Professional Documents
Culture Documents
LGU NGAS - Ch3 Sec11to140Vol3
LGU NGAS - Ch3 Sec11to140Vol3
LGU NGAS - Ch3 Sec11to140Vol3
DESCRIPTION OF ACCOUNTS
ASSETS
CASH
24
Credit this account for:
25
Checks issued
Debit advices/memos received
26
Deposits of foreign currency in current account
Credit advices /memos received
Interest earned net of withholding tax
Checks issued
Debit advices/memos received
RECEIVABLES
27
Sec. 21. Accounts Receivable (121). This account is used to
record the amount due from customers/clients resulting from services
rendered, trading/business transactions or sale of merchandise or
property which are expected to be collected in the regular course of
business or over a definite period.
28
Short-term loans granted to duly authorized
recipients
Current portion of long-term loans receivables
29
Interest earned but not yet collected
Sec. 28. Due from Other Funds (129) This account is used
to record the amount due from other funds of the LGUs.
30
Sec. 29. Due from NGAs (130). This account is used to
record the amount due from departments, bureaus and other offices
of the National Government.
Receipt of IRA
Authorized write-off of accounts
31
Insurance claim from General Insurance Fund of
GSIS
Overpayment to GOCCs/GFIs
Loans granted to GOCCs/GFIs
32
Compliance to requirements or non-cash
settlement
MARKETABLE SECURITIES
33
Credit this account for:
Purchase of stocks
Purchase of bonds
34
INVENTORIES
35
Inventory shortage/loss
36
Sec. 45. Office Supplies Inventory (149). This account is
used to record the value of consumable items and accounting forms
purchased or acquired for use in the course of government
operations.
Purchase of –
Medical and dental supplies
Drugs and medicines for
clinic/hospital/sanitary/ center
consumption
Laboratory supplies for use in research
activities
37
calamities/disasters/areas in conflict. All purchases of perishable
items shall be directly charged to Food and Non-food Expense (851)
Use/Consumption
Other modes of disposition
38
Sale of fertilizers and pesticides and other
agricultural supplies
Issuance or consumption for the implementation
of projects
Other modes of disposition
39
Other modes of disposition
40
Sale of confiscated goods and properties
Other modes of disposal of confiscated goods
and properties
Inventory of forms/brochures/leaflets/motor
vehicle plates/car stickers, etc.
Inventory of workbooks for distribution to public
schools
Inventory of waste products/scrap materials
Other inventory items
PREPAID EXPENSES
41
Expired or expense portion at the end of the
accounting period
42
Expired portion of the other prepaid expenses at
the end of accounting period
43
Sec. 62. Advances to Contractors (168). This account is
used to record the payment authorized by law to be made in advance
to contractors upon submission of the required bond or stand by letter
of credit.
LONG-TERM INVESTMENTS
44
Transfer of the current portion of the loan to
Loans Receivable, Current
Sale of stocks
45
Credit this account for:
Redemption of bonds
Resale of bonds
46
Redemption of securities
Sale of securities
Adjustment
Purchase of land
Transfer from government agencies, private
entities and individuals
47
Transfer due to court order
Transfer from other funds
Free acquisition/donation
Appreciation
Acquisition of land levied and forfeited by LGU
for want of bidders
Sale
Transfer to government agencies
Transfer to other funds
Donation
Redemption of forfeited land
48
Debit this account for:
49
Sec. 77. Buildings (204). This account is used to record the
cost or appraised value of the buildings purchased or constructed
(other than school buildings, market, slaughterhouse, hospitals and
health centers), including related improvements which are capital in
nature.
Sale
Transfers to government agencies
Transfer to other funds
Involuntary destruction
Demolition
Donation
50
Credit this account for:
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Demolition
Donation
51
Cumulative amount of depreciation charged
against the building upon retirement, sale
or demolition
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
206.1 - Markets
206.2 – Slaughterhouse
52
Sec. 82. Accumulated Depreciation - Markets and
Slaughterhouses (306). This account is used to record the
cumulative reduction in value of markets and slaughterhouses due to
use in the course of operation or in production of income.
