John John BSAC 3 – ACA

ABC National Government Agency

1. Journal Entries
REGIONAL OFFICE
Date Transaction Dr. Cr.
3 Advances to Officers and Employees P10,000
Cash – MDS, Regular P10,000

4 Cash – Collecting Officer 500,000,000

Income Taxes 500,000,000

Cash – Treasury 500,000,000

Cash – Collecting Officer 500,000,000

Oct 5 Cash – Collecting Officer 200,000

Grants and Donations 200,000

Cash – Treasury 200,000

Cash – Collecting Officer 200,000

7 Travel Expenses 13,000

Due to Officers and Employees 3,000
Advances to Officers and Employees 10,000

Due to Officers and Employees 3,000

Cash – MDS, Regular 3,000

7 Salaries & Wages 500,000

PERA 50,000
Due to GSIS 12,000
Due to BIR 27,000
Due to PAG-IBIG 8,000
Due to PHILHEALTH 5,000
Due to Officers and Employees 498,000

Advances for Payroll 498,000

Cash – MDS, regular 498,000

Due to Officers and Employees 498,000

Advances for Payroll 498,000

8 Due to GSIS 12,000

Due to PAG-IBIG 8,000
Due to PHILHEALTH 5,000
Cash – MDS, regular 25,000

Cash – TRA 27,000

Subsidy from National Government 27,000

Due to BIR 27,000

Cash – TRA 27,000

9 Electricity Expense 40,000

Telephone Expense 15,000
Accounts Payable 55,000

10 Accounts Payable 55,000

Cash – MDS, regular 55,000

11 Supplies Inventory 35,000

Cash – MDS, regular 35,000

12 Rent Expense 18,000

Cash – MDS, regular 18,000

13 Supplies Expense 30,000

Supplies Inventory 30,000
 14 Cash – MDS, regular 5,000,000
Subsidy from National Government 5,000,000

Advances to Contractor 300,000

Cash – MDS, regular 300,000

Cash – Collecting Officer 500,000

Guarantee Deposit Payable 500,000

Cash in Bank – LCCA 500,000

Cash – Collecting Officer 500,000

20 Construction in Process – Building 1,350,000

Advances to Contractor 300,000
Due to BIR 135,000
Cash – MDS, regular 915,000

21 Cash – Collecting Officer 500,000

Seminar Fees 500,000

Cash in Bank – LCCA 500,000

Cash – Collecting Officer 500,000

Supplies expense 20,000

Rent expense 15,000
Printing and binding expense 3,000
Cash in Bank - LCCA 38,000

Cash – Treasury 462,000

Cash in Bank – LCCA 462,000

Dec 25 Construction in Progress – Building 1,650,000

Due to BIR 165,000
Cash – MDS, regular 1,485,000

Cash – TRA 300,000

Subsidy from National Government 300,000

Due to BIR 300,000

Cash – TRA 300,000

Guarantee Deposit Payable 500,000

Cash – LCCA 500,000

Building 3,000,000
Construction in Progress - Building 3,000,000
 2. Closing Entries
To close income accounts:
Other service income 15,000
Sales revenue 35,000
Income Taxes 500,000,000
Seminar Fees 500,000
Grants and donations 200,000
Revenue and Expense Summary 500,750,000

To close expense accounts:

Revenue and Expense Summary 3,959,250
Salaries and Wages 2,062,000
Traveling expense 50,000
PERA 263,000
Life and retirement 266,250
Pag-ibig 14,200
Philhealth 21,300
Depreciation 48,000
Rent expense 123,000
Various Operating expenses 970,000
Bank and service charges 33,500
Electricity expense 40,000
Telephone expense 15,000
Supplies expense 50,000
Printing and binding expense 3,000

To close Subsidy from National Government:

Subsidy from National Government 9,520,000
Revenue and Expense Summary 9,520,000

To close Revenue and Expense Summary:

Revenue and Expense Summary 506,310,750
Accumulated Surplus 506,310,750

To close cash deposit :

Cash – Treasury 1,681,750
Cash – MDS, regular 1,681,750

Accumulated Surplus 502,343,750

Cash – Treasury 502,343,750
 3. Pre-closing financial statements
a. Statement of Financial Position
ABC National Government Agency
Statement of Financial Position
As at December 31, 2016

ASSETS
Current Assets
Cash – MDS, regular 1,681,750
Cash - Treasury 500,662,000
Cash in Bank – LCCA 550,000
Prepaid Rent 30,000
Prepaid expense 165,000
Supplies inventory 5,000
Total Current Assets 503,309,750

Noncurrent Assets
Office Equipment (net) 376,000
PI – Municipal Park 376,000
Building 3,000,000
Total Noncurrent Asset 3,752,000

TOTAL ASSET 507,061,750

LIABILITIES
Accrued expenses 35,000
TOTAL LIABILITIES 35,000

EQUITY
Accumulated Surplus 507,026,750
TOTAL EQUITY 507,026,750

ABC National Government Agency

Statement of Financial Performance
As at December 31, 2016

Revenue
Subsidy from National Government 9,520,000
Other service income 15,000
Sales revenue 35,000
Income Taxes 500,000,000
Seminar Fees 500,000
Grants and donations 200,000
TOTAL REVENUE 510,270,000

Less: Expenses
Salaries and Wages 2,062,000
Traveling expense 50,000
PERA 263,000
Life and retirement 266,250
Pag-ibig 14,200
Philhealth 21,300
Depreciation 48,000
Rent expense 123,000
Various Operating expenses 970,000
Bank and service charges 33,500
Electricity expense 40,000
Telephone expense 15,000
Supplies expense 50,000
Printing and binding expense 3,000
TOTAL EXPENSES 39,592,500

SURPLUS for the period 470,677,500