Professional Documents
Culture Documents
Local Media6884512623317631833
Local Media6884512623317631833
1. Record the transactions and events. If no journal entry is needed, state the
r other document where the transaction or event is recorded.
a. Received GAA amounting to P 1,200,000.
The receipt of the appropriation of P 1,200,000 is posted (recorded) in the Registry o
and Allotments (RAPAL).
b. Received allotment amounting to P 1,100,000.
The receipt of the allotment of P 1,100,000 is posted (recorded) in the Registry of Ap
Allotments (RAPAL) and Registries of Allotments, Obligations and Disbursements (RAO
c. Entity A enters into the following contracts:
Employment contracts P 420,000
Purchase of office equipment 300,000
Purchase of office supplies 150,000
Contracts for various MOOE’s 230,000
The obligations are recorded in the Obligation Request and Status (ORS) and Regist
Allotments, Obligations and Disbursements (RAOD).
d. Receipt of Notice of Cash Allocation amounting to P 1,050,000.
Cash – Modified Disbursement System (MDS), Regular 1,050,000
Subsidy from National Government
To recognize receipt of NCA from DBM
The NCA is also posted (recorded) in the Registry of Allotments and Notice of Cash Al
(RANCA).
e. Accrual of P 400,000 salaries upon approval of payroll, including granting of cash a
liquidation thereof. The breakdown of salaries is as follows:
Salaries and Wages 380,000
Personal Economic Relief Allowance (PERA) 20,000
Gross Compensation 400,000
Withholding Tax 90,000
GSIS 30,000
Pag-IBIG 20,000
PhilHealth 10,000
Total Salary Deductions 150,000
p. Remitted all contributions due to GSIS, PhilHealth and Pag-IBIG, including those
fro
Due to GSIS 34,000
Due to Pag-IBIG 22,000
Due to PhilHealth 11,000
Cash – Modified Disbursement System (MDS), Regular
To recognize remittance to GSIS, Pag-IBIG and PhilHealth
7. Prepare the statement of financial position with cross references to the note
ENTITY A
STATEMENT OF FINANCIAL POSITION
(REGULAR AGENCY FUND)
AS AT DECEMBER 31, 20X1
ASSETS Notes
Current Assets
Cash and Cash Equivalents
Receivables 1
Inventories
Total Current Assets
Noncurrent Assets
Property, Plant and Equipment 2
Total Noncurrent Assets
TOTAL ASSETS
Current Liabilities
Financial Liabilities
Total Current Liabilities
TOTAL LIABILITIES
NET ASSETS/EQUITY
Accumulated Surplus/(Deficit)
TOTAL NET ASSETS/EQUITY
ENTITY A
STATEMENT OF FINANCIAL PERFORMANCE
(REGULAR AGENCY FUND)
FOR THE YEAR ENDED DECEMBER 31, 20X1
REVENUE Notes
Tax Revenue
Service and Business Income
TOTAL REVENUE
9. Prepare the notes to the financial statements showing breakdowns for the ff.
ENTITY A
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 20X1
Note 1: Receivables
This account consists of the following:
Accounts Receivable
Less: Allowance for Impairment - A/R
Accounts Receivable, net
Note 2: Property, Plant and Equipment
This account consists of the following:
Buildings
Office Equipment
Total Cost
Depreciation - Buildings
Depreciation - Office Equipment
Impairment Loss - Loans and Receivables
Non-cash Expenses
egistr y or
2. Post the transactions in the ledger. Use
T
ASSETS Cash – Collecting Officers
f App
ropriations
Beg. 30,000
30,000
-
1,050,000
Buildings
locati ons Beg. 800,000
nce and
dva
800,000
Accumulated Depreciation –
Office Equipment
180,000
180,000
LIABILITIES
Accounts Payable
60,000 Beg.
90,000 (f) 320,000 320,000 (f)
20,000 90,000
10,000
250,000
Due to GSIS
4,000
Accumula
34,000 30,000
ted
- Surplus/
(Deficit)
333,000
(p)
Beg.
250,000
(e)
333,000
EQUITY
250,000
320,000 50,000
INCOME
EXPENSES
20,000 Salaries and wages, Regular
300,00
380,000
380,000 (n)
Water Expenses
150,000
20,000
(e) 20,000
(j)
20,000
280,000
130,000
240,000
200,000
200,000
h direct deposit
50,000
160,000
160,000
m prior year.
67,000
Debit Credit
30,000
250,000
43,000
-
120,000
20,000
800,000
650,000
660,000
180,000
-
90,000
-
-
-
-
-
333,000
50,000
240,000
1,210,000
380,000
20,000
130,000
20,000
60,000
40,000
80,000
100,000
2,753,000 2,753,000
43,000
30,000
20,000
5,000
30,000 30,000
20,000 20,000
5,000 5,000
5,000
2,753,000 2,753,000 98,000 98,000 2,765,000
250,000
1,167,000
380,000
20,000
130,000
20,000
60,000
40,000
80,000
100,000
30,000
20,000
572,000
s.
30,000
115,000
20,000
165,000
580,000
580,000
745,000
90,000
90,000
90,000
655,000
655,000
655,000
notes.
50,000
240,000
290,000
400,000
430,000
55,000
885,000
-595,000
1,167,000
572,000
line items.
120,000
5,000
115,000
800,000
660,000
1,460,000
680,000
200,000
880,000
580,000
380,000
20,000
400,000
130,000
20,000
60,000
40,000
80,000
100,000
430,000
30,000
20,000
5,000
55,000
-accounts. GENERAL LEDGER
Cash – Treasury/Agency Deposit, Regular Cash –
(n) 50,000
250,000
Accounts Receivable
120,000
650,000 Beg.
(f)
650,000
2,000 Beg.
(p) 22,000 20,000 (e) (n)
240,000
PERA
(e) 20,000 (k)
20,000
Electricity Expenses
(j) 60,000 (j)
60,000
Security Expenses
(j) 100,000
100,000
ial Balance Statement of Financial Performance Statement of Financial Position
Credit Debit Credit Debit Credit
30,000
250,000
120,000
20,000
800,000
680,000 680,000
660,000
200,000 200,000
90,000 90,000
333,000 333,000
50,000 50,000
240,000 240,000
1,167,000 1,167,000
380,000
20,000
130,000
20,000
60,000
40,000
80,000
100,000
30,000
20,000
5,000
5,000 5,000
2,765,000 885,000 1,457,000 1,880,000 1,308,000
572,000 572,000
1,457,000 1,457,000 1,880,000 1,880,000
Modified Disbursement System (MDS), Regular
300,000 (g)
110,000 (i)
280,000 (j)
67,000 (p)
43,000
150,000
130,000 (k)
20,000
Office Equipment
340,000
320,000
660,000
Due to BIR
20,000 Beg.
90,000 (e)
10,000 (i)
160,000 20,000 (j)
-
Due to PhilHealth
1,000
11,000 10,000
-
Beg.
ubsidy from National Government (e)
1,050,000
160,000
1,210,000
Telephone Expenses
(d)
(o)
40,000
40,000
Closing Entries Post Closing Trial Balance
Debit Credit Debit Credit
30,000
250,000 -
-
120,000
20,000
800,000
680,000
660,000
200,000
90,000
250,000 572,000 655,000
50,000
240,000
1,167,000
380,000
20,000
130,000
20,000
60,000
40,000
80,000
100,000
30,000
20,000
5,000
5,000
1,707,000 1,707,000 1,630,000 1,630,000