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    Lecture 3

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    Philip Jhon Bayo
    The document provides accounting entries for various transactions of a government agency, including recognizing receipt of funds from the national government, paying salaries and expenses, acquiring and using supplies, granting and liquidating cash advances, collecting and remitting fees, and paying obligations to government institutions. The entries cover recognizing assets, liabilities, revenues and expenses in accordance with accounting standards for government and non-profit organizations. Proper recording of these transactions ensures accurate financial reporting for the agency.

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    Lecture 3

    Uploaded by

    Philip Jhon Bayo
    16 views3 pages
    The document provides accounting entries for various transactions of a government agency, including recognizing receipt of funds from the national government, paying salaries and expenses, acquiring and using supplies, granting and liquidating cash advances, collecting and remitting fees, and paying obligations to government institutions. The entries cover recognizing assets, liabilities, revenues and expenses in accordance with accounting standards for government and non-profit organizations. Proper recording of these transactions ensures accurate financial reporting for the agency.

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    LECTURE 3

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    The document provides accounting entries for various transactions of a government agency, including recognizing receipt of funds from the national government, paying salaries and expenses, acquiring and using supplies, granting and liquidating cash advances, collecting and remitting fees, and paying obligations to government institutions. The entries cover recognizing assets, liabilities, revenues and expenses in accordance with accounting standards for government and non-profit organizations. Proper recording of these transactions ensures accurate financial reporting for the agency.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views3 pages

    Lecture 3

    Uploaded by

    Philip Jhon Bayo
    The document provides accounting entries for various transactions of a government agency, including recognizing receipt of funds from the national government, paying salaries and expenses, acquiring and using supplies, granting and liquidating cash advances, collecting and remitting fees, and paying obligations to government institutions. The entries cover recognizing assets, liabilities, revenues and expenses in accordance with accounting standards for government and non-profit organizations. Proper recording of these transactions ensures accurate financial reporting for the agency.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    NAME: BAYO, PHILIP JHON E.

    3022 ACCTG39 Accounting for Government and Non-Profit Organization

    Requirement A: Recordings

    A. No entry. The appropriation is recorded in the RAPAL.


    B. No entry. The allotment is recorded in RAPAL and RAOD.
    C. No entry. The obligations are recorded in ORS and RAOD.
    D. To recognize receipt of NCA from the DBM:
    Cash - MDS 430,000
    Subsidy from National Government 430,000
    E. To recognize payable to officers and employees upon approval of payroll:
    Salaries and Wages, Regular 70,000
    Personal Economics Relief Allowance (PERA) 10,000
    Due to BIR 18,000
    Due to GSIS 4,000
    Due to Pag-IBIG 1,000
    Due to PhilHealth 2,000
    Due to Officers and Employees 55,000
    To recognize grant of cash advance for payroll:
    Advances for Payroll 55,000
    Cash- MDS, Regular 55,000
    To recognize liquidation of Payroll Fund:
    Due to officers and employees 55,000
    Advances for payroll 55,000
    F. To recognize delivery of office equipment:
    Office Equipment 200,000
    Accounts Payable 200,000
    To recognize depreciation of office equipment:
    Depreciation - Machinery and Equipment 38,000
    Accumulated Depreciation - O.E 38,000
    G. To recognize payment of accounts payable:
    Accounts Payable 200,000
    Due to BIR 12,000
    Cash - MDS,Regular 188,000
    H. To recognize delivery of office supplies:
    Office Supplies Inventory 100,000
    Due to BIR 5,000
    Cash- MDS, Regular 95,000
    I. To recognize the issuance of Office Supplies:
    Office Supplies Expense 90,000
    Office Supplies Inventory 90,000
    J. To recognize grant of Cash advance:
    Advances to Officers and Employees 20,000
    Cash - MDS, Regular 20,000
    To recognize liquidation of cash advance:
    Travelling Expenses - Local 17,000
    Advances to Officers and Employees 17,000
    To recognize refund of excess cash advance:
    Cash - Collecting Officers 3,000
    Advances to Officers and Employees 3,000
    To recognize remittance of the refund of excess cash delivery:
    Cash - Treasury/Agency Deposit, Regular 3,000
    Cash - Collecting Officers 3,000
    K. To recognize collection of unbilled service income:
    Cash - Collecting Officers 40,000
    Permit fees 40,000
    To recognize remittance of income to the BTr.
    Cash - Treasury/Agency Deposit, Regular 30,000
    Cash - Collecting Officers 30,000
    L. To recognize issuance of MDS checks as payment for expenses:
    Water Expenses 5,000
    Electricity Expenses 10,000
    Due to BIR 2,000
    Cash - MDS, Regular 13,000
    M. To recognize the constructive receipt of NCA for TRA:
    Cash - Tax Remittance Advice 37,000
    Subsidy from National Government 37,000
    To recognize constructive remittance to BIR of taxes withheld through TRA:
    Due to BIR 37,000
    Cash - Tax Remittance Advice 37,000
    N. To recognize remittance to GSIS, Pag-IBIG and PhilHealth:
    Due to GSIS 4,000
    Due to Pag-IBIG 1,000
    Due to PhilHealth 2,000
    Cash - MDS, Regular 7,000

    Requirement B. Posting in the Ledger

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