The list of balances were extracted from the books of Ga West District Assembly as at 31st December, 2018.

GHS000

Bank 53,000

Petty Cash 2,000

Property Rate 20,000

Penalties received 3,000

Licenses 22,500

Inventory 15,000

Building and Structure 32,500

Basic rate 12,400

Land Revenues 6,300

Time Merchants License 13,650

Fines 9,700

Water rate 4,500

Social Benefits 6,500

Market fees 1,320

Sundry revenue 48,225

Work-In-progress 48,500

Repairs to market facilities 3,600

Parks and recreational costs 7,500

Wages and Salaries 4,900

Remuneration to Assembly Members 11,250

Plant and equipment purchased 3,500

Interest on investment 2,980

Administration costs 7,770

Other recurrent expenditure 1,600

Trade earnings 6,600

Receipts from central government 45,780

Sundry expenses 11,120

Investment fixed deposit 14,000

Staff and other advances 22,200

Creditors 2,479

Loans given 35,460

District Development Bond issued 7,930

Interest payments to Bondholders 1,290

Repairs and Maintenance of schools 15,000

District Assemblies Common Fund Receipts 50,000

Net accumulated results 39,926

Additional Information

1. In June 2016, the District Assemblies Common Fund Secretariat purchased and transferred plant and machinery amounting to GHS7, 930,000 to the Ga West District. Also, the DACFA paid directly a contractor an amount of GHS347, 000 on behalf of Ga West District Assembly for the construction of the educational facility. This has not been recorded in the books of the Assembly.

2. Total vouchers amounting to GHS 2,750,000 for Administrative Expenses are outstanding at the end of the year and not recorded in the books at the Assembly.

3. The petty cashier of the District Assembly was given an amount of GHS 3,000,000. This is also has not been recorded in the books of the Assembly.

4. A loan of GHS 2,700.000 was taken from GCB Bank by the Assembly and the DACFA also paid an amount of GHS 8,500,000 to the Assembly but these were not recorded in the books.

Required:

As the Senior Accounts Manager working with the Assembly, prepare the following financial statements:

a. A trial balance as at 31st December, 2018 [30 marks]

b. Statement of financial performance for the year ending 31st December, 2018

[15 marks]

c. Statement of Financial Position as at 31st December, 2018 [15 marks]

[60 Marks]