 50 years Software Required: 1. Prepare a statement of Financial Performance for Banco Community College for the year ended 31/12/2019 2. With reference to IPSAS 1: Presentation of Financial Statements, state for (4) objectives of general purpose financial statements Graded Assessment 2: Problem Set 1 General Purpose Financial Statements The following Trial Balance relates to Banco Community College, a public tertiary educational institution in Guyana, as at December 31, 2019 DR CR 5000 S000 Fees Income 4.575.622 Permanent Post 5.312,430 Allowance 856,670 Independent consultancy fees 655,600 Legal Cost 25,059 CARICOM Grant 1.540,000 Consultancy Cout 565,500 Non-Permanent Post 1.253 600 Seminars cost 500,000 Sponsorship (granted/received) 8.100 9.064.28 Receivables 46.00 Payables 162.840 20% loan 8,600 Books and Research Alowance 150,265 Plant and Machinery 3,000,000 250,000 Motor Vehide 2.505,000 352.000 Building 12.300.000 756.000 995,500 150.000 Other Incomes 211,430 Project Work Supervisory Allowance 18,500 Cash and Bank 294,233 Training and Workshop cost 104.000 Bad debt provision student fees) 4,940 Work in Progress 251,735 Other Expenses Withholding Tax 90,500 Accumulated Fund 11 205,270 Utilities Bills 560,053 Proceeds from Sale of Admission Forms 9,196,270 Superannuation 278,500 End of Service Benefits 298,040 Stationery Stock 399,165 38.245.900 38.245.000 71.000 Additional Information: The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. Stationery stock as at 31/12/2019 was $200.500,000 but have a Net Realicable Value of $155.254.000 Social benefits of $1.720,000 yet to be paid during the year was included in the Work in Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet pad Books and Research Allowance was received from Government during the period amounting to $317.530,000 for disbursement to qualified Lectures and Administrative staff Provision is to be made for interest on loans. cox of the receivables represent an amount of students fees outstanding as at 31/12/2018. Provision for our debt is estimated to be 5% of outstanding school V. VE fees Cash and hand Training and Workshop.com provision student fees 294,233 104,000 4.940 2 of 2 ropen 8.251,735 71.000 90.500 11.205,270 SCO,OS) senses Withholding Tax Accumulated Fund Utilities Proceeds from Sale of Admission forms Superannuation End of Service Benefits Stationery Stock 9.1920 278,500 298,040 399,165 Additional information: The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements Stationery stock as at 31/12/2019 was $200.500,000 but have a Net Realizable Value of $155,254,000 IL Social benefits of $1.720,000 yet to be paid during the year was included in the Work in Progress value. Consultancy cost amounting $234.500,000 was incurred but not yet paid IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff V. Provision is to be made for interest on loans VL 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtfuldebt is estimated to be 5% of outstanding school fees VIL The university uses straight line basis of depreciation for Capital Assets. Capital Assets and their useful lives are detailed out below Uw Life Plant and Machinery Motor Vehicle 5 years Building 50 years Software Required: 1. Prepare a statement of Financial Performance for Banco Community College for the year ended 31/12/2019 2. With reference to IPSAS 1: Presentation of Financial Statements, state for (4) objectives of general purpose financial statements
