Pro-forma Accounting Entries

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Particulars
Account Title
Acct.
Code
Debit
Credit
INCOME
1. Real Property Tax – Basic
A. Books of the
Municipality
a. Setting-up of RPT Receivable
Real Property Tax Receivable
124
RPT = P1,000
RPT Sharing: Municipal - 40%
Province - 35%
Barangay - 25%
b. Receipt of
Payment
Deferred Real
Property Tax Income
Cash in Treasury
Real Property Tax Receivable
1,000
448
1,000
101
100
124
c. Distribution of Collection
RPT Sharing:
Deferred Real Property Tax Income
Real Property Tax
Municipal - 40%
Province - 35%
Barangay - 25%
d. Deposit of Collections
e. Remittance of Share (Province)
f. Remittance of Share (Barangay)
B. Books of the Province
a. Upon receipt of the Summary
Municipal Accountant
of the JEV from the
b. Upon receipt of share
2. Operating and Service Income
a. Receipt of Income
b. Deposit of Collections
3. Share from Internal Revenue Collections
a. Receipt of Notice of Funding Check Issued from the
DBM and credit memo from
100
100
Due to LGUs
448
711
431
Cash in Bank – LCCA
Cash in Treasury
110
101
100
Due to LGUs
Cash in Bank – LCCA
431
110
35
Due to LGUs
Cash in Bank – LCCA
431
110
25
Due from LGUs
Real Property Tax
131
711
35
Cash in Bank – LCCA
Due from LGUs
110
131
35
Cash in Treasury
Receipts from Markets
Garbage Fees
101
783
772
100
Cash in Bank – LCCA
Cash in Treasury
110
101
100
Cash in Bank –LCCA
Share from Internal Revenue
Collections
110
1,000
Due from NGAs
Share from Internal
Revenue Collections
130
Cash in Treasury
Income from Grants and Donations
101
40
60
100
35
25
35
35
90
10
100
746
1,000
the bank for Share from Internal Revenue Collections
b. Receipt of Notice of Funding Check Issued
from the DBM for Share from Internal Revenue
Collections
4. Grants and Donations
a. Receipt of grants and donations in cash
(Donations in kind shall be booked-up using the
appropriate asset account)
b. Receipt of grants and donations in kind Motor Vehicle:
Original Cost P1,000
Less: Acc. Depn. 200
Book Value P 800
1,000
746
1,000
100
Motor Vehicles
Invested Equity
651
218
537
100
(At the end of Year)
Invested Equity
Government Equity
537
501
800
110
1,000
800
800
800
5. BORROWINGS
a. Receipt of borrowed funds from bank Principal - P1,000
Bank Charges - 10
Cash in Bank –LCCA
Loans Payable – Current, Domestic
403
1,000
Particulars
Interest Expense- 12
b. Receipt of borrowed funds from other agency -
Principal P1,000
Interest Expense - 6
c. Payment of loan amortization
Account Title
Bank Charges
Interest Expenses
Cash in Bank –LCCA
Cash in Treasury
Loans Payable – Current, domestic
Interest Expenses
Cash in Bank – LCCA
Acct.
