Gce Model Questions Vol1 2021 Financial Accounting Question 10

A local authority prepares its annual financial statements under IPSAS for the year ended 31 March 2025. The following information is given:\\ - Total revenue appropriated in the budget: \(£5{,}200{,}000\).\ - Actual revenue collected: \(£4{,}950{,}000\), with an additional \(£150{,}000\) of uncollected revenue expected to be collected next year and classified as a receivable.\ - Expenditure appropriated: \(£4{,}800{,}000\), of which \(£4{,}500{,}000\) has been incurred and paid, \(£300{,}000\) incurred but not yet paid (accrued), and an unbudgeted expenditure of \(£50{,}000\) was incurred and paid during the year.\ Prepare the statement of financial performance showing: (a) total revenue recognized, (b) total expense recognized, (c) surplus/deficit for the year, (d) the amount to be shown as a budgetary adjustment (difference between appropriated and actual amounts) in the notes.