Additional Information: I. The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. II. Stationery stock as at 31/12/2019 was $200,500,000 but have a Net Realizable Value of $155,254,000. II. Social benefits of $1,720,000 yet to be paid during the year was included in the Work In Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet paid. IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff. V. Provision is to be made for interest on loans. 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtful debt is estimated to be 5% of outstanding school VI. fees. VII. The university uses straight line basis of depreciation for Capital Assets. Capital Assets

Additional Information: I. The college has adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparation of its financial statements. II. Stationery stock as at 31/12/2019 was $200,500,000 but have a Net Realizable Value of $155,254,000. II. Social benefits of $1,720,000 yet to be paid during the year was included in the Work In Progress value. Consultancy cost amounting $234,500,000 was incurred but not yet paid. IV. Books and Research Allowance was received from Government during the period amounting to $337,530,000 for disbursement to qualified Lectures and Administrative staff. V. Provision is to be made for interest on loans. 60% of the receivables represent an amount of students' fees outstanding as at 31/12/2018. Provision for doubtful debt is estimated to be 5% of outstanding school VI. fees. VII. The university uses straight line basis of depreciation for Capital Assets. Capital Assets

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…
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ucation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FI... A ork 7 1 Trial Balance-December 31, 2020 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Position: Restricted for Scholarships 3 $ * District. Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School O f5 % Question 3 - Ch 07 Homework - Connect 5 t f6 Complete this question by entering your answers in the tabs below. 4- 6 110 111 Help GE67°F Ⓒ 0: Save & Exit Check my work Subm Co & 8:52 PM 10/13/202 backspa
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