Neco 2022 Financial Accounting Question 34

The Department of Education has the following data for the fiscal year:\n\nOpening balances:\n- Cash: \(\text{₦}20,000,000\)\n- Receivables (taxes due): \(\text{₦}5,000,000\)\n- Accrued expenses (credit): \(\text{₦}3,000,000\)\n\nBudgeted for the year:\n- Revenue (taxes): \(\text{₦}50,000,000\)\n- Expenditure: \(\text{₦}45,000,000\)\n\nActual during the year:\n- Tax revenue actually received: \(\text{₦}48,000,000\)\n- Expenditure actually paid: \(\text{₦}46,500,000\)\n- Additional grant received (not in budget): \(\text{₦}2,500,000\)\n- Unrecorded liability discovered at year‑end: \(\text{₦}1,200,000\) (should be accrued expense)\n\nPrepare the statement of financial position at year‑end showing cash, receivables, accrued expenses and fund balance. Also compute the overall budget variance and state whether the fund is over or under budget.