1 no journal entry needed, to be recorded in the Registry of Appropriations and Allotments
2 no journal entry needed, to be recorded in the Registry of Appropriations and Allotments
3 no journal entry needed, to be recorded in the Registry of Allotments, Obligations and
Disbursements
DR CR
4 Cash, Modified Disbursement Scheme (MDS) Regular 600,000.00
Subsidy from National Government 600,000.00
To record receipt of Notice of Cash Allocation.
Cash, Modified Disbursement Scheme (MDS) Regular 25,000.00
Subsidy from National Government 25,000.00
To record receipt of Notice of Cash Allocation for
payment of accounts payables.
5 Salaries and Wages, Regular 200,000.00
PERA 50,000.00
Due to BIR 20,000.00
Due to GSIS 9,000.00
Due to PAG-IBIG 2,000.00
Due to PHILHEALTH 1,000.00
Due to Officers and Employees 218,000.00
To recognize payable to Officers and Employees
and to set-up salary deductions.
6 Advances for Payroll 218,000.00
Cash - MDS, Regular 218,000.00
To record grant of advances to cover payment
of salaries and wages of employees.
7 Due to Officers and Employees 218,000.00
Advances for Payroll 218,000.00
To recognize liquidation of Advances for Payroll.
8 Office Supplies Inventory 5,000.00
Accounts Payable 5,000.00
To recognize receipt of delivery of office
supplies.
9 Office Supplies Inventory 70,000.00
Accounts Payable 70,000.00
To recognize receipt of delivery of office
supplies.
10 Accounts Payable 20,000.00
Due to BIR 2,000.00
Cash - MDS, Regular 18,000.00
To record payment of accounts payable.
Accounts Payable 5,000.00
Due to BIR 1,000.00
Cash - MDS, Regular 4,000.00
To record payment of accounts payable.
Accounts Payable 60,000.00
Due to BIR 3,000.00
Cash - MDS, Regular 57,000.00
To record payment of accounts payable.
11 Water Expenses 1,000.00
Electricity Expenseas 5,000.00
Telephone Expenses 2,000.00
Janitorial Services 10,000.00
Security Services 12,000.00
Due to BIR 2,000.00
Cash - MDS, Regular 28,000.00
To record payment of various utility and manpower
services.
12 Advances to Officers and Employees 2,000.00
Cash - MDS, Regular 2,000.00
To recognize granting of cash advance for local
travel.
13 Traveling Expenses - Local 1,800.00
Advances to Officers and Employees 1,800.00
To recognize liquidation of cash advance for
local travel.
14 Cash - Collecting Officer 200.00
Advances to Officers and Employees 200.00
To recognize refund of excess cash advance
Cash - Treasury/Agency Deposit, Regular 200.00
Cash - Collecting Officer 200.00
To recognize deposit of collection to Bureau of
Treasury.
15 Office Supplies Expenses 63,000.00
Office Supplies Inventory 63,000.00
To recognize issuances of supplies to end users.
16 Office Equipment 300,000.00
Accounts Payable 300,000.00
To recognize delivery of office equipment
Accounts Payable 300,000.00
Due to BIR 20,000.00
Cash - MDS, Regular 280,000.00
To record payment of accounts payable.
18 Cash - Tax Remittance Advice 48,000.00
Subsidy from National Government 48,000.00
To recognize construtive receipt of NCA for
TRA.
Due to BIR 48,000.00
Cash - Tax Remittance Advice 48,000.00
To recognize remittance to taxes withheld.
19 Due to GSIS 9,000.00
Due to PAG-IBIG 2,000.00
Due to PHILHEALTH 1,000.00
Cash - MDS, Regular 12,000.00
To recognize remittances of salary deductions
20 Accounts Receivable 180,000.00
Service and Business Income (or fill in the account used by your teacher)
180,000.00
To recognize billing of power supply system
and landing and parking fees.
21 Cash - Collecting Officer 100,000.00
Accounts Receivable 100,000.00
To recognize collection of accounts billed.
Cash - Treasury/Agency, Regular 90,000.00
Cash - Collecting Officer 90,000.00
To recognize deposit of collection to National
Treasury.
22 Cash - Collecting Officer 45,000.00
Accounts Receivable 45,000.00
To recognize collection of accounts billed.
Cash - Treasury/Agency, Regular 45,000.00
Cash - Collecting Officer 45,000.00
To recognize deposit of collection to National
Treasury.
23 Cash - Collecting Officer 370,000.00
Permit Fees 200,000.00
Registration Fees 160,000.00
Other Service Income 10,000.00
To recognize collection of various service income
Cash - Treasury/Agency, Regular 340,000.00
Cash - Collecting Officer 340,000.00
To recognize deposit of collection to National
Treasury.
