Consolidated Fund

PSAF – L2 – Q13.5 – Financial Statements Analysis

Prepare and analyze a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022.

Question

Consolidated Fund of Ashanti
Statement of financial position as at 31 December

	2021 GH¢’	2020 GH¢’
ASSETS
Non-current asset
Property, plant and equipment
Financial assets
Total non-current assets
Current asset
Inventory
Cash and cash equivalents
Current liabilities
Payables
Deposits and trust monies
Total current liabilities
NET ASSETS
FINANCED BY:
Accumulated fund
Non-current liabilities
Domestic debt
External debt

Required:
(a) Prepare a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022. (10 marks)
(b) Write a report analyzing the common size statement of financial position, discussing the financial position of the Consolidated Fund for 2021 and 2022.

Answer

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Tags: Asset Analysis, Common Size Statement, Comparative Analysis, Consolidated Fund, Financial Position, Liability Analysis, Public Sector
Level: Level 2

Topic: Preparation and Presentation of Financial Statements for Central Government

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

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Tags: Central Government, Consolidated Fund, Expenses, Financial Statements, IPSAS, Non-Tax Revenue, Public Sector Accounting, Revenue, Statement of Financial Performance, Surplus
Level: Level 2

Topic: Preparation and Presentation of Financial Statements for Central Government

L2 – Q73 – Cash Budgets and Master Budgets

Prepare a cash budget for Ministry of Commerce for April–June 202X, showing monthly and quarterly totals.

Question

On 31st March 202X the bank balance in the books of the Ministry of Commerce was GHC 900,000. The department provides you with the information below.

Month	IGF GHC’000	Govt releases GHC’000	Donations GHC’000	Salaries GHC’000	Goods and services GHC’000	Office equipment GHC’000	Advances GHC’000
Jan	4,100	2,000		1,200	1,000	600	50
Feb	900	500		320	300		40
March	1,300	500	400	320	400		50
April	1,200	600	200	620	320		40
May	1,000	600		550	220		60
June	1,000	600	200	660	420	500	50

Relevant notes to the data:
(i) The Internally Generated Funds (IGF) are made up of 70% cash receipts and 30% receivables. The receivables are collected as follows: 60% in the month following the service delivery and remaining 40% in the second month following the service delivery. The department is entitled to retention of 80% of the IGF collected and the remaining 20% is payable into the National Treasury (the central government fund) in the month in which the money is collected.
(ii) The department also enjoys budget allocation and Government promises to follow schedule.
(iii) The department anticipates some donations as shown in the table above. It is expected that 30%, 40%, and 70% of donations in March, April, and June respectively will be in cash. The remaining portions are expected to come in the form of materials.
(iv) The staff salaries will be paid at the end of each month.
(v) Goods and services are paid for one month in arrears.
(vi) The office equipment acquired in January will be paid for in the third month following the purchase, and the one to be acquired in June will be paid for immediately.
(vii) The office equipment is to be depreciated at 2.5% per month.
(viii) From January 20X0, staff of the department will be granted advances under an advance scheme approved by the government. The advances will be recovered in four equal monthly instalments, beginning in the month following the month in which the advances are granted (i.e. advances in January will be repaid in four equal monthly instalments beginning in February). Estimated advances are shown in the table above.

Required:
(a) Prepare a cash budget for the department for the Second Quarter of 202X (April – June 202X) showing the cash forecast for each individual month and the total for the quarter as a whole.

(b) Advise management based on the outcomes obtained in question (a) above.

Answer

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Tags: Advances, Budget Allocation, Cash Budgeting, Cash Flow, Consolidated Fund, Donations, Payments, Public Sector Accounting, Receivables, Short-Term Investments
Level: Level 2

Topic: Cash budgets and master budgets

MA – L2 – Q13 – Cash budgets and master budgets

Prepare a cash budget for the Department of Commerce for Q2 202X, showing monthly and quarterly cash forecasts.

Question

On 31st March 202X, the bank balance standing in the books of the Department of Commerce was GHC 900,000. The Department provides you with the information below.

Month	IGF GHC000	GoG releases GHC000	Donation GHC000	Wages and salaries GHC000	Goods and services GHC000	Office equipment GHC000	Advances GHC000
Jan	4,100	2,000		1,200	1,000		50
Feb	900	500		320	300		40
March	1,300	500	400	320	400		50
April	1,200	600	200	620	320		40
May	1,000	600		550	220		60
June	1,000	600	200	660	420	500	50

Relevant notes to the data:
(i) The Internally Generated Funds (IGF) is made up of 70% cash and 30% receivables. The receivables are collectible as follows: 60% in the month following the service delivery and the remaining 40% in the second month following the service delivery. The department is entitled to retention of 80% of IGF collected and the remaining 20% is payable into the National Treasury Fund in the month in which it was collected.
(ii) The department also enjoys a budget allocation from the Government of Ghana (GoG) and the government promises to make payments according to the schedule shown.
(iii) The department anticipates that it will receive some donations as scheduled above. It is expected that 30%, 40%, and 70% of donations in March, April, and June respectively will be in cash. The remaining portions are expected to come in the form of materials.
(iv) Wages and salaries will be paid at the end of each month.
(v) Goods and services are paid for one month in arrears.
(vi) The office equipment acquired in January will be paid for in the third month following the purchase and the one to be acquired in June will be paid for immediately.
(vii) The office equipment is to be depreciated at 2.5% of cost per month.
(viii) Staff of the department are granted advances under an advance scheme approved by the government. The advances will be recovered in four equal instalments beginning from the month following the month in which the advance is granted.

Required:
Prepare a cash budget for the department for the Second Quarter of 202X showing clearly the cash forecast for individual months and the total for the quarter as a whole.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Advances, Budgetary Control, Cash Budgeting, Cash Flow, Consolidated Fund, Donations, Government Grants, Internally Generated Funds, Payments, Receipts
Level: Level 2

Topic: Cash budgets and master budgets

Tag (SQ): Consolidated Fund

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PSAF – L2 – Q13.5 – Financial Statements Analysis

Prepare and analyze a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022.

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

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

L2 – Q73 – Cash Budgets and Master Budgets

Prepare a cash budget for Ministry of Commerce for April–June 202X, showing monthly and quarterly totals.

MA – L2 – Q13 – Cash budgets and master budgets

Prepare a cash budget for the Department of Commerce for Q2 202X, showing monthly and quarterly cash forecasts.

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PSAF – L2 – Q13.5 – Financial Statements Analysis

Prepare and analyze a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022.

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

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

You're reporting an error for "PSAF – L2 – Q11.1- Preparation and Presentation of Financial Statements for Central Government"

L2 – Q73 – Cash Budgets and Master Budgets

Prepare a cash budget for Ministry of Commerce for April–June 202X, showing monthly and quarterly totals.

You're reporting an error for "L2 – Q73 – Cash Budgets and Master Budgets"

MA – L2 – Q13 – Cash budgets and master budgets

Prepare a cash budget for the Department of Commerce for Q2 202X, showing monthly and quarterly cash forecasts.

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