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Annex K - Special Account - FAPs
Annex K - Special Account - FAPs
ILLUSTRATIVE ENTRIES
SPECIAL ACCOUNTS - FOREIGN ASSISTED / FOREIGN GRANTS FUND
AGENCY BOOKS BTr BOOKS
Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit
3) Receipt of SARO from the DBM 600,000 Posting in the appropriate RAOD
447
Annex K
9) Adjustment for Unused/lapsed NCA Subsidy from National Government 40301010 50,000
Cash - Modified Disbursement System
(MDS), Special Account 10104050 50,000
To close lapsed/unused NCA.
448
Annex K
d. Revenue and Expense Summary Revenue and Expense Summary 30301010 400,000 Revenue and Expense Summary 30301010 50,000
Accumulated Surplus/(Deficit) 30101010 400,000 Accumulated Surplus/(Deficit) 30101010 50,000
To close Revenue and Expense Summary To close Revenue and Expense Summary
Account to Accumulated Surplus/(Deficit) Account to Accumulated Surplus/(Deficit)
449
Annex C
ILLUSTRATIVE ENTRIES
SPECIAL ACCOUNTS - LOCALLY FUNDED / DOMESTIC GRANTS FUND
AGENCY BOOKS BTr BOOKS
Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit
To take up collection of
processing fees.
60
Annex C
AGENCY BOOKS BTr BOOKS
Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit
7) Payments of expenses Travelling Expenses - Local 50201010 30,000
Travelling Expenses - Local 30,000 Training and Scholarship Expenses 50202020 100,000
Training and Scholarship Expenses 100,000 Transportation and Delivery Expenses 50209040 20,000
Transportation and Delivery Expenses 20,000 Due to BIR 20201010 6,357
Total 150,000 Cash - Modified Disbursement
Less; Withholding tax on: System (MDS), Special Account 10104050 143,643
Training 6,357
10% withholding tax (income) 1,000 To record issuance of MDS checks.
1% withholding tax on income 893
5% withholding of final tax (VAT) 4,464
Net Amount Paid 143,643
To record replenishment of
negotiated MDS checks.
b. Remittance of taxes thru TRA Due to BIR 20201010 27,786 Cash - Treasury/Agency Deposit,
Cash - Tax Remittance Advice 10104070 27,786 Special Account 10104020 27,786
Cash - Tax Remittance Advice 10104070 27,786
61
Annex C
AGENCY BOOKS BTr BOOKS
Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit
Office Equipment 10605020 400,000 Cash - Tax Remittance Advice 10104070 27,786
Travelling Expenses - Local 50201010 30,000 Cash - Treasury/Agency Deposit,
Training and Scholarship Expenses 50202020 100,000 Special Account 10104020 72,214
Transportation and Delivery Expenses 50209040 20,000
Processing Fees 40201130 650,000
Total 650,000 650,000 Total 100,000 100,000
12) Closing Entries for:
c.Revenue and Expense Summary Revenue and Expense Summary 30301010 500,000
Accumulated Surplus/(Deficit) 30101010 500,000
62
Annex C
AGENCY BOOKS BTr BOOKS
Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit
Total 500,000 500,000
63