- 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 |
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