(Total 30 marks) QUESTION 2 The following are the balances extracted from the Public Accounts on the Consolidated Fund of the Government of Ghana for the year ended 31 December, 2019 GHS Million Direct Tax 100,000 150,000 Indirect Tax Grants from Bilateral Partners 25,000 Grants from Multilateral Partners 320,000 10,000 Other Grants Received Royalties 8.000 Fees and Fines 2.000 400 22.000 34,000 Interest Income Seminar and Training Local Consultancy Foreign Consultancy Travel and Transport Travel Allowances Established Post Salaries 23,000 6,000 56,000 220,000 2 30,000 Non-Established Post End of Service Benefits 120,000 Car Maintenance Allowances 40,000 Other State Costs 12.000 3,000 Cleaning Costs Oflice Consumables 5.000 Subsidies 10,000 Social Benefit Cost 35,000 60,000 Grants to Local Government Property Plant and Equipment Com Accumulated Consumption of PPES 400,000 45,000 Investments 80,000 Loans and advances 20,000 80,000 Non-Established Post End of Service Benefits 120,000 Car Maintenance Allowances 40,000 Other Staff Costs 12,000 Cleaning Costs 3,000 Office Consumables 5,000 Subsidies 10,000 Social Benefit Cost 35,000 60,000 Grants to Local Government Property Plant and Equipment Cost Accumulated Consumption of PPES 400,000 45,000 Investments 80,000 Loans and advices 20,000 Cash and equivalent Other expenditures Domestic Debe 36,000 15000 180,000 External Debt 320,000 Interest Expense 40,000 Accumulated Fund (CR) 156,000 Additional Information i) It is the policy of government to charge consumption of fixed capital cocosProperty plant and equipment is consumed at the rate of 20% per annum i) Fees amounting to GHS 20,000,000,000 was came but not received as at 31 December, 2019 Staffallowances or GHS 500,000,000 remained unpaid at the end of the year Required: Prepare in compliance to the IPSAS and the Public Financial Management Act 2016 (Act 921) for the Consolidated Fund a. Statement of Revenue and Expenditure for the year ended 31 December, 2019 (5 marks) b. Statement of Financial Position as at 31 December, 2019 (5 marks) 6. Notes to the accounts (5 marks) (Total 15 marks QUESTION (Total 30 marks) QUESTION 2 The following are the balances extracted from the Public Accounts on the Consolidated Fund of the Government of Ghana for the year ended 31 December, 2019 GHS Million Direct Tax 100,000 150,000 Indirect Tax Grants from Bilateral Partners 25,000 Grants from Multilateral Partners 320,000 10,000 Other Grants Received Royalties 8.000 Fees and Fines 2.000 400 22.000 34,000 Interest Income Seminar and Training Local Consultancy Foreign Consultancy Travel and Transport Travel Allowances Established Post Salaries 23,000 6,000 56,000 220,000 2 30,000 Non-Established Post End of Service Benefits 120,000 Car Maintenance Allowances 40,000 Other State Costs 12.000 3,000 Cleaning Costs Oflice Consumables 5.000 Subsidies 10,000 Social Benefit Cost 35,000 60,000 Grants to Local Government Property Plant and Equipment Com Accumulated Consumption of PPES 400,000 45,000 Investments 80,000 Loans and advances 20,000 80,000 Non-Established Post End of Service Benefits 120,000 Car Maintenance Allowances 40,000 Other Staff Costs 12,000 Cleaning Costs 3,000 Office Consumables 5,000 Subsidies 10,000 Social Benefit Cost 35,000 60,000 Grants to Local Government Property Plant and Equipment Cost Accumulated Consumption of PPES 400,000 45,000 Investments 80,000 Loans and advices 20,000 Cash and equivalent Other expenditures Domestic Debe 36,000 15000 180,000 External Debt 320,000 Interest Expense 40,000 Accumulated Fund (CR) 156,000 Additional Information i) It is the policy of government to charge consumption of fixed capital cocosProperty plant and equipment is consumed at the rate of 20% per annum i) Fees amounting to GHS 20,000,000,000 was came but not received as at 31 December, 2019 Staffallowances or GHS 500,000,000 remained unpaid at the end of the year Required: Prepare in compliance to the IPSAS and the Public Financial Management Act 2016 (Act 921) for the Consolidated Fund a. Statement of Revenue and Expenditure for the year ended 31 December, 2019 (5 marks) b. Statement of Financial Position as at 31 December, 2019 (5 marks) 6. Notes to the accounts (5 marks) (Total 15 marks