Question
The Government of Hopeland has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as basis for preparing and presenting its financial statements.
The Government of Hopeland has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as basis for preparing and presenting its financial statements. Below is the trial balance of the Government of Hopeland for the fiscal year ended 30th June, 2021. Dr Cr GHS GHS million million Property, Plant, & Equipment at 1/7/20 15,000 Infrastructure completed at 1/7/201 40,000 Provision for depreciation: Property, Plant, & Equipment at 1/7/20 4,000 Provision for depreciation: Infrastructure at 1/7/20 6,000 Domestic Debe at 1/7/20 5,000 External Debt at 1/7/20 6,000 Payables at 1/7/20 2,000 Loans & Advances at 1/7/20 4,000 Financial assets at 1/7/20 Accumulated Fund at 1/7/20 Corporate Income tax 6.000 52,000 40,000 Custom and Excise duties 45,000 Value added taxes Multilateral grants 50,000 15,000 Income tax (PAYE) 10,000 Fee and charges for services 8,000 Dividend and other investment income 4,000 Bilateral grants 6,000 Fines, Penalties and forfeitures 10,000 Recoveries of loans and advances 5,000 External borrowing during the year Domestic borrowing during the year Established post salaries 20,000 12,000 25,000 Non-established post salaries 15,000 13% SSF contribution for staff 5.200 Staff allowances 7,800 Administrative cost 15,000 Payment for Property, Plant and Equipment during year 24,000 Payments for infrastructure during year 20,000 Repayment of external borrowing during the year 10,000 Loans and advances granted during the year 15,000 Financial investment during the year Seminar and workshops Training and capacity building Foreign travelling cost Repair and maintenance 18,000 5,000 10,000 5,000 3,000 Domestic debt interest paid 4.000 External debt interest paid 8,000 Payments for subsidies on utilities 7,000 Payment for subsidies on fuel 2,000 Social benefit payments Statutory transfers Other expenses Cash and bank balance at 30/6/2021 2,500 7,500 2,000 24,000 300,000 300,000 The following additional information is made available: 1. Taxes that had been assessed as payable by tax payers for the fiscal year ended 30th June 2021 but which was still outstanding were: GHS million Corporate income taxes 2,000.00 3,000.00 4.000.00 Customs & Excise Duties VAT
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