govt acctg 2015

State Accounting: Internal Control System for National Government – New Government Accounting System (NGAS)

JMJ Marist BrothersNOTRE DAME OF DADIANGAS UNIVERSITY

General Santos City

NGAS – National

The New Government Accounting System

Related Contents:

Nature and Scope of the New Government Accounting System Accounting for Budgetary Accounts The Revised Chart of Accounts Accounting for Disbursements and Related Transactions Accounting for Income, Collections and Related Transactions Miscellaneous Transactions Trial Balance, Financial Reports and Statements Accounting for Local Government Units The New Barangay Accounting System

NGAS – National


Related Contents:

Nature and Scope of the New Government Accounting System Objective Government Accounting Accounting Responsibility

1. Commission On Audit2. Department of Budget and Management3. Bureau of Treasury4. The Government Agencies

NGAS – National

The New Government Accounting SystemRelated Contents:

Nature and Scope of the New Government Accounting System Basic Features and Policies of NGAS

1) Accounting Method2) One Fund Concept3) Chart of Accounts and Account Codes4) Responsibility Accounting5) Books of Accounts6) Financial Statements7) Two-Money Column Trial Balance8) Allotment and Obligation9) Notice of Cash Allocation (NCA)10) Financial Expenses11) Perpetual Inventory of Supplies and Materials12) Maintenance of Supplies and Property, Plant & Equipment Ledger Cards13) Construction of Assets14) Registry of Public Infrastructures/Registry of Reforestation Projects15) Depreciation16) Reclassification of Assets17) Allowance for Impairment – Accounts Receivable18) Recognition of Liability19) Elimination of Contingent Accounts20) Interest Accrual21) Accounting for Borrowings and Loans22) Elimination of Corollary and Negative Journal Entries23) Petty Cash Fund24) Foreign Currency Adjustments

NGAS – National

Nature and Scope of the New Government Accounting System

Objective

To expedite the process of recording transactions and to ensure the generation of functional and user-friendly financial reports, a shift to a simplified and updated accounting system was made in conformity with the International Accounting Standards (IAS), in pursuit of eventual computerization, generation of relevant and periodic financial statements and as an effective tool for managers and executives in effective and efficient monitoring of Agency Performance.

Theories and Concepts

NGAS – National


Government Accounting

Even under the new accounting system, government accounting is defined, pursuant to Section 109 of PD 1445, as one which “encompasses the process of analyzing, recording, classifying, summarizing and communicating all transactions involving the receipt and disposition of government fund and property and interpreting the result thereof.”

Sec 110 PD 1445 sets down the ff objectives of govt acctg1. To produce information concerning past operations and present conditions2. To provide a basis for guidance for future operations3. To provide for control of the acts of public bodies and offices in the receipt, disposition and utilization of funds and

property4. To report on the financial position and results of operations of govt agencies for the information and guidance of all

persons concerned.

Processes and other consideration in developing a standard of PPSAS5. Applicability of IPSAS6. Exposure draft of PPSAS7. Fundamental issues8. Statutory authority – if IAS deviate, phil application shall be issued accdngly.9. Disclosure requirements – may be amended if significant matter for improvement10.PPSAS numbering – PPSAS & IPSAS = same, to maintain link11.Financial reporting issues not dealt with by IPSAS12.Submission of draft to PSASB for consideration of the COA13.If considered appropriate, focus group discussion will be held to obtain further opinions on issues identified by the

exposure process


NGAS – National


Accounting Responsibility

Accounting responsibility emanates from Constitution, laws, policies, rules and regulations. The Constitution of the Phils. mandates the keeping of the general accounts, promulgation of accounting rules, and the submission of reports covering the financial condition and operation of the government.

The officers charged with the accounting responsibility are:a. Commission on Audit (COA)b. Department of Budget and Management (DBM)c. Bureau of Treasury (BTr)d. Gov’t Agencies (i.e. BIR, DBM, DOF, DENR, DFA, etc.)


NGAS – National

Basic Features and Policies of NGAS

Accounting Method

a. Expenditures - Accrual Basis

b. Income Accrual Basis – recognized Cash Basis – if impractical

If cash basis, mandatory and encouraged disclosures requires.


NGAS – National


One Fund Concept

The NGAS adopts the one fund concept, and that is the General Fund, which is generally available for all functions of the government. Separate fund accounting shall be done only when specifically required by law or by a donor agency or when otherwise necessitated by circumstances subject to prior approval of the Commission, in which case, a Special Fund may be created, to wit;

a. Miscellaneous Personnel Fundb. Calamity Fundc. Organizational Adjustment Fund


NGAS – National


Chart of Accounts and Account Codes

A revised chart of accounts was adopted to facilitate the preparation of harmonized financial and budget accountability reports that enhance the accountability and transparency, and ensure compatibility of financial information.


