The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ ’000 $ ’000 District Development Facility (DDF) 58,600 Special Sanitation Grant from Government 30,260 Share of Common fund 587,450 Property Rate (iii) 73,230 Funeral Rate 25,270 Salary Div 1 266,280 Commission to Revenue Collectors 15,790 Printing and Publication 66,110 Utility Bills 20,040 Conferences 14,580 Donations 80,770 Contract Retention 13,970 Market Tolls 25,550 Court Fines 109,400 Marriage and Divorce Registration 43,840 Telecommunication Cost 18,830 Repairs and Maintenance 9,720 Town Hall Meetings 64,890 Special Audit Fees 27,130 Travel and Transport 54,670 Revenue Receivable 208,570 Salary Div 2 315,090 Assembly Members Allowance 79,000 Consultancy Cost 4,750 Hawkers License 37,150 Chop bar License 85,600 Market stalls rent 31,590 Bungalow rent 20,750 Advertisement and Promotions 11,500 Office Consumables (1/1/2021) 18,290 Purchase of Office Consumable 47,580 Withholding Tax 45,400 Interest on Loan/ Financial Assets (vii) 5,740 1,050 Other Expense (iv) 25,620 Motor Vehicles (v) 61,180 18,220 Building and Structures (v) 119,200 7,450 Fixtures, Furniture and Fittings (v) 25,000 10,000 Work in Progress (vi) 20,520 Loans and Advances to Staff (vii) 20,700 Payables 96,760 Long Term Loans 75,330 Accumulated Fund 70,870 Cash and Cash Equivalents 50,730 ________ 1,560,010 1,560,010 Additional Information i) It is the policy of the Assembly to adopt Accrual Basis in preparing its Financial Statements in compliance with Public Financial Management Act,2016 (Act 921), Public Financial Management Regulation 2019 L.I 2378 and the International Public Sector Accounting Standards (IPSAS) and Local Governance Act 2016, (Act 936). ii) Office consumables in respect of stationery and other items bought remained unused during the year. The ending inventory amounted to $1,550,000. iii) Property Rates received in respect of 2022 financial year amounted to $2,050,000. iv) Salaries outstanding during the year amounted to $750,000 and other expenses amounting to $1,105,000 paid in respect of 2022 financial year. v) Consumption of fixed assets is charged on straight line basis for the year as follows: Asset Useful life Motor vehicles 10 years Furniture, Fixtures & fittings 5 years Building and Structures 50 years vi) Included in the Work in progress is an amount of $2,000,000 relating to a Building which was completed, commissioned and put to use on 5 July 2021, after an additional amount of $800,000 was spent to complete the pavement aspect of the building. This expenditure has not yet been paid. vii)Interest on Loans to staff is at the rate of 15% per annum and interest on long term Loans is at the rate of 10% per annum
Required: using the format in the image provided
Prepare: a) A Statement of Financial Performance for West Municipal for the year ended 31 December 2021.