Code
951
952
110
Debit
Credit
10
12
22
101
1,000
403
952
110
6
1,000
6
Loans Payable – Current, Domestic
403
110
200
Subsidy to Other Funds
Cash in Bank – LCCA
897
110
500
Cash in Treasury Subsidy from Other
101
500
Cash in Bank - LCCA
200
6. SUBSIDIES
a. Subsidy from Other Funds (General Fund to Special Education Fund)
GENERAL FUND BOOKS
Transfer of subsidy
to Special Education Fund (Aid to
SEF to finance its projects)
500
SPECIAL EDUCATION FUND BOOKS
Receipt of subsidy funds from Other funds
Funds
605
500
b. Special Accounts (subsidy from General Fund proper to Operation of Public Market)
BOOKS OF GENERAL FUND PROPER
Transfer of subsidy to Special Account
Subsidy to Special Accounts
Cash in Bank – LCCA
898
110
500
110
500
500
BOOKS OF SPECIAL ACCOUNT (OPERATION OF PUBLIC MARKET)
Receipt of subsidy from
General Fund Proper
7. REFUND OF CASH ADVANCES
a. Cash Advance by an Officer for Local Travel
a. To take up the cash advance
Cash in Bank – LCCA
Subsidy from Special
Accounts
500
Due from Officers & Employees
Cash in Bank – LCCA
b. To take up refund of cash advance
606
Cash in Treasury
Due from Officers & Employees
128
110
10
101
10
10
128
10
b. Cash Advance by a Disbursing Officer for Salaries and Wages
a. To take up the cash advance
Cash – Disbursing Officers
Cash in Bank – LCCA
b. To take up refund of cash advance
Cash in Treasury
Cash – Disbursing Officers
107
110
10
101
10
10
107
10
8. RECEIPT OF CASH BONDS
a. To take up receipt of performance bond in cash
b. To take up deposit of performance bond
Cash in Treasury
Performance/ Bidders/ Bail Bonds
Payable
101
Cash in Bank – LCCA
Cash in Treasury
110
101
50
414
50
50
50
Particulars
c. To take up refund of performance bond
Account Title
Performance/ Bidders/ Bail Bonds
Payable
Cash in Bank – LCCA
Acct.
Code
Debit
414
110
Credit
50
50
Acct.
Particulars
Account Title
Code
Debit
Credit
1. Payment through Cash Advances
a. Cash advance for personal services
Enter obligation in RAAOPS for P18,000 Salaries and Wages, P5,000 Additional Compensation, and P3,000 Personnel Economic Relief
Allowance (PERA).
1. Grant of cash advance for payroll
2. Liquidation of cash advance for payroll
Cash – Disbursing Officers
Cash in Bank – LCCA
Salaries and Wages – Regular Pay
PERA
Additional Compensation
Withholding Taxes Payable
GSIS Payable
PAG-IBIG Payable
Cash – Disbursing Officers
107
110
21,000
801
804
805
18,000
3,000
5,000
21,000
410
411
412
107
2,000
1,500
1,500
21,000
Enter obligation in RAAOPS for P1,500 Life and Retirement Insurance Contributions and P1,500 PAG-IBIG Contributions.
3. Government share for life and retirement insurance and
PAG-IBIG Contributions
Life and Retirement Insurance
Contributions
PAG-IBIG Contributions
817
1,500
818
411
412
1,500
GSIS Payable
PAG-IBIG Payable
105
110
6,000
1,500
1,500
b. Petty Cash Fund
For establishment of fund, Enter obligation in RAAOMO as Other Expenses for P6,000
1. Release of cash advance for petty cash fund
miscellaneous expenses
Petty Cash Fund
Cash in Bank – LCCA
6,000
Enter obligation in RAAOMO for Office Supplies P2,500, Travelling Expenses P500, Office Equipment Maintenance P1,000 and Other
Expenses of P800.
2. Replenishment of petty cash fund during the year
Traveling Expenses – Local
Office Supplies Expenses
831
500
849
2,500
882
950
110
1,000
800
831
1,000
849
105
4,000
Office Equipment Maintenance
Other Expenses
Cash in Bank – LCCA
4,800
Enter obligation in RAAOMO for Office Supplies P4,000 and Traveling Expenses of P1,000.
3. Liquidation at year end
Traveling Expenses – Local
Office Supplies Expenses
Petty Cash Fund
Cancel RAAOMO for setting up of petty cash fund at the start of the year and refund for a total of P6,000.
4. Return of unused Petty Cash Fund.
Cash in Treasury
101
Petty Cash Fund
105
5,000
1,000
1,000
Particulars
Account Title
Acct.