NGAS – National


Responsibility Accounting

Responsibility accounting is a system that relates the financial results to a responsibility center, which provides access to cost and revenue information under the supervision of a manager having a direct responsibility for its performance. It is a system that measures the plans (by budget) and actions (by actual results) of each responsibility center.

000 00 000 000 000

Dept./Agency/Province/City

Responsibility Area (CO/RO)

Sub-responsibility Area(District/Division) Sub-responsibility Area

(Office/Unit/Program/Project)

Account Code


NGAS – National


Responsibility Accounting (cont..)

Responsibility center is a part, segment, unit or function of a government agency, headed by a manager, who is accountable for a specified set of activities.

Objectives of Responsibility Accounting1. ensure that all costs and revenues are properly charged/credited to

the correct responsibility center so that deviations from the budget can be readily attributed to managers accountable therefor

2. provide a basis for making decisions for future operations; and3. facilitate review activities, monitoring the performance of each

responsibility center and evaluation of the effectiveness of agency’s operations.


NGAS – National


Responsibility Accounting (cont..)

Concepts of Responsibility Accounting1. Responsibility accounting involves accumulating and reporting data on revenues and

costs on the basis of manager’s action, who has authority to make day-to-day decisions about the items.

2. Evaluation of manager’s performance is based on the matters directly under his control.3. Responsibility accounting can be used at every level of management in every conditions

and association that exist.4. The reporting of costs and revenues under responsibility accounting differs from

budgeting in two aspects:1. Controllable and Non-Controllable Costs distinction2. Performance reports either emphasize or include only items controllable by

individual manager.5. A responsibility reporting system involves in the preparation of a report for each level

of responsibility that usually compare actual costs with flexible budget data.6. Evaluation of manager’s performance for cost centers is based on his ability to meet

budgeted goals for controllable costs.


NGAS – National


Books of Accountsa. Books of Original Entry – Only General Journal shall be usedb. Books of Final Entry - General & Subsidiary Ledgers

While agencies are waiting for computerization:

1. National Government (NG) Booksa. Journals1. Cash Journals (CJ)2. General Journal (GJ)b. Ledgers3. General Ledgers4. Subsidiary Ledgers

2. Regular Agency (RA) Booksa. Journals1. Cash Receipt Journals (CRJ)2. Cash Disbursement Journal (CDJ)3. Check Disbursement Journal (CkDJ)4. General Journal (GJ)b. Ledgers5. General Ledgers6. Subsidiary Ledgers (ALIE)


NGAS – National


Financial Statements

1. Balance Sheet– it shows the financial condition as of a certain date. It includes the

three elements; Assets, Liabilities and Equity

2. Statement of Government Equity – it shows the change at the end of the year

3. Statement of Income and Expenses – it shows the result of operation/performance of agency at the end

of a particular period

4. Statement of Cash Flows – summary of all cash activity of an agency.

5. Notes to financial statements shall accompany the above statements


NGAS – National


Two-Money Column Trial Balance – similar to commercial accounting

Allotment and Obligation Allotment – is the authorization issued by the DBM to an Agency thereby enabling the

Agency to incur obligation up to a specified amount that is within a legislative appropriation.

Obligation – refers to the commitment by a government agency arising from an act of a duly authorized official, which binds the government to the immediate or eventual payments of a sum of money.

Obligation Accounting – a modified to simplify procedures in the incurrence and liquidation of obligations and the recording of the budgetary accounts (allotments and obligations incurred and liquidated)

Registries – tools to control allotments and obligations for each of the four classes of allotments:

1. Registry of Allotments and Obligations – Capital Outlay (RAOCO)2. Registry of Allotments and Obligations – MOOE (RAOMO)3. Registry of Allotments and Obligations – PS (RAOPS)4. Registry of Allotments and Obligations – Financial Exp. (RAOFE)


NGAS – National


Notice of Cash Allocation – is an authorization issued by the DBM to government agencies to withdraw cash from National Treasury thru the issuance of Modified Disbursement System (MDS) checks or other authorized mode of disbursements.

Financial Expenses – bank charges, interest expense, commitment charges, documentary stamp expenses and other related expenses shall be separately classified from MOOE, including losses incurred relative to foreign exchange transactions and debt service.


