- 20 Marks
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 |
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