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The following Trial Balance is the financial details of West Municipal Assembly for the year ended $31$ December, $2021.$

$ $000$

$ $000$

District Development Facility $($DDF$)$

$58,600$

Special Sanitation Grant from Government

$30,260$

Share of Common fund

$587,450$

Property Rate $($iii$)$

$73,230$

Funeral Rate

$25,270$

Salary Div $1$

$266,280$

Commission to Revenue Collectors

$15,790$

Printing and Publication

$66,110$

Utility Bills

$20,040$

Conferences

$14,580$

Donations

$80,770$

Contract Retention

$13,970$

Market Tolls

$25,550$

Court Fines

$109,400$

Marriage and Divorce Registration

$43,840$

Telecommunication Cost

$18,830$

Repairs and Maintenance

$9,720$

Town Hall Meetings

$64,890$

Special Audit Fees

$27,130$

Travel and Transport

$54,670$

Revenue Receivable

$208,570$

Salary Div $2$

$315,090$

Assembly Members Allowance

$79,000$

Consultancy Cost

$4,750$

Hawkers License

$37,150$

Chop bar License

$85,600$

Market stalls rent

$31,590$

Bungalow rent

$20,750$

Advertisement and Promotions

$11,500$

Office Consumables $(1/1/2021)$

$18,290$

Purchase of Office Consumable

$47,580$

Withholding Tax

$45,400$

Interest on Loan$/$ Financial Assets $($vii$)$

$5,740$

$1,050$

Other Expense $($iv$)$

$25,620$

Motor Vehicles $($v$)$

$61,180$

$18,220$

Building and Structures $($v$)$

$119,200$

$7,450$

Fixtures, Furniture and Fittings $($v$)$

$25,000$

$10,000$

Work in Progress $($vi$)$

$20,520$

Loans and Advances to Staff $($vii$)$

$20,700$

Payables

$96,760$

Long Term Loans

$75,330$

Accumulated Fund

$70,870$

Cash and Cash Equivalents

$50,730$

$\_\_\_\_\_\_\_\_$

$1,560,010$

$1,560,010$

Additional Information

i$)$

It is the policy of the Assembly to adopt Accrual Basis in preparing its Financial Statements in compliance with Public Financial Management Act,$2016($Act $921),$ Public Financial Management Regulation $2019$ L$.$I $2378$ and the International Public Sector Accounting Standards $($IPSAS$)$ and Local Governance Act $2016,($Act $936).$

ii$)$

Office consumables in respect of stationery and other items bought remained unused during the year. The ending inventory amounted to $$1,550,000.$

iii$)$

Property Rates received in respect of $2022$ financial year amounted to $$2,050,000.$

iv$)$

Salaries outstanding during the year amounted to $$750,000$ and other expenses amounting to $$1,105,000$ paid in respect of $2022$ financial year.

v$)$

Consumption of fixed assets is charged on straight line basis for the year as follows:

Asset

Useful life

Motor vehicles

$10$ years

Furniture, Fixtures & fittings

$5$ years

Building and Structures

$50$ years

vi$)$

Included in the Work in progress is an amount of $$2,000,000$ relating to a Building which was completed, commissioned and put to use on $5$ July $2021,$ after an additional amount of $$800,000$ was spent to complete the pavement aspect of the building. This expenditure has not yet been paid.

vii$)$

Interest on Loans to staff is at the rate of $15\%$ per annum and interest on long term Loans is at the rate of $10\%$ per annum

Required:

Prepare:

a$)$

A Statement of Financial Performance for West Municipal for the year ended $31$ December $2021.$

b$)$

A Statement of Financial Position for West Municipal as at $31$ December, $2021.$

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