NGAS – National


Perpetual Inventory of Supplies and Materials – moving average method on costing. PCF purchase will be expensed outright.Maintenance of Supplies & PPE Ledger Cards – Stocks and Property Cards for each stock number & category of PPE, respectively.Construction of Assets – Construction Period TheoryRegistry of Public Infrastructures/Reforestation Projects (RPI/RRP)

1. Registry of Public Infrastructures – Bridges (RPIB)2. Registry of Public Infrastructures – Roads (RPIR)3. Registry of Public Infrastructures – Parks (RPIP)

Depreciation – Straight-line method ( 2nd month, 10% Salvage Value)Reclassification of Assets – serviceable assets not being used and unserviceable awaiting disposal (not subject for depreciation)Allowance for Impairment – Accounts Receivable – new account


NGAS – National


Recognition of Liability – Obligation AccountingElimination of Contingent AccountsInterest Accruals – whenever practical and appropriateAccounting for Borrowings and Loans – Domestic and ForeignElimination of Corollary and Negative Journal Entries

– acquisition/disposal of assets and adjustmentsPetty Cash Fund – imprest systemForeign Currency Adjustments – exchange rate of BSP at Balance Sheet date for deposits and loans, in local and foreign currency.


NGAS – National


END OF CHAPTER 1

ARMANDO A. [email protected]

FB-Armando Cunanan – Tom & Jerry picture


mailto:[email protected]

NGAS – National


Related Contents:


NGAS – National


Related Contents:

Nature and Scope of the New Government Accounting System Objective Government Accounting Accounting Responsibility

1. Commission On Audit2. Department of Budget and Management3. Bureau of Treasury4. The Government Agencies

NGAS – National

The New Government Accounting SystemRelated Contents:

Nature and Scope of the New Government Accounting System Basic Features and Policies of NGAS

1) Accounting Method2) One Fund Concept3) Chart of Accounts and Account Codes4) Responsibility Accounting5) Books of Accounts6) Financial Statements7) Two-Money Column Trial Balance8) Allotment and Obligation9) Notice of Cash Allocation (NCA)10) Financial Expenses11) Perpetual Inventory of Supplies and Materials12) Maintenance of Supplies and Property, Plant & Equipment Ledger Cards13) Construction of Assets14) Registry of Public Infrastructures/Registry of Reforestation Projects15) Depreciation16) Reclassification of Assets17) Allowance for Impairment – Accounts Receivable18) Recognition of Liability19) Elimination of Contingent Accounts20) Interest Accrual21) Accounting for Borrowings and Loans22) Elimination of Corollary and Negative Journal Entries23) Petty Cash Fund24) Foreign Currency Adjustments

NGAS – National


Related Contents:


NGAS – National

No money shall be paid out of the Treasury except in pursuance of an appropriation by law.

(Sec. 29 (1) Art. VI 1987 Constitution)

Accounting for Budgetary Accounts

General Appropriation Act (GAA)

(The National Budget)

Accounting for Budgetary Accounts(Appropriations, Allotments &

Cash Allocations)

Government AccountingLegal

bedrock, basis, &

foundation

Accounting Systems

NGAS – National

Accounting SystemsThe General Accounting Plan (GAP) shows the overall

accounting system of a government agency/unit. It includes the source documents, the flow of transactions and its accumulation in the books of accounts and finally the conversion into financial information/data presented in the financial reports.

The following accounting systems are:1. Budgetary Accounts System2. Receipt/Income and Deposit System3. Disbursement System4. Financial Reporting System


NGAS – National


Related Contents:


Accounting for Budgetary Accounts The Revised Chart of Accounts Accounting for Disbursements and

Related Transactions Accounting for Income, Collections and

Related Transactions Miscellaneous Transactions Trial Balance, Financial Reports and

Statements Accounting for Local Government Units The New Barangay Accounting System

Accounting Systems

The following accounting systems are:

1. Budgetary Accounts System

2. Receipt/Income and Deposit System

3. Disbursement System4. Financial Reporting

System

NGAS – National

The General Appropriation Act (GAA)

The National Budget – a plan for financing the government activities for a fiscal year, so called statement of receipts and expenditures. It includes the current operating expenditures (PS, MOOE & FE) and capital outlay with message and summaries.

Balanced Budget – proposed expenditures are equal to or less than the estimated revenue, else, Budget Deficit.


NGAS – National

The National Budget

Include current operating expenditures and capital outlays It shall comprise of such funds as may be necessary for the

operation of the programs, projects and activities of the various department and agencies.

It shall be submitted by the President to the Congress within 30 days from opening of every regular session

A budget of expenditures and sources of financing


NGAS – National

Form and Content of the National Budget

1. Budget Message2. Summary of financial statements setting forth:

a. Estimated expenditures and proposed appropriationb. Estimated receipts during the ensuing fiscal yearc. Actual appropriations, expenditures and receipts during the last

completed fiscal yeard. Estimated expenditures and receipts and Actual or proposed

appropriations during the fiscal year in progresse. Statement of the condition of the National Treasury at the end

of the last completed fiscal year, the estimated condition in progress and the estimated condition at the end of ensuing year


NGAS – National

Section 29 (1), Article VI of the 1987 Constitution provides,

“No Money shall be paid out of the Treasury except in pursuance of an appropriation by law”

Fundamental Principles of Fiscal Operations No money shall be paid out of the public treasury or depository except in pursuance of an

appropriation law or other specific statutory authority; Government funds or property shall be spent or used solely for public purpose; Trust funds shall be available and may be spent only for the specific purpose for which the

trust was created Fiscal responsibility shall, to the greatest extent, be shared by all those exercising authority

over the financial affairs, transactions, and operations of the government agency; Disbursements or disposition of government funds or property shall invariably bear the

approval of the proper officials; Claims against government funds shall be supported with complete documentation; All laws and regulations applicable to financial transactions shall be faithfully adhered to;

and Generally accepted principles and practices of accounting, as well as, of sound management

and fiscal administration shall be observed, provided they do not contravene existing laws and regulations.


