5. The balance sheet of the central government account shows the following balances as at the end of the year 31/12/2019 Assets Cash at Bank Advances: Staff Department and Agencies Loans: NGO's Public Corporations. Companies Investment: General Stocks and shares International Agencies Liabilities Loans: Domestic Foreign Trust Funds and Deposits Other Liabilities General Revenue Revenue GHC 000 Tax Revenue (690) 6,325 4,186 48 8,846 6,248 714 5,293 4.786 35,756 During the year 2020, the government financial business and transactions undertaken by the departments were summarized; GHC 5,922 13,854 11,980 2,077 1.923 35,756 Property Excise Duties Petroleum Tax Other taxes on domestic goods Import Duties Export(Cocoa) Value Added Tax (VAT) Personal taxes (PAYE) Personal taxes (Self Employed) Reconstruction Levy Fees and Charges Sales of goods and services. Rent Interest and Profit Dividend Company taxes Revenue Grant Advances-Recovery Trust Funds: Deposits-Receipts Expenditure Personal Emoluments Social Security Pensions and Gratuities Public Debt Interest-Domestic External Lending of loans Petroleum fund 5,195 3,881 14,555 970 21,570 3,807 31,798 12,987 3,030 6,867 1,120 133 202 336 448 20,078 4,450 8,001 17.603 157,031 63,283 4,381 6,490 23,423 10,766 12,011 4,210 Administration. Road Fund DACF GETFund Service Investment NOTES 1. 2. 3. Loans recovered during the year amounted to GHC 9,698,000 Investment totaling GHC 2,428,000 was realized during the year 4. Properties taxes include GHC 293,000 which is outstanding and GHC 84,200 paid for 2021 financial year. 5. At the end of December salary increases agreed with various labour unions totaling GHC 500,000 have not been factored into the account. 6. Pensions and gratuities paid for the year stands as GHC 5,260 7. The DACF and the GETFund is in arrears of GHC 460,000 and GHC 720,000 respectively which are not yet reflected in the accounts. 8. To finance its cash shortfall, the government issued Treasury Bills amounting to GHC 16,000,000 and borrowed from external sources GHC 18,000,000. Outstanding domestic and external debts were paid as GHC 5,922,000 and GHC 13,854,000. Required You are to prepare the public account for the year 2020 . Payments made for deposits with government on behalf of groups and individual entities for the year amounted to GHC13,128 and paid for Advances is GHC 4,625 . 18,011 8,917 2,631 5,052 7,504 4.502 171,181 . Revenue and expenditure account Receipts and Payment account . Balance sheet Fund Flow statement (Cash Flow) using the accruals concept

5. The balance sheet of the central government account shows the following balances as at the end of the year 31/12/2019 Assets Cash at Bank Advances: Staff Department and Agencies Loans: NGO's Public Corporations. Companies Investment: General Stocks and shares International Agencies Liabilities Loans: Domestic Foreign Trust Funds and Deposits Other Liabilities General Revenue Revenue GHC 000 Tax Revenue (690) 6,325 4,186 48 8,846 6,248 714 5,293 4.786 35,756 During the year 2020, the government financial business and transactions undertaken by the departments were summarized; GHC 5,922 13,854 11,980 2,077 1.923 35,756 Property Excise Duties Petroleum Tax Other taxes on domestic goods Import Duties Export(Cocoa) Value Added Tax (VAT) Personal taxes (PAYE) Personal taxes (Self Employed) Reconstruction Levy Fees and Charges Sales of goods and services. Rent Interest and Profit Dividend Company taxes Revenue Grant Advances-Recovery Trust Funds: Deposits-Receipts Expenditure Personal Emoluments Social Security Pensions and Gratuities Public Debt Interest-Domestic External Lending of loans Petroleum fund 5,195 3,881 14,555 970 21,570 3,807 31,798 12,987 3,030 6,867 1,120 133 202 336 448 20,078 4,450 8,001 17.603 157,031 63,283 4,381 6,490 23,423 10,766 12,011 4,210 Administration. Road Fund DACF GETFund Service Investment NOTES 1. 2. 3. Loans recovered during the year amounted to GHC 9,698,000 Investment totaling GHC 2,428,000 was realized during the year 4. Properties taxes include GHC 293,000 which is outstanding and GHC 84,200 paid for 2021 financial year. 5. At the end of December salary increases agreed with various labour unions totaling GHC 500,000 have not been factored into the account. 6. Pensions and gratuities paid for the year stands as GHC 5,260 7. The DACF and the GETFund is in arrears of GHC 460,000 and GHC 720,000 respectively which are not yet reflected in the accounts. 8. To finance its cash shortfall, the government issued Treasury Bills amounting to GHC 16,000,000 and borrowed from external sources GHC 18,000,000. Outstanding domestic and external debts were paid as GHC 5,922,000 and GHC 13,854,000. Required You are to prepare the public account for the year 2020 . Payments made for deposits with government on behalf of groups and individual entities for the year amounted to GHC13,128 and paid for Advances is GHC 4,625 . 18,011 8,917 2,631 5,052 7,504 4.502 171,181 . Revenue and expenditure account Receipts and Payment account . Balance sheet Fund Flow statement (Cash Flow) using the accruals concept

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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