Code
Debit
Credit
c. Cash advance for travel
Enter obligation in RAAOMO for Travel of P1,000
1. Grant of cash advance
Due from Officers and Employees
Cash in Bank – LCCA
2. Liquidation of cash advance during the current year
(assuming only P900 was utilized and P100 was
refunded)
128
110
1,000
831
128
900
Cash in Bank – LCCA
Due from Officers and Employees
110
128
100
Rent Expense
Cash in Bank – LCCA
841
110
3,000
835
837
110
1,500
2,000
Training and Seminar Expenses
Cash in Bank – LCCA
833
110
1,000
Bank Charges
Cash in Bank – LCCA
951
110
300
Interest Expenses
Cash in Bank – LCCA
952
110
400
Traveling Expenses – Local
Due from Officers and Employees
1,000
900
Adjust RAAOMO for refund of cash advance of P100
3. For amount refunded where official receipt was issued
100
2. Payment by Check
a. Maintenance and Other Operating Expenses
Enter obligation in RAAOMO for rent P3,000
1. Payment of rent
3,000
Enter obligation in RAAOMO for electricity of P1,500 and telephone/internet of P2,000
2. Payment of utilities
(MERALCO and PLDT)
Electricity
Telephone/Telegraph and Internet
Cash in Bank – LCCA
3,500
Enter obligation in RAAOMO for training and seminar expenses of P1,000
3. Payment of seminar fee
1,000
b. Financial Expenses
Enter obligation in RAAOFE for bank charges of P300
1. Bank charges upon receipt of bank statement
300
Enter obligation in RAAOFE for interest expense of P400
2. Interest Expense
400
c. Office Equipment – Enter obligation in RAAOCO for P6,000 for purchase of equipment
1. Issuance of PO to dealer
2. Receipt of office equipment
No entry
Office Equipment
Cash in Bank – LCCA
222
110
d. Construction of Roads by Contract – Enter obligation in RAAOCO for P800,000 for construction of road.
1. Payment of first billing for 50% accomplishment
Construction in Progress – Roads,
Highways and Bridges
232
Withholding Taxes Payable
410
Cash in Bank – LCCA
110
2. Payment of second billing 100% accomplishment
3. Remittance of taxes withheld
Construction in Progress – Roads,
Highways and Bridges
232
Withholding Taxes Payable
Cash in Bank – LCCA
Withholding Taxes Payable
Cash in Bank – LCCA
410
110
410
110
6,000
6,000
400,000
40,000
360,000
400,000
40,000
360,000
80,000
80,000
Particulars
If funded from regular agency income –
4. To take up roads completed
5. To transfer completed roads to Registry of Public Infrastructures at the end of the year
Account Title
Acct.
Code
Public Infrastructure
Construction in
Progress – Roads, Highways and
Bridges
243
Government Equity
Public Infrastructures
501
243
Debit
Credit
800,000
232
800,000
800,000
800,000
Note: Using the JEV for the above transactions, the public infrastructures shall be recorded in the Registry of Public Infrastructures.
If funded from a loan –
6 To record completed
Public Infrastructures
243
800,000
roads
Construction in Progress – Roads,
232
Highways and Bridges
At year end,upon full payment of laon –
Government Equity
Public Infrastructures
501
243
800,000
800,000
800,000
e. General Repair/Construction of Building by Administration
1. Approval of the project P1M
No entry
Enter obligation in RAAOCO for P600,000 for construction materials
2. Issue PO for building materials: Lumber, nails, cement,
sand and gravel, paints, etc. = P600,000
3. Payment for construction materials received
4. Issuance of materials P590,000
No Entry
Construction Materials Inventory
Withholding Taxes Payable
Cash in Bank – LCCA
Construction in Progress – Agency
Assets
Construction Materials Inventory
156
410
110
600,000
230
156
590,000
107
110
350,000
230
410
380,000
60,000
540,000
590,000
Enter obligation in RAAOCO for P380,000 for labor
5. Cash advance granted to Disbursing Officer for payroll
6. Liquidation by Disbursing Officer of paid payroll
Cash – Disbursing Officers
Cash in Bank – LCCA
350,000
Construction in Progress – Agency
Assets
Withholding Taxes Payable
Cash – Disbursing Officers
30,000
350,000
107
7. Remittance of withholding tax
Withholding Taxes Payable
Cash in Bank – LCCA
410
30,000
30,000
110
8. Accomplishment Report approved by the LCE
Buildings
Construction in Progress – Agency
Assets
204
230
970,000
201
410
110
2M
970,000
f. Acquisition of Land
Enter obligation in RAAOCO for P2million for purchase of land
1. Payment made for land purchased
2. Remittance of withholding tax
Land
Withholding Taxes Payable
Cash in Bank – LCCA
Withholding taxes Payable
Cash in Bank – LCCA
410
110
200,000
1.8M
200,000
200,000
Particulars
Account Title
Acct.
