- 20 Marks
PSAF – Nov 2017 – L2 – Q4 – Preparation and Presentation of Financial Statements for Local Government
Prepare a Revenue and Expenditure Statement and a Statement of Financial Position for a Local Government Authority based on the provided financial data.
Question
a) Below are extracts from the books of a Local Government Authority for the period ended 31 December 2015.
| GH¢ | |
|---|---|
| Rates | 27,115.16 |
| Non-Governmental Agencies | 1,000.00 |
| Grants – District Development Facility | 888,828.37 |
| Lands and Royalties | 113,563.50 |
| Rents of Lands, Buildings | 14,855.20 |
| Licences | 55,394.22 |
| Fees | 139,784.70 |
| Fines, Penalties and Forfeits | 14,231.00 |
| Miscellaneous and Unidentified Revenue | 27,345.50 |
| Established Posts | – |
| Non-Established Posts | 41,503.62 |
| Other Allowances | 40,231.05 |
| Casual labour | 7,576.45 |
| Materials /Office Supplies | 34,628.40 |
| Utilities | 5,286.20 |
| General Cleaning | 358.50 |
| Rentals | 6,260.07 |
| Transport | 90,724.05 |
| Repairs and Maintenance | 10,568.40 |
| Training, Seminars, Conferences | 46,013.70 |
| Consulting Services | 1,500.00 |
| Special Services | 37,904.00 |
| Other Charges / Fees | 1,735.40 |
| Grants – DACF | 459,992.60 |
| Constituency’s Share of the Common Fund | 39,000.00 |
| GOG – Grant | 206,845.97 |
| Donors | 595,086.20 |
| Other expenses | 11,163.44 |
Below The Line Accounts
| GH¢ | |
|---|---|
| Cash and Bank | 200,740.71 |
| Receivables | 29,100.97 |
| Equity Investment | – |
| Infrastructure, Plants and Equipment | 322,929.71 |
| Work-in-progress | 125,064.79 |
| Accounts Payables | 5,000.00 |
| Deposits and Other Trust Monies | 25,000.00 |
| Accumulated Fund | 1,002,096.58 |
Required: Prepare a Revenue and Expenditure Statement for the year ended 31 December 2015 and a Statement of Financial Position as at that date. (Show workings) (20 marks)
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