19
No entry - recorded in RAOD (Registry of Allotment, Obligation, and Disbursement) - Capital Outlay
20
Advances to Contractors (10,000,000 x 15%)
Cash - Modified Disbursement System (MDS), Regular
To recognize advances to contractors
1,500,000.00
Construction in Progress - Buildings and Other Structures
Accounts Payable (10,000,000 x 50%)
To recognize payable of 1st billing
5,000,000.00
Accounts Payable
Advances to Contractors (1,500,000 x 50%)
Guaranty/Security Deposit Payable (5,000,000 x 5%)
Due to BIR (5,000,000/1.12 x 7%)
Cash - Modified Disbursement System (MDS), Regular
To recognize payment of 1st billing
5,000,000.00
Construction in Progress - Buildings and Other Structures
Accounts Payable (10,000,000 x (80% - 50%))
To recognize payable of 2nd billing
3,000,000.00
Accounts Payable
Advances to Contractors (1,500,000 x 30%)
Guaranty/Security Deposit Payable (3,000,000 x 5%)
Due to BIR (3,000,000/1.12 x 7%)
Cash - Modified Disbursement System (MDS), Regular
To recognize payment of 2nd billing
3,000,000.00
Construction in Progress - Buildings and Other Structures
Accounts Payable (10,000,000 x (100% - 80%))
To recognize payable of final billing
2,000,000.00
Accounts Payable
Advances to Contractors (1,500,000 x 20%)
Guaranty/Security Deposit Payable (2,000,000 x 5%)
Due to BIR (2,000,000/1.12 x 7%)
Cash - Modified Disbursement System (MDS), Regular
To recognize payment of final billing
2,000,000.00
21
22
23
24
25
26
27
Buildings
Construction in Progress - Buildings and Other Structures
To recognize turnover of the building
Guaranty/Security Deposit Payable (250k +150k + 100k)
Cash - Modified Disbursement System (MDS), Regular
To record the amount retained from the contractor
1,500,000.00
5,000,000.00
750,000.00
250,000.00
312,500.00
3,687,500.00
3,000,000.00
450,000.00
150,000.00
187,500.00
2,212,500.00
2,000,000.00
300,000.00
100,000.00
125,000.00
1,475,000.00
10,000,000.00
10,000,000.00
500,000.00
500,000.00
Capital Outlay