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    This journal entry document records payroll expenses and tax remittances for salaries, wages, and employee benefits. It sets up a cash advance of 25,000 for payroll and records payables of 25,000 to officers and employees. It also records tax remittances of 10,000 to the BIR using a cash remittance advice funded by a 10,000 subsidy from the national government. The journal entries are posted to the general ledgers and various other records are updated.

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    This journal entry document records payroll expenses and tax remittances for salaries, wages, and employee benefits. It sets up a cash advance of 25,000 for payroll and records payables of 25,000 to officers and employees. It also records tax remittances of 10,000 to the BIR using a cash remittance advice funded by a 10,000 subsidy from the national government. The journal entries are posted to the general ledgers and various other records are updated.

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    © All Rights Reserved
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    5 views1 page

    3 Govacc

    Uploaded by

    yes yesno
    This journal entry document records payroll expenses and tax remittances for salaries, wages, and employee benefits. It sets up a cash advance of 25,000 for payroll and records payables of 25,000 to officers and employees. It also records tax remittances of 10,000 to the BIR using a cash remittance advice funded by a 10,000 subsidy from the national government. The journal entries are posted to the general ledgers and various other records are updated.

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    Journal Entry

    Salaries and wages, Regular P35,000

    Personal Economic Relief Allowance (PERA) 5,000

    Due to BIR 10,000

    Due to GSIS 2,000

    Due to PAG IBIG 2,000

    Due to Philhealth 1.000

    Due to Officers and Employees 25,000

    *Payable is posted in section C of ORS and in the appropriation ledgers.

    Grant of Cash advance payroll:

    Advance for payroll 25,000

    Cash- MDS . Regular 25,000

    *This entry is for the set up of payroll fund

    *The journal entry is posted on the appropriate general ledgers and section C of the ORS is updated for
    the posting of disbursement.

    *Disbursement is also updated on the Registry of Allotments, Obligations and Disbursement.(RAOD)

    Payroll fund is liquidated

    Due to Officers and Employees 25,000

    Advance for payroll 25,000

     Tax and mandatories withheld are remitted separately to the respective government agencies

    Tax remittance to BIR:

    Cash, Tax remittance Advice 10,000

    Subsidy from National Government 10,000

    Due to BIR 10,000

    Cash, Tax remittance Advice 10,000

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