Accumulated fund

PSAF – L2 – Q11.3- Preparation and presentation of financial statements for local government

Prepare the statement of financial performance for Kweku District Assembly for 2024.

Question

(a) Kweku District Assembly: Statement of financial performance for the year ended 31st December 2024

Prepare the statement of financial performance for Kweku District Assembly for the year ended 31st December 2024, based on the following data:

Revenue	GHC’ million
Decentralised transfers	30,091
Internally generated funds	56,639
Grants	21,945

Expenses	GHC’ million
Compensation	23,942
Use of goods and services	24,494
Social benefits	473
Other expenses	6,366
Consumption of fixed capital	15,650

(b)

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

Prepare the statement of financial position for Kweku District Assembly as at 31st December 2024, based on the following data:

Current assets	GHC’ million
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

Non-current assets	GHC’ million
Land	5,000
Buildings	15,750
Market infrastructure	19,600
Furniture, fixtures & fittings	5,500

Current liabilities	GHC’ million
Payables	13,745
Contract retention	5,520
Accruals	4,400

Non-current liabilities	GHC’ million
Deferred grants	810

Accumulated fund	GHC’ million
Accumulated fund	48,250

(c)

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

Prepare the statement of changes in net assets for Kweku District Assembly for the year ended 31st December 2024, based on the following data:

Accumulated Fund	GHC’ million
Balance b/f	10,500
Surplus	37,750

Answer

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Tags: Accumulated fund, Financial Statements, Local Government, Statement of Changes in Net Assets, Surplus
Level: Level 2

Topic: Preparation and Presentation of Financial Statements for Central Government

FA – L1 – Q89 – Preparation of not-for-profit accounts

Prepare the bar trading account for KNUST Social Club for the year ended 31 December 20X8 using provided receipts and payments data.

Question

The KNUST Social Club prepares its accounts annually on 31st December. The receipts and payments account for the year ended 31st December 20X8 was prepared by the treasurer as follows:

	GH¢		GH¢
Balance b/d	7,000	Caretaker’s wages	18,000
Subscriptions received		Heating and lighting	4,000
for the year: 20X7	600	Insurance	1,000
20X8	13,500	Bar payables	22,000
20X9	1,100	Dinner dance expenses	1,000
Dinner dance ticket sales	1,800	Equipment purchases	12,000
Bar takings	55,000	Bar staff wages	16,000
Donations	2,500	Savings account	3,000
Sale of equipment	450	Balance c/d	18,350
	81,350		81,350

The following additional information is available:
(i) The equipment sold during the year was valued in the books at GH¢600 as at 1st January 20X8. The club’s policy is to provide a full year’s depreciation in the year of purchase but none in the year of sale.
(ii) The savings account (short term) pays a fixed rate of interest of 5% per annum. An additional amount of GH¢400 was paid into the account on 1st July 20X8. There were no withdrawals made during the year. Interest due on 31st December 20X8 has not been received.
(iii) The remaining assets and liabilities of the club at the beginning and end of the year were:

	1st January 20X8	31st December 20X8
	GH¢	GH¢
Clubhouse	230,000	230,000
Equipment	26,000	25,200
Bar inventory	2,000	2,400
Savings account	2,000	2,400
Insurance prepaid	100	80
Subscriptions owing	180	160
Subscriptions in advance	800	300
Bar payables	700	1,000
Bar staff wages owing	2,400	1,400
Cash at bank	7,500	8,700

(iv) All subscriptions due for the year 20X7, but unpaid on 31st December 20X7, are considered to be irrecoverable debts.
(v) Bar staff wages are the only expense to be charged to the bar trading account.

Required:
(a) Prepare the bar trading account for the year ended 31st December 20X8.

(b) Prepare the income and expenditure account for the year ended 31st December 20X8.

Answer

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Tags: Accumulated fund, Assets, Financial Statements, Liabilities, Not-for-profit, Statement of Financial Position
Level: Level 1

Topic: Preparation of not-for-profit accounts

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PSAF – L2 – Q11.3- Preparation and presentation of financial statements for local government

Prepare the statement of financial performance for Kweku District Assembly for 2024.

FA – L1 – Q89 – Preparation of not-for-profit accounts

Prepare the bar trading account for KNUST Social Club for the year ended 31 December 20X8 using provided receipts and payments data.

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Tag (SQ): Accumulated fund

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PSAF – L2 – Q11.3- Preparation and presentation of financial statements for local government

Prepare the statement of financial performance for Kweku District Assembly for 2024.

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FA – L1 – Q89 – Preparation of not-for-profit accounts

Prepare the bar trading account for KNUST Social Club for the year ended 31 December 20X8 using provided receipts and payments data.

You're reporting an error for "FA – L1 – Q89 – Preparation of not-for-profit accounts"

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