Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at cost) 400,000 Accumulated consumption of fixed capital- PPE 50,000 Accumulated consumption of fixed capital- Infrastructure 80,000 Grants to local government 290,000 Social benefits 315,000 Subsidies cost 245,000 Domestic debt Interest 500,000 External debt interest 520,000 Domestic debt 1,200,000 External debt 1,800,000 Loans and advances 90,000 Equity investment 200,000 Cash and cash equivalent 110,000 Sundry creditors 80,000 Accumulated Fund 316,000 …........... 4,400,000 4,400,000 Additional Information The following has been extracted from the 2019 annual budget. GHc’000HH Compensation for employees 490,000 Good and services 350,000 Direct taxes 400,000 Indirect taxes 600,000 Public debt interest 800,000 Subsidies cost 240,000 Social benefit 250,000 Grants to local government 260,000 Grants from other governments 150,000 Consumption of fixed capital - Non-tax revenue 200,000 2. Consumption of fixed capital for the year ended 31st December, 2019 is charged as follows; property, plant and equipment GHc’20,000,000 and infrastructure GHc’30,000,000. 3.Donation received in-kind during the year amounted to GHc24,000,000 and no record was made in the books of accounts. 4. Salary for 5,000 new staff recruited into the civil service remained unpaid during the year. Repair and maintenance paid in advanced to recognized garages during the year amounted to GHc96,000,000. 5. Domestic interest due but not paid at the end of the year amounted to GHc10,000,000. 6. The financial reports are prepared using current chart of accounts of government. Required: Prepare in line with the IPSAS and the Public Financial Laws of Ghana: A Statement of Revenue and Expenditure Statement of the Consolidated Fund in Comparison with the Budget for the year ended 31st December, 2019. 2. A Statement of Financial Position of the Consolidated Fund as 31st December, 2019
You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019.
|
Debit |
Credit |
|
|
GHC'000 |
GHc'000 |
|
|
Corporate taxes |
200,000 |
|
|
Personal income taxes |
120,000 |
|
|
|
50,000 |
|
|
Taxes on general goods and services |
180,000 |
|
|
Fees, fines and penalties |
80,000 |
|
|
Investment income |
20,000 |
|
|
Custom duties |
250,000 |
|
|
Grants |
150,000 |
|
|
Communication service taxes |
100,000 |
|
|
Royalties |
40,000 |
|
|
Established post |
240,000 |
|
|
Casual labour |
60,000 |
|
|
Travel and transport |
70,000 |
|
|
Repairs and maintenance |
50,000 |
|
|
13% Social security contribution |
26,000 |
|
|
Gratuity and end of service benefit |
168,000 |
|
|
State protocol |
180,000 |
|
|
Independence Day celebration |
205,000 |
|
|
Seminar and conferences |
30,000 |
|
|
Probation |
25,000 |
|
|
Property plant and equipment (at cost) |
300,000 |
|
|
Infrastructure (at cost) |
400,000 |
|
|
Accumulated consumption of fixed capital- PPE |
50,000 |
|
|
Accumulated consumption of fixed capital- Infrastructure |
80,000 |
|
|
Grants to local government |
290,000 |
|
|
Social benefits |
315,000 |
|
|
Subsidies cost |
245,000 |
|
|
Domestic debt Interest |
500,000 |
|
|
External debt interest |
520,000 |
|
|
Domestic debt |
1,200,000 |
|
|
External debt |
1,800,000 |
|
|
Loans and advances |
90,000 |
|
|
Equity investment |
200,000 |
|
|
Cash and cash equivalent |
110,000 |
|
|
Sundry creditors |
80,000 |
|
|
Accumulated Fund |
316,000 |
…........... |
|
4,400,000 |
4,400,000 |
Additional Information
- The following has been extracted from the 2019 annual budget.
|
|
GHc’000HH |
|
Compensation for employees |
490,000 |
|
Good and services |
350,000 |
|
Direct taxes |
400,000 |
|
Indirect taxes |
600,000 |
|
Public debt interest |
800,000 |
|
Subsidies cost |
240,000 |
|
Social benefit |
250,000 |
|
Grants to local government |
260,000 |
|
Grants from other governments |
150,000 |
|
Consumption of fixed capital |
- |
|
Non-tax revenue |
200,000 |
2. Consumption of fixed capital for the year ended 31st December, 2019 is charged as follows; property, plant and equipment GHc’20,000,000 and infrastructure GHc’30,000,000.
3.Donation received in-kind during the year amounted to GHc24,000,000 and no record was made in the books of accounts.
4. Salary for 5,000 new staff recruited into the civil service remained unpaid during the year. Repair and maintenance paid in advanced to recognized garages during the year amounted to GHc96,000,000.
5. Domestic interest due but not paid at the end of the year amounted to GHc10,000,000.
6. The financial reports are prepared using current chart of accounts of government.
Required:
Prepare in line with the IPSAS and the Public Financial Laws of Ghana:
- A Statement of Revenue and Expenditure Statement of the Consolidated Fund in Comparison with the Budget for the year ended 31st December, 2019.
2. A
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