ACCO 30033 Accounting for National Government Agencies (NGAs)

Exercise 1. Required: Journalize the transactions with codes.

1. Received the NCA from DBM for P1,800,000.
Regular-P1,500,000 TRA-P300,000

Cash-MDS, Regular 1-01-04-040 1,500,000.00

Cash-Tax Remittance Advice 1-01-04-070 300,000.00

Subsidy from National Government 4-03-01-010 1,800,000.00

2. Recorded the obligation and liability for Payroll.

Salaries 400,000
PERA 50,000 P450,000
Less: Withholding tax 60,000
Ret. & Life Ins. Prems. 45,000
Pag-IBIG premiums 6,000
PhilHealth premiums 4,000 115,000
Net amount 335,000

Salaries and Wages, Regular 5-01-01-010 400,000.00

Personal Economic Relief Allowance(PERA) 5-01-02-010 50,000.00

Due to BIR 2-02-01-010 60,000.00

Due to GSIS 2-02-01-020 45,000.00

Due to Pag-IBIG 2-02-01-030 6,000.00

Due to Philhealth 2-02-01-040 4,000.00

Due to Officers and Employees 2-01-01-020 335,000.00

3. Granted cash advance for payroll-P335,000.

Advances for Payroll 1-99-01-020 335,000.00

Cash-MDS, Regular 1-01-04-040 335,000.00

4. Liquidated the cash advance for payroll.

Due to Officers and Employees 2-01-01-020 335,000.00

Advances for Payroll 1-99-01-020 335,000.00

5. Remitted the salary deductions, excluding withholding tax.

Due to GSIS 2-02-01-020 45,000.00

Due to Pag-IBIG 2-02-01-030 6,000.00

Due to PHILHEALTH 2-02-01-040 4,000.00

Cash-MDS, Regular 1-01-04-040 55,000.00