Menu
- 20 Marks
Question
Stated below are the balances extracted from the books of the Department of Aviation Affairs for the year ended 31st December 2014.
| Account Description | Amount (GH¢000) |
|---|---|
| Taxes | 2,570.00 |
| Wages | 1,000.00 |
| Fees, fines, licenses, penalties | 104.00 |
| Grants and other transfer payments | 120.00 |
| Finance costs | 52.00 |
| Supplies and consumables | 170.00 |
| Transfers from other government entities | 250.00 |
| Revenue from exchange transactions | 60.00 |
| Depreciation and amortization expense | 66.00 |
| Other revenue | 150.00 |
| Impairment of property, plant, and equipment | 46.00 |
| Other expenses | 70.00 |
| Cash and cash equivalents | 255.00 |
| Receivables | 80.00 |
| Investments (short-term) | 45.00 |
| Prepayments | 47.00 |
| Inventories | 75.00 |
| Intangible assets | 190.00 |
| Land and buildings | 1,044.00 |
| Payables (short-term) | 1,420.00 |
| Other non-financial assets | 15,000.00 |
| Investments (Long-term) | 170.00 |
| Receivables (Medium-term) | 851.00 |
| Short-term borrowings | 700.00 |
| Provisions (Current) | 45.00 |
| Superannuation | 104.00 |
| Payables (Medium-term) | 240.00 |
| Borrowings (Long-term) | 665.00 |
| Provisions (Long-term) | 82.00 |
| Employee Benefits (Medium-term) | 150.00 |
| Other non-financial assets | 200.00 |
| Current portion of borrowings | 55.00 |
| Employee Benefits (Short-term) | 74.00 |
| Capital contributed by other Government entities | 194.00 |
| Reserves | 850.00 |
Required:
Use the International Public Sector Accounting Standards (IPSAS) to prepare a statement of financial performance for the year ended 31st December 2014, and a statement of financial position for the year ended 31st December 2014, including Net Assets / Equity.
Answer
Statement of Financial Performance for the Year Ended 31st December 2014
| Description | GH¢000 |
|---|---|
| Revenue | |
| Taxes | 2,570 |
| Fees & Fines | 104 |
| Revenue from Exchange Transactions | 60 |
| Transfers | 250 |
| Other revenue | 150 |
| Total Revenue | 3,134 |
| Expenses | |
| Wages | 1,000 |
| Grants | 120 |
| Supplies & Other Consumables | 170 |
| Depreciation & Amortisation | 66 |
| Impairment | 46 |
| Other Expenses | 70 |
| Financial Cost | 52 |
| Total Expenses | (1,524) |
| Surplus for the Period | 1,610 |
b)
Statement of Financial Position as at 31st December 2014
| Description | GH¢000 |
|---|---|
| Current Assets | |
| Cash & Cash Equivalent | 255 |
| Receivables | 80 |
| Investments (Short-term) | 45 |
| Prepayments | 47 |
| Inventories | 75 |
| Total Current Assets | 502 |
| Non-Current Assets | |
| Intangible Assets | 190 |
| Land & buildings | 1,044 |
| Other Non-Financial Assets | 15,200 |
| Investment (Long-term) | 170 |
| Receivables (Medium-term) | 851 |
| Total Non-Current Assets | 17,455 |
| Total Assets | 17,957 |
| Liabilities / Equities | |
| Current Liabilities | |
| Payables (Short-term) | 1,420 |
| Short-term Borrowings | 700 |
| Current Portions of Borrowings | 55 |
| Provisions | 45 |
| Employees Benefits (Short-term) | 74 |
| Superannuation | 104 |
| Total Current Liabilities | 2,398 |
| Non-Current Liabilities | |
| Payables (Medium-term) | 240 |
| Borrowings (Long-term) | 665 |
| Provisions (Long-term) | 82 |
| Employees Benefits (Medium-term) | 150 |
| Total Non-Current Liabilities | 1,137 |
| Total Liabilities | 3,535 |
| Net Assets / Equity | |
| Capital Contributed by Other Government Entities | 194 |
| Reserves | 2,460 |
| Total Net Assets / Equity | 2,654 |
- Uploader: Joseph