The Pineapple Industry Association (PIA) is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent 1. The Accountant for PIA records the transaction on a cash basis. For the 2020 audit expenditures. PIA is an agent of National Agriculture Association. The Young Famers adjustments were made to reflect the basis required for ISPAS. The audit was association controls 25% of PIA. completed for 2020, therefore, those figures are final. The 2021 figures are not yet finalized. Outside of these powers, its government also provide Pineapple Industry with monthly 2. Dividends received included $4,200,000 relates to amounts receivable on 31 subventions to cover its recurrent expenditures based on Pineapple Enterprise budgetary December 2020. Dividend receivable as of 31 December 2021 is $1,100,000. demands and the legal allocations by the government. 3. PIA receives an annual transfer of $30,000,000 for the National Agricultural Pineapple Enterprises uses ISPAP to prepare its financial statements. You were asked by to Association for the operating of the industry. government to assist Pineapple Industry with its accounting processes, which involved the 4. Service Charge Outstanding as at 31 December 2021 was $442,000. recording, generation and preparation of accounting transactions and final accounts as 5. Interest receivable on Loans to Members as at 31 December 2020 received in 2021 stipulated by the IPSASs. Collaborating with a team of qualified and experienced accountants, was $2,080,000. Interest receivable at 31 December 2021 was 5,000,000. you were able to prepare the following accounting information of Pineapple Industry for the 6. All membership fees were paid in full. Ten members prepaid their membership for 6 months at $12,000 per month. 7. Only 80% of the Grants Committed were received. The Grants are normally received on a quarterly basis. 8. To secure adequate storage in 2021, payments of 1,612,000 was made in advance. 9. All the surplus, except 25% which are for several associates, are returned to the National Agriculture Association. 10. Bond issued in 2020 was issued for 200,000,000. There was a repayment of $50,000 in 2021. 11. All statutory was paid at year end Required: i. Statement of Financial Performance, Statement of Financial Position and Cash flow for 2021 in line with ISAPS. Expenses should be classified by nature. No comparative data required for the Cashflow. ii. A Junior Accountant recently joined PIA, as the Senior Accounting Officer explain the budgetary process. The Pineapple Industry Association (PIA) is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent 1. The Accountant for PIA records the transaction on a cash basis. For the 2020 audit expenditures. PIA is an agent of National Agriculture Association. The Young Famers adjustments were made to reflect the basis required for ISPAS. The audit was association controls 25% of PIA. completed for 2020, therefore, those figures are final. The 2021 figures are not yet finalized. Outside of these powers, its government also provide Pineapple Industry with monthly 2. Dividends received included $4,200,000 relates to amounts receivable on 31 subventions to cover its recurrent expenditures based on Pineapple Enterprise budgetary December 2020. Dividend receivable as of 31 December 2021 is $1,100,000. demands and the legal allocations by the government. 3. PIA receives an annual transfer of $30,000,000 for the National Agricultural Pineapple Enterprises uses ISPAP to prepare its financial statements. You were asked by to Association for the operating of the industry. government to assist Pineapple Industry with its accounting processes, which involved the 4. Service Charge Outstanding as at 31 December 2021 was $442,000. recording, generation and preparation of accounting transactions and final accounts as 5. Interest receivable on Loans to Members as at 31 December 2020 received in 2021 stipulated by the IPSASs. Collaborating with a team of qualified and experienced accountants, was $2,080,000. Interest receivable at 31 December 2021 was 5,000,000. you were able to prepare the following accounting information of Pineapple Industry for the 6. All membership fees were paid in full. Ten members prepaid their membership for 6 months at $12,000 per month. 7. Only 80% of the Grants Committed were received. The Grants are normally received on a quarterly basis. 8. To secure adequate storage in 2021, payments of 1,612,000 was made in advance. 9. All the surplus, except 25% which are for several associates, are returned to the National Agriculture Association. 10. Bond issued in 2020 was issued for 200,000,000. There was a repayment of $50,000 in 2021. 11. All statutory was paid at year end Required: i. Statement of Financial Performance, Statement of Financial Position and Cash flow for 2021 in line with ISAPS. Expenses should be classified by nature. No comparative data required for the Cashflow. ii. A Junior Accountant recently joined PIA, as the Senior Accounting Officer explain the budgetary process