PSAF – L2 – Q11.1- Preparation and Presentation of Financial Statements for Central Government

Prepare 2023 financial performance statement for Republic of Zamara Consolidated Fund.

Question

(a) Prepare the Republic of Zamara Consolidated Fund Account: Statement of financial performance for the year ended 31st December 2023.

(b) Prepare the Republic of Zamara Consolidated Fund Account: Statement of financial position as at 31st December 2023.

(d) Prepare the Kwevadum District Assembly: Statement of financial position as at 31st December 2024.

(e)Prepare the Kwevadum District Assembly: Statement of changes in net assets for the year ended 31st December 2024.

Answer

(a)

Republic of Zamara Consolidated Fund Account: Statement of financial performance for the year ended 31st December 2023

Revenue	GHC million
Direct tax	13,286.00
Indirect tax	16,780.00
Total tax revenue	30,066.00
Non-tax revenue	6,081.00
Grants	7,311.00
Total Revenue	43,458.00

Expenses
Compensation to employees	10,990.00
Use of goods and services	952.00
Consumption of fixed assets	3,914.85
Interest expenses	5,645.00
Social benefits	2,075.00
Subsidies and transfers	10,224.95
Other expenses	765.00
Total expenses	34,566.80
Surplus of revenue over expenses	5,891.20

(b)

Republic of Zamara Consolidated Fund Account: Statement of financial position as at 31st December 2023

	GHC million
Current assets
Cash and cash equivalents	2,860.00
Taxes receivable	3,090.00
Grants receivable	2,450.00
Prepayment of rent	1,430.00
Prepayment of DACF	243.05
Loans & advances	8,820.00
Inventories	5,100.00
Financial investments	8,115.00
	32,108.00
Non-current assets
Property, plant & equipment	15,000.00
Infrastructure completed	24,000.00
Infrastructure in progress	20,000.00
	58,000.00
Total assets	91,108.05

Current liabilities
Payables	3,970.00
Trust funds	1,629.00
Prov. For unearned grants	450.00
Accruals	1,380.00
	7,429.00
Non-current liabilities
Domestic debt	7,560.00
External debt	21,228.00
	28,788.00
Total liabilities	36,217.00

Accumulated fund	15,728.20
Revaluation reserve	39,164.85
Net Assets	54,891.05

Total liabilities and net assets	91,108.05

(c)

Kwevadum District Assembly: Statement of financial performance for the year ended 31st December 2024

Revenue	GHC million
Decentralised transfers	30,091
Internally generated funds	56,639
Grants	21,945
Total revenue	108,675

Expenses
Compensation	23,942
Use of goods and services	24,494
Social benefits	473
Other expenses	6,366
Consumption of fixed capital	15,650
Total expenses	70,925
Surplus	37,750

(d)

Kwevadum District Assembly: Statement of financial position as at 31st December 2024

	GHC million
Current assets
Cash and bank	7,564
15% Fixed deposits	4,550
Advances and loans to staff	9,561
Prepaid rent expenses	450
Property rates receivable	2,250
Closing stock of waste bins	1,500
Closing inventories of consumables and fertilizer	1,000
Total current assets	26,875

Non-current assets
Land	5,000
Buildings	15,750
Market infrastructure	19,600
Furniture, fixtures & fittings	5,500
Total non-current assets	45,850
Total assets	72,725

Current liabilities
Payables	13,745
Contract retention	5,520
Accruals	4,400
Total current liabilities	23,665
Non-current liabilities
Deferred grants	810
Total liabilities	24,475
Accumulated fund	48,250
Total liabilities and accumulated fund	72,725

(e)

Kwevadum District Assembly: Statement of changes in net assets for the year ended 31st December 2024