- 20 Marks
PSAF – May 2018 – L2 – Q4 – Preparation and presentation of financial statements for central government
Prepare the Statement of Revenue and Expenditure and the Statement of Financial Position for the Consolidated Fund for the year ended 31 December 2017.
Question
The following are the balances extracted from the Consolidated Fund of Public Accounts for the year ended 31st December 2017:
| Description | Amount (GH¢ ‘000) |
|---|---|
| Consumption of fixed Capital | 208,878 |
| Miscellaneous Direct Taxes | 98,238 |
| Social Security Benefit in Kind | 66,120 |
| 13.5% SSF Contribution | 45,000 |
| Project Grant | 9,370 |
| Fines, Penalties and Forfeitures | 25,928 |
| Materials and Office Consumables | 117,526 |
| General Taxes on Goods & Services | 265,064 |
| Travel & Transport | 41,610 |
| Social Assistance Benefits | 68,678 |
| Established Post- salaries | 800,800 |
| Domestic Debt Interest | 40,200 |
| Gratuity | 20,000 |
| Training, Seminar and Conference Cost | 54,250 |
| External Debt Interest | 83,772 |
| Allowances to Employees | 56,000 |
| Repairs and Maintenance | 34,560 |
| Property Income | 25,000 |
| Cash & Bank Balances | 1,960,898 |
| Advances & Receivables | 60,164 |
| Taxes on Exports | 581,588 |
| Long Term Receivables | 2,836,616 |
| Non-Established Post-salaries | 400,104 |
| Payables | 1,211,044 |
| Accumulated Surpluses (1/1/2017) | (61,343,676) |
| Deposit and Other Trust Monies | 3,752,412 |
| Short-Term Borrowing | 11,299,822 |
| Taxes paid by individuals | 810,436 |
| Subsidy on Petroleum Products | 15,000 |
| Fertilizer Subsidies | 24,068 |
| Equity Investment | 3,619,752 |
| End of Service Benefit | 25,880 |
| Infrastructure, Plant & Equipment | 2,028,806 |
| Taxes paid by Companies & Enterprises | 135,784 |
| Work-In-Progress | 304,880 |
| Domestic Debt | 23,719,588 |
| External Debt | 32,283,148 |
| Employer Social Benefits in Cash | 30,500 |
| Other Expenses (note i) | 22,584 |
| Excise Duties | 92,900 |
Additional Notes:
i) Other Expenses:
During the year, the Government of Ghana benefited from free services provided by medical experts who were task forces of the British Government. The main objective of this task force was to help curb cholera in the country. The fair value of these services amounted to GH¢ 18,740,000. It is the policy of the Government to include goods and services received during the year in kind in its financial statements at fair values.
ii) The annual estimates for the year ending 2017 were as follows:
Required:
a) Prepare a Statement of Revenue and Expenditure of the Consolidated Fund for the year ended December 31, 2017, indicating the accompanying variances to the statement.
b) Prepare a Statement of Financial Position of the Consolidated Fund as of December 31, 2017.
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- 20 Marks
PSAF – May 2018 – L2 – Q4 – Preparation and presentation of financial statements for central government
Prepare the Statement of Revenue and Expenditure and the Statement of Financial Position for the Consolidated Fund for the year ended 31 December 2017.
Question
The following are the balances extracted from the Consolidated Fund of Public Accounts for the year ended 31st December 2017:
| Description | Amount (GH¢ ‘000) |
|---|---|
| Consumption of fixed Capital | 208,878 |
| Miscellaneous Direct Taxes | 98,238 |
| Social Security Benefit in Kind | 66,120 |
| 13.5% SSF Contribution | 45,000 |
| Project Grant | 9,370 |
| Fines, Penalties and Forfeitures | 25,928 |
| Materials and Office Consumables | 117,526 |
| General Taxes on Goods & Services | 265,064 |
| Travel & Transport | 41,610 |
| Social Assistance Benefits | 68,678 |
| Established Post- salaries | 800,800 |
| Domestic Debt Interest | 40,200 |
| Gratuity | 20,000 |
| Training, Seminar and Conference Cost | 54,250 |
| External Debt Interest | 83,772 |
| Allowances to Employees | 56,000 |
| Repairs and Maintenance | 34,560 |
| Property Income | 25,000 |
| Cash & Bank Balances | 1,960,898 |
| Advances & Receivables | 60,164 |
| Taxes on Exports | 581,588 |
| Long Term Receivables | 2,836,616 |
| Non-Established Post-salaries | 400,104 |
| Payables | 1,211,044 |
| Accumulated Surpluses (1/1/2017) | (61,343,676) |
| Deposit and Other Trust Monies | 3,752,412 |
| Short-Term Borrowing | 11,299,822 |
| Taxes paid by individuals | 810,436 |
| Subsidy on Petroleum Products | 15,000 |
| Fertilizer Subsidies | 24,068 |
| Equity Investment | 3,619,752 |
| End of Service Benefit | 25,880 |
| Infrastructure, Plant & Equipment | 2,028,806 |
| Taxes paid by Companies & Enterprises | 135,784 |
| Work-In-Progress | 304,880 |
| Domestic Debt | 23,719,588 |
| External Debt | 32,283,148 |
| Employer Social Benefits in Cash | 30,500 |
| Other Expenses (note i) | 22,584 |
| Excise Duties | 92,900 |
Additional Notes:
i) Other Expenses:
During the year, the Government of Ghana benefited from free services provided by medical experts who were task forces of the British Government. The main objective of this task force was to help curb cholera in the country. The fair value of these services amounted to GH¢ 18,740,000. It is the policy of the Government to include goods and services received during the year in kind in its financial statements at fair values.
ii) The annual estimates for the year ending 2017 were as follows:
Required:
a) Prepare a Statement of Revenue and Expenditure of the Consolidated Fund for the year ended December 31, 2017, indicating the accompanying variances to the statement.
b) Prepare a Statement of Financial Position of the Consolidated Fund as of December 31, 2017.
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