NGAS – National

Kinds of Budget1. As to Nature

a. Annual Budgetb. Supplemental Budgetc. Special Budget

2. As to Basisa. Performance Budgetb. Line-Item Budget

3. As to Approach and Techniquea. Zero-Based Budgetingb. Incremental Approach


NGAS – National

THE BUDGET PROCESS1. Budget Preparation2. Legislative Authorization3. Budget Execution and Operation4. Budget Accountability

Budgetary Accounts Appropriation – an authorization made by law or other legislative enactment Allotment – an authorization issued by DBM to gov’t agency, which allows it

to incur obligations Obligations – a commitment by a gov’t agency arising from an act of duly

authorized official which binds the gov’t to pay a sum of money Budgetary Accounts System – encompasses the processes of preparing the

Agency Budget Matrix (ABM), monitoring and recording of allotments (ARO)/SARO) received by the agency from the DBM, releasing of Sub-Allotment Advices (SAA) to Regional Offices (RO) by the Central Offices (CO), issuance of SAA/LAA to Operating Units (OU) by the Regional Office, and recording and monitoring of obligations.


NGAS – National

Reporting Requirements – DBM NBC No. 507 dated Jan. 31, 2007

A. Budget Execution Documents (BED)1. Physical and Financial Plan (PFP)2. Monthly Cash Program (MCP) – basis for NCA issuance & CDC3. Estimate of Monthly Income – Budget of Expenditures and Source of Financing

(BESF)4. List of Not Yet Due and Demandable Obligations – restricted

B. Budget Accountability Reports (BAR) – “no report, no release”1. Quarterly Physical Report of Operations2. Quarterly Financial Report of Operations3. Quarterly Report of Actual Income4. Statement of Allotment, Obligations and Balances5. Monthly Report of Disbursements

a. Summary of List of Checks Issued and Cancelledb. Notice of Cash Allocationc. Non-cash Availment Authority (NCAA)d. Cash Disbursement Ceiling (CDC)e. Tax Remittance Advice (TRA)


NGAS – National

Guidelines on the Release of Funds – Allotments are released either thru the Agency Budget Matrix or thru the issuance of SAROs

The Agency Budget Matrix (ABM)1. Withheld Portion – pending the effectivity of the GAA2. Net Program – from the effectivity of GAA up to Dec. 31

segregated into:1. Needing Clearance (NC); and2. Not Needing Clearance (NNC)

1. This Release1. PS – 100%2. MOOE – at least 50%3. CO – at least 50% or 100%

2. For Later Release – pending for compliance


NGAS – National

Guidelines on the Release of Disbursement Authorities

1. Release of Notice of Cash Allocation (NCA)

– PS, MOOE, CO & Foreign Assisted Projects

2. Release of Non-Cash Availment Authority

– foreign loan proceeds3. Release of Cash Disbursement

Ceiling – authority for DFA & DOLE to utilize their income


BEDs -vs- BARs

Conduct of the Agency Performance Review

Common Fund System – still in effect, except for A/Ps to external creditors of DPWH, DepEd, DOH, CHED, & SUCs

NGAS – National

DBM1. Registry of Appropriation and

Allotments (RAPAL)2. Registry of Special Purpose

Fund Appropriation (RESPFA)3. Registry of Allotments and

NCA (RANCA)


Regular Agency1. Registry of Allotments and

Obligations – PS (RAOPS)2. Registry of Allotments and

Obligations – MOOE (RAOMO)3. Registry of Allotments and

Obligations - CO (RAOCO)4. Registry of Allotments and

Obligations – FE (RAOFE)

BTr1. Registry of Notice

of Cash Allocation and Replenishments (RENREP)

BEDsand

BARs

NGAS – National

Basic Features and Policies of NGASNature and Scope of the New Government Accounting System

END OF CHAPTER 2




7/02/15-Answers on ¼ Sheet

1. Give at least 3 Budget Execution Documents2. What are the registries being used by Bureau

of Treasury for NCA?3. Enumerate at least 4 Budget Accountability

Reports4. What are the registries being used by DBM in

releasing the Allotments?5. Enumerate the Budget Process

NGAS – National

