Beginning Balances:

Accounts Debit Credit

Cash Collecting Officer 10,000
Accounts Receivable 25,000
Office Equipment 80,000
Building 500,000
Due to BIR 4,250
Due to GSIS 1,275
Due to Pag-Ibig 850
Due to Philhealth 43
Accounts Payable 20,000
Accumulated Surplus (Deficit) 588,582
615,000 615,000

Transactions during the year:

1. Billing of Revenue/Income:
Rent Income 30,000
Parking Fees 270,000

A/R 300,000
Rent Income 30,000
Parking Fees 270,000
2. Collection of the Income above and remittance to BTr
Cash Collecting officers 300,000
Accounts Receivable 300,000

Remitted
CTAD, Regular 300,000
CCO 300,000
3. Collection of beginning accounts receivable and remittance to BTr
CCO 25,000
R/A 25,000

Remitted
CTAD, Regular 25,000
CCO 25,000

4. Receipt of GAA
PS 100,000
MOOE 750,000
CO 800,000
1,650,000

Memo Entry: RAPAL

5. Receipt of Allotment
PS 100,000
MOOE 750,000
CO 800,000
1,650,000

Memo Entry: RAPAL, RAOD

6. Receipt of Notice of Cash Allocation from DBM

PS 100,000
MOOE 750,000
CO 800,000
1,650,000

Cash-MDS, Regular 1,650,000

SING 1,650,000

7. Acquired Motor Vehicle amounting to 600,000 on account

Motor Vehicle 600,000
A/P 600,000

8. Remitted the beginning balance of Cash-Collecting Officer to BTr

CTAD, Regular 10,000
CCO 10,000

9. Payment of Operating Expenses during the year

Water Expenses 9,000
Electricity Expenses 10,000
Telephone Expenses 10,000
29,000

Water Expenses 9,000

Electricity Expenses 10,000
Telephone Expenses 10,000
Cash, MDS, Regular 29,000

10. Grant of Cash Advance for travelling expenses, 10,000

Advances to Special disbursing officers (Banned) 10,000
Cash-MDS, Regular 10,000

Advances to Officers and Employees (Not banned) 10,000

Cash- MDS, Regular 10,000

*Less than 1M di pwede magsign ng check

11. Liquidation of the Cash Advance amounting to 8,000

Traveling Expense 8,000
Advances to Officers and Employees 8,000
12. Receipt and Deposit of refund of excess cash advance for travelling expenses
CCO 2,000
Advances to officers and employees 2,000

13. Set up of payable to Officers and Employees upon approval of payroll

Salaries and Wages 100,000
PERA 50,000
Gross Compensation 150,000
Withholding Tax 40,000
GSIS 10,000
Pag-Ibig 10,000
Philhealth 5,000
Total Deductions 65,000
Net 85,000

Salary and wages 100,000

PERA (Personnel Economic Remit Allowance) 50,000
Due to BIR 40,000
Due to GSIS 10,000
Due to Pag-ibig 10,000
Due to Philhealth 5,000
Due to Officers and Employees 85,000

*PERA is not subjected for tax

*Gross Compensation is not subjected for tax
*Highest Salary grade is 33 which is only for Presidents
*32 Salary grade House Speakers
*31 Salary grade Senators
*Transportation Allowance is for biglaang lakad

14. Grant of Cash Advance for Overtime amounting to 100,000(use payroll as account)
Advances to Payroll 100,000
Cash- MDS, Regular 100,000

15. Depreciation Expense during the year:

Building 5,000
Equipment 5,000
Motor Vehicle 5,000

Depreciation Expense-Building
Depreciation Expense- Equipment
Depreciation Expense- Motor Vehicle
AD- Building
AD- Equipment
AD- Motor Vehicle
16. Payment of all mandatory contributions (including the beginning balance) and due to officers and employees
(Salaries)

Due to Officers and Employees 85,000

Due to GSIS 11,275
Due to Pag-ibig 10,850
Due to Philhealth 5,043
Cash-MDS, Regular 112,168

17. Constructive Receipt of NCA for TRA amounting to 44,250

Cash-TRA 44,250
SING 44,250

18. Remittance of all tax withheld (including the beginning balance)

Due to BIR 44,250
Cash-TRA 44,250

19. Liquidation of Cash Advance for Overtime

Overtime and Night Pay 100,000
Advances to payroll 100,000

20. Payment of all payables on account

A/P 620,000
Cash-MDS, Regular 620,000

Requirement:
a. Prepare all pertinent entries
b. Closing entries
c. Post Closing Trial Balance
d. Statement of Financial Position
e. Statement of Financial Performance
f. Statement of Changes in Net Assets
 Cash-MDS, Regular
1,650,00 29,000
10,000
100,000
112,168
620,000
778,832

SING 778,832
Cash-MDS, Regular 778,832

44,250
(77,832)

SING 915,418
Rent Income 30,000
Parking Fees 270,000
Revenue and Expense Account 125,180

Revenue and Expense Account 302,000

Salaries and Wages 150,000
PERA 50,000
Water Expense 9,000
Electricity Expense 10,000
Telephone Expense 10,000
DE-Building 5,000
DE-Equipment 5,000
DE-Motor Vehicle 5,000
Overtime and Night Pay 8,000

Statement of Financial Performance

Revenue: SING 915,418

Rent Income 30,000
Parking Fees 1,994,250

Expenses:
Cash Expenses
Personnel Expenses: Salary and wages 100,000
PERA 50,000
Overtime and Payment