53
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Demolition
Donation
207-01 – Hospitals
207-02 – Health Centers
54
Additions, improvements, alteration,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property
Transfer from government agencies, private
entities and individuals
Transfer due to court order
Transfer from other funds
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Demolition
Donation
55
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
56
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
57
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
58
For the purpose of identifying the depreciation of the
particular asset account the following sub-accounts shall be
used:
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
59
Cumulative amount of depreciation charged
against construction and heavy equipment
upon retirement, sale or destruction
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
60
Sec. 96. Accumulated Depreciation - Technical and
Scientific Equipment (314). This account is used to record the
cumulative reduction in value of technical and scientific equipment
due to use in the course of operation or in production of income.
61
Credit this account for:
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
62
Purchase of telegraph, telephone, cable, TV and
radio equipment
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
216-01 – Telegraph
216-02 – Telephone
216-03 – Cable
216-04 – TV
216-05 – Radio Equipment
63
Credit this account for:
64
For the purpose of identifying the particular asset
account, the following sub-accounts shall be used:
65
Purchase of motor vehicles
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
Purchase of watercrafts
66
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
Purchase of trains
Additions, improvements, alterations,
replacements, major repairs, etc. which are
67
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
Purchase of aircrafts
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
68
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
221-01 – Aircrafts
221-02 – Aircraft Ground Equipment
69
Sec. 111. Office Equipment (222). This account is used to
record the cost or appraised value of office equipment acquired.
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
70
Periodic charges as depreciation expenses for
office equipment
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
71
Periodic charges as depreciation expenses for
other equipment
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
224-01 – Furniture
224-02 – Fixtures
72
Cumulative amount of depreciation charged
against furniture and fixtures upon
retirement, sale or destruction
Purchase of ordnance
Additions, improvements, alterations,
replacements, major repairs, etc. which are
capitalized when it extends the life, increase
the capacity or improve the efficiency or
safety of the property.
Transfer from government agencies, private
entities and individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
73
Sec. 118. Accumulated Depreciation - Ordnance (325).
This account is used to record the cumulative reduction in value of
ordnance due to use in the course of operation or in production of
income.
Purchase of books
Transfer from government/private agencies and
individuals
Transfer from other funds
Items found at station
Free acquisition/donation
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
74
Sec. 120. Accumulated Depreciation - Books (326). This
account is used to record the cumulative reduction in value of books
due to use in the course of operation or in production of income.
Sale
Transfer to government agencies
Transfer to other funds
Involuntary destruction
Donation
75
Sec. 122. Accumulated Depreciation - Other Property,
Plant and Equipment (327). This account is used to record the
cumulative reduction in value of other property, plant and equipment
due to use in the course of operation or in production of income.
Sale
Transfer to government agencies
Transfer to other funds
Death
Donation
76
228-02 – Other Animals
Sale
Transfer to government agencies
Transfer to other funds
Death
Donation
77
230 – 01 – Buildings
230 – 02 – School Buildings
230 – 03 – Markets and Slaughterhouses
230 – 04 – Hospitals and Health Centers
230 – 09 – Other Structures
231 – 01 – Plaza
231 – 02 – Parks
231 – 03 – Monuments
78
Transfer to Public Infrastructures account
upon completion
Transfer of discontinued infrastructure projects
to Public Infrastructures account
232 – 01 – Roads
232 – 02 – Highways
232 – 03 – Bridges
233 – 01 – Ports
233 – 02 – Lighthouses
233 – 03 – Harbors
233 – 04 – Seawalls
233 – 05 – River Walls
233 – 06 – Others
79
Sec. 129. Construction in Progress – Airports and
Runways (234). This account is used to record the cost or
accumulated value of airports and runways which are under
construction.
234 - 01 – Airports
234 – 02 – Runways
80
Sec. 131. Construction in Progress – Waterways,
Aqueducts, etc. (236). This account is used to record the cost or
accumulated value of waterways, aqueducts, etc. which are under
construction.
236 – 01 – Waterways
236 – 02 – Aqueducts
236 – 03 – Others
81
237 – 01 – Irrigation
237 – 02 – Canals
237 – 03 – Laterals
82
Sec. 135. Construction in Progress – Reforestation
Projects (242). This account is used to record the cost or
accumulated value of all Reforestation Projects still under
completion.
83
projects which were discontinued by the government for valid
reason.
Sale
Transfer to government agencies
Involuntary destruction
Donation
245 – 01 – Arts
245 – 02 – Archeological Specimen
245 – 03 – Other Exhibits
84
Sec. 139. Items in Transit (249). This account is used to
record the cost or accumulated value of imported equipment already
paid but not yet delivered/received.
Sale
Transfer to government agencies
Donation
85