Below are the transactions of the consolidated fund for the year ended 31 December, 2018.
Additional information:
i) The Controller and Accountant General uses modified accrual accounting concept in the preparation of its accounts.
ii) Established Post salaries of GH¢2,937,000 was outstanding as at 31/12/2018.
iii) Interest on domestic and external loans are provided for at 20% and 15% respectively.
iv) The Central Government depreciates assets on cost basis using the schedule below:
Class of assets Number of years
Building 50
Plant, Machinery, Furniture and Fittings 20
Transport Equipment 7
Computer Software and License 5
v) Provisions:
Specific provision for bad debt is made for loans receivables and investments as and when their non-recoverability is determined and where a request is made for write off to parliament. This provision is set at 3% and 5% respectively.
Required: (Show clearly all workings)
a) Prepare Statement of Financial Performance of the Consolidated Fund for the year ended 31/12/2018 and (10 marks)
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WORKINGS:
b) Prepare Statement of Financial Position for the Consolidated Fund as at 31/12/2018. (7 marks)
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WORKINGS:
