- 9 Marks
Question
Prepare a Statement of Financial Position of Paja Teaching Hospital as at 31 December 2023 in compliance with IPSAS, the PFM Act, and the Chart of Accounts of the Government of Ghana.
Answer
Paja Teaching Hospital
Statement of Financial Position as at 31 December 2023
| Notes | GH¢000 | GH¢000 |
|---|---|---|
| Assets | ||
| Non-Current Assets | ||
| Property, Plant & Equipment | 6 | 221,578 |
| Total Non-Current Assets | 221,578 | |
| Current Assets | ||
| Inventory | 7 | 181,100 |
| Receivables | 8 | 698,845 |
| Investments | 2,000 | |
| Cash and Cash Equivalents | 9 | 290,100 |
| Total Current Assets | 1,172,045 | |
| Total Assets | 1,393,623 | |
| Liabilities and Fund | ||
| Current Liabilities | ||
| Accounts Payable | 10 | 455,300 |
| Deferred Revenue (Grant) | 10,700 | |
| Trust Fund | 40,000 | |
| Total Liabilities | 506,000 | |
| Equity and Reserves | ||
| Revaluation Surplus | 11 | 217,290 |
| Accumulated Fund | 12 | 670,333 |
| Total Equity and Reserves | 887,623 | |
| Total Liabilities and Equity | 1,393,623 |
———————————————————————
Workings:
-
Government Subvention
- GoG Subsidy – Employee Compensation: GH¢3,912,500
- GoG Subsidy – Goods & Services: GH¢22,000
- Total: GH¢3,934,500
-
Internally Generated Revenue (IGF)
- Revenue from hospital services: GH¢1,230,970
-
Grants
- Development Partners Programmes Receipt: GH¢561,900
- Deferred Grant Adjustment: (GH¢40,000)
- Outstanding Global Fund Grant: GH¢50,000
- Total: GH¢571,900
-
Compensation of Employees
- GoG Employee Compensation: GH¢3,912,500
- IGF Employee Compensation: GH¢148,000
- Total: GH¢4,060,500
-
Goods & Services
- GoG: GH¢20,800
- IGF: GH¢978,500
- Partners Fund: GH¢472,400
- Less: Closing Inventory
- Medicines: (GH¢132,100)
- Medical Consumables: (GH¢29,400)
- Office Consumables: (GH¢19,600)
- Total: GH¢1,290,600
-
Fixed Asset Schedule
| Property, Plant & Equipment | Motor Vehicles | Buildings | Medical & Other Equipment | Land | Furniture | Total |
|---|---|---|---|---|---|---|
| Revaluation | GH¢50,250 | GH¢120,540 | GH¢31,500 | GH¢15,000 | – | GH¢217,290 |
| Additions | – | – | GH¢19,236 | – | GH¢8,264 | GH¢27,500 |
| Total Cost | GH¢50,250 | GH¢120,540 | GH¢50,736 | GH¢15,000 | GH¢8,264 | GH¢244,770 |
| Depreciation | GH¢10,050 | GH¢6,027 | GH¢3,150 | – | GH¢2,061 | GH¢23,212 |
| Carrying Amount | GH¢40,200 | GH¢114,513 | GH¢45,662 | GH¢15,000 | GH¢6,203 | GH¢221,578 |
-
Inventory
- Medicines: GH¢132,100
- Medical Consumables: GH¢29,400
- Office Consumables: GH¢19,600
- Total: GH¢181,100
-
Receivables
- Accounts Receivable: GH¢661,400
- Less: Rejected Claims (10% of GH¢100,300,000): (GH¢10,030)
- Less: Bad Debt Write-Off: (GH¢20,225)
- Other Receivables: GH¢17,700
- Outstanding Grant – Global Fund: GH¢50,000
- Total: GH¢698,845
-
Cash & Cash Equivalents
- Cash & Bank – GoG: GH¢3,400
- Cash & Bank – IGF: GH¢72,200
- Cash & Bank – Donor Funds: GH¢210,400
- Undeposited Cash – IGF: GH¢4,000
- Petty Cash: GH¢100
- Total: GH¢290,100
-
Accounts Payable
- Withholding Tax: GH¢2,900
- Trade Payables: GH¢452,400
- Total: GH¢455,300
- Revaluation Surplus
- Motor Vehicles: GH¢50,250
- Buildings: GH¢120,540
- Medical & Other Equipment: GH¢31,500
- Land: GH¢15,000
- Total: GH¢217,290
- Accumulated Fund
- Balance per Trial Balance: GH¢327,500
- Surplus for the Year: GH¢342,833
- Total: GH¢670,333
- Uploader: Salamat Hamid