A. Prepare CORIS RA Statement of Cash Flow for the year ended December 31, 2020 using the direct methodB. Prepare CORIS RA Statement of Financial Performance for the year ended December 31, 2020 CORIS RECREATION ASSEMBLYCORIS RA is a government owned enterprise which is legislated to generate its own income which it usesto cover capital and recurrent expenditures. The legislations also give the government the powers toorder CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit.Outside of these powers, its government also provide CORIS RA with monthly subventions to cover itsrecurrent expenditures based on CORIS RA budgetary demands and the legal allocations by thegovernment.For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although someof the accounting transactions were recorded using the accrual basis. It should be noted that thegovernment instructed all of its agencies to use an accrual basis that is guided and recommended byIPSASS.You were asked by to government to assist CORIS RA with its accounting processes, which involved therecording, generation and preparation of accounting transactions and final accounts as stipulated by theIPSASS.Working with a team of qualified and experienced accountants, you were able to prepare the followingaccounting information of CORIS RA for the year ending December 2020:DetailsAmountDividend Received93,250Loan paymentAmounts Recovered143,000194,000200,000240,000275,000Interest ExpenseCourt Administration FeesCost of TrainingBar License300,400300,750330,000Store RentFines and PenaltiesGeneral Cleaning350,000370,000370,600SanitationAccumulated Fund (1/1/2020)Basic Taxes and Rates370,900390,470420,000AllowancesEquity Investment AcquiredRoyaltiesAccountancy and Consultancies costWork-In-Progress430,000470,000490,000530,370Herbalist LicensePosts not on Establishment580,000Other Expenditure600,000600,000620,000630,000630,920Stool Land RevenueTransport and Travelling costUtilitiesHostel License DetailsAmount660,000720,400Advances to StaffLocal Park FeesInventory and ConsumablesSpecial Services800,000820,000820,900840,300870,000Property RateSocial BenefitMarket TollsConsumption of Fixed AssetsInfrastructure, Plant and Equipment960,000980,000Permit Fees990,000990,3201,140,700Proceeds from Sale of EquityEstablished PostsDevelopment Bonds Issued1,300,0002,300,6002,330,0002,930,006,120,800Business IncomeLoans ReceivedLocal FundRent from Land and BuildingCentral Government Salaries12,000,00012,300,24015,000,600Cash and Cash Equivalent @ (1/1/2020)Parish Development FacilityNOTES1. You are to ensure that CORIS RA adopts and maintain the accrual accounting basis when preparingits financial statements2. As of December 31, 2020, the Established Post had outstanding salaries of $180,000,000.003. Closing Inventory and Consumables as at December 31, 2020 stood at $170,000,000.00Using the guidelines and formats set out in the applicable IPSASS, you are to:A. Prepare CORIS RA Statement of Cash Flow for the year ended December 31, 2020B. Prepare CORIS RA Statement of Financial Performance for the year ended December 31, 2020C. Using the contents presented in the Units supported by information in the relevant IPSASS, give acomprehensive definition (with examples) of revenue and expenditure appropriate for a CentralGovernment. ID. The IPSASS indicated some benefits of Cash Flow Information. State any two of these benefits toan entity and also the general public.

The cash flow statement is prepared at the end of the period to know the cash position. It reflects…

CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government.

CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government.

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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