Code
Debit
Credit
g. Land and Building
Enter obligation in RAAOCO for P600,000 for land and P400,000 for building
1. Payment of the land and building (assessed value of land
is P600,000) for P1,000,000
2. Remittance of withholding tax
Land
Building
Withholding Taxes Payable
Cash in Bank – LCCA
201
204
410
110
600,000
400,000
Withholding Taxes Payable
Cash in Bank – LCCA
410
110
100,000
Spare Parts Inventory
Withholding Taxes Payable
Cash in Bank – LCCA
155
410
110
2,500
Office Supplies Inventory
Withholding Taxes Payable
Cash in Bank – LCCA
149
410
110
3,000
Subsidy to Local Government Units
Cash in Bank – LCCA
895
110
30,000
Subsidy to Other Funds
Cash in Bank – LCCA
897
110
10,000
889
110
500,000
100,000
900,000
100,000
h. Purchase of Inventories
Enter obligation in RAAOMO for purchase of P2,500 worth of spare arts
1. Payment of delivered spare parts
250
2,250
i. Enter obligation in RAAOMO for purchase of office supplies
1. Payment of office supplies delivered
300
2,700
j. Fund Transfers
Enter obligation in RAAOMO for subsidy to LGU – XYZ
1. Cash assistance to LGU –XYZ
30,000
k. Enter obligation in RAAOMO for subsidy to SEF
1. Cash transfer to SEF as subsidy
10,000
l. Enter obligation in RAAOMO for grants and donation to Trust Fund
1. Cash transfer to Trust Fund as counterpart LGU funds.
Grants and Donations
Cash in Bank – LCCA
Particulars
Account Title
Acct.
Code
500,000
Debit
Credit
1. Cash Shortage
a. Cash shortage of the of the Disbursing Officer
To take up cash shortage
Due from Officers and Employees
Cash – Disbursing Officers
128
107
50
Due from Officers and Employees
Cash in Treasury
128
101
50
50
b. Cash Shortage of the Treasurer
To take up cash shortage
50
2. Grant of Relief from Accountability for Loss of Government Funds
To record the loss of fund by a Disbursing Officer
(allegedly thru theft) = P50
Due from Officers and Employees
Cash – Disbursing Officers
128
107
50
To take up relief from accountability
Loss of Assets (current year) or Prior
Years’ adjustments (prior years)
Due from Officers and Employees
948
128
50
50
50
Particulars
Account Title
3. Cash Settlement in case of denial of Request for Relief from Accountability
To take up payment/settlement
Cash in Treasury
Due from Officers and Employees
Acct.