Adjustments: Adjusting entries
1 Subsidy from National Government 6,000.00
Cash - MDS, Regular 6,000.00
To recognize reversion of unused NCA.
2 Depreciation Expenses - Buildings 50,000.00
Depreciation Expenses - Equipment 30,000.00
Accumulated Depreciation - Buildings 50,000.00
Accumulated Depreciation - Equipment 30,000.00
To recognize depreciation expenses for building
and equipment
3 Impairment Loss - Accounts Receivable 2,000.00
Allowance for Impairment - Accounts Receivable 2,000.00
To recognize allowance for impairment of
accounts receivable.
Closing entries:
Accumulated Surplus/(Deficit) 475,200.00
Cash - Treasury/Agency Deposit, Regular 475,200.00
To close Cash - Treasury/Agency Deposit, Regular to
Accumulated Surplus/(Deficit).
Subsidy from National Government 667,000.00
Revenue and Expense Summary 667,000.00
To close Subsidy from National Government to
Revenue and Expense Summary
Service and Business Income (or fill in the account used by your teacher) 180,000.00
Permit Fees 200,000.00
Registration Fees 160,000.00
Other Service Income 10,000.00
Revenue and Expense Summary 550,000.00
To close various Income account to
Revenue and Expense Summary
Revenue and Expense Summary 426,800.00
Salaries and Wages 200,000.00
PERA 50,000.00
Traveling Expenses - Local 1,800.00
Office Supplies Expenses 63,000.00
Water Expenses 1,000.00
Electricity Expenses 5,000.00
Telephone Expenses 2,000.00
Janitorial Services 10,000.00
Security Services 12,000.00
Depreciation Expenses - Building 50,000.00
Depreciation Expenses - Equipment 30,000.00
Impairment Loss - Accounts Receivable 2,000.00
To close various expense account to Revenue and
Expense Summary
Revenue and Expense Summary 740,200.00
Accumulated Surplus/(Deficit) 740,200.00
To close the balance of Revenue and Expense
Summary account to Accumulated Surplus/(Deficit).
Statement of Financial Position
ENTITY A
Statement of Financial Position
As of January 31, 2018
ASSETS
Current Assets
Cash:
Cash - Collecting Officer 45,000.00
Receivables:
Accounts Receivable 80,000.00
Less: Allowance for Impairment - Accounts Receivable 2,000.00 78,000.00
Inventories:
Office Supply Inventory 12,000.00
Total Current Assets 135,000.00
Non - Current Assets
Building 500,000.00
Less: Accumulated Depreciation 200,000.00 300,000.00
Office Equipment 450,000.00
Less: Accumulated Depreciation 90,000.00 360,000.00
Total Non - Current Assets 660,000.00
TOTAL ASSETS 795,000.00
LIABILITIES
Current Liabilities:
Accounts Payable 10,000.00
Total Liabilities 10,000.00
EQUITY
Accumulated Surplus/(Deficit) - see below for the computation of this amt.
785,000.00
Total Equity 785,000.00
TOTAL LIABILITIES AND EQUITY 795,000.00
INCOME STATEMENT OF STATEMENT OF FINANCIAL PERFORMANCE
ENTITY A
Income Statement
As of January 31, 2018
REVENUE
Service and Business Income (or fill in the account used by your teacher )
180,000.00
Permit Fees 200,000.00
Registration Fees 160,000.00
Other Service Income 10,000.00
TOTAL REVENUE 550,000.00
Less: Current Operating Expenses
Personal Services
Salaries and Wages 200,000.00
PERA 50,000.00
Total Personal Services 250,000.00
Maintenance and Other Operating Expenses
Traveling Expenses - Local 1,800.00
Office Supplies Expenses 63,000.00
Water Expenses 1,000.00
Electricity Expenses 5,000.00
Telephone Expenses 2,000.00
Janitorial Services 10,000.00
Security Services 12,000.00
Depreciation Expenses - Building 50,000.00
Depreciation Expenses - Equipment 30,000.00
Impairment Loss - Accounts Receivable 2,000.00
Total Maintenance and Other Operating Expenses 176,800.00
TOTAL CURRENT OPERATING EXPENSES 426,800.00
Suplus from Current Operations 123,200.00
Financial Assistance/Subsidy 667,000.00
Net Financial Assistance/Subsidy 667,000.00
Surplus for the period 790,200.00
ENTITY A
Statement of Changes in Net Assets/Equity
As of January 31, 2018
Balance at January 1, 2018 470,000.00
Add/(Deduct):
Changes in Net Assets/Equity
Adjustment (closing of Cash - Treasury/Agency Deposit, Regular) (475,200.00)
Surplus for the period 790,200.00
Balance at January 31, 2018 785,000.00