Code
101
Debit
Credit
50
128
50
4. Cash Overage
To take up cash overage discovered during cash
examination
Cash in Treasury
Other Specific Income of LGU
101
50
792
50
5. Dishonored Checks
From payment of real property tax in the current year or prior year
Upon receipt of advice of dishonored check and
cancellation of Official Receipt
Receipt of refund/settlement
Real Property Tax Receivable
Deferred Real Property Tax
Income
124
448
50
Due to LGUs
Real Property Tax Income
Cash in Bank – LCCA
431
711
110
30
20
Cash in Treasury
Real Property Tax Receivable
101
124
50
Cash in Bank – LCCA
Accounts Payable
110
401
50
Accounts Payable
Cash in Bank – LCCA
401
110
50
Receivables – Disallowances/
Charges
Office Supplies
Expense
138
10
50
50
50
6. Lost/Destroyed/Stale/Obsolete Checks
Check issued in the current/prior year for replacement
Check cancellation
Replacement
50
50
7. Disallowances and Charges
a. Recording of disallowance for current year’s transaction
When the disallowance becomes final and executory –
Overpayment of Office Supplies
Amount paid
Should be
Difference
- P100
- 90
- 10
Settlement of Disallowance
Cash in Treasury
Receivables –
Disallowances/ Charges
849
101
10
10
138
10
b. Recording of disallowance for prior year’s transaction
When the disallowance becomes final and executory
Receivables – Disallowances/
Charges
Prior Years’ Adjustments
138
533
10
10
Settlement of disallowance
Cash in Treasury
Receivables –
Disallowances/
101
Charges
10
138
10
c. Settlement of Charges
c.1 Recording of charges which collection were made in the current year
When the charge becomes final and executory –
Underpayment of Franchise Tax
Amount Paid - P 100
Should be
- 110
Charge
- 10
Receivables – Disallowances/
Charges
Franchise Tax
138
724
10
10
Particulars
Account Title
Settlement
Cash in Treasury
Receivables – Disallowances/
Charges
c.2 Recording of charges which collection were made in the prior year
When the charge becomes final and executory
Receivables – Disallowances/
Charges
Prior Years’ Adjustments
Acct.
Code
101
Debit
Credit
10
138
10
138
533
10
Cash in Treasury
Receivables – Disallowances/
Charges
101
138
10
To record overpayment of salaries and wages (When
overpayment is ascertained)
Due from Officers and Employees
Salaries and Wages – Regular Pay
128
801
10
To record refund of overpayment
Cash in Treasury
Due from Officers and Employees
101
128
10
Refund of overpayment of Salaries and Wages – Regular
Pay during the current year
Cash in Treasury
Salaries and Wages – Regular Pay
101
801
10
To take up refund of over – payment in the ensuing year
Cash in Treasury
Prior Years’ Adjustments
101
533
10
Settlement
10
10
8. Refund of Overpayment
a. Overpayment taken up as receivable
10
10
b. Refund of overpayment not taken up as receivable
Particulars
1. Report of supplies utilized for P2,000.
2.
Application of advance RPT for P2,500.
Account Title
Office Supplies Expense
Office Supplies Inventory
Deferred Credits to Income
Real Property Tax
Particulars
1. Receipt of the Notice of Funding Check Issued for the
December Share from Internal Revenue Collections
for P20,000.
Account Title
Due from NGAs
Share from Internal
Revenue Collections
2. Unpaid salaries and wages of employees, at end of
accounting period, P50,000.
Salaries and Wages – Regular Pay
Due to Officers & Employees
Particulars
1. To close the Revenue accounts to the Income and
Expense Summary account.
Account Title
Real Property Tax
Share from Internal Revenue
Collections
Business Taxes & Licenses
Registration Fees
Income and Expense
Summary
Income and Expense
Summary
Retained Operating Surplus
2.
To close the Income and Expense Summary to
Retained Operating Surplus account.
Acct.
Code
849
149
440
711
Acct.
Code
130
746
801
428
Acct.
Code
711
746
723
761
532
532
10
10
Debit
2,000
2,000
2,500
2,500
Debit
20,000
To close the Retained Operating Surplus to
Government Equity account.
Retained Operating Surplus
Government Equity
534
501
Credit
20,000
50,000
50,000
Debit
100
10,000
50
20
Credit
10,170
5,670
534
3.
Credit
5,670
5,670
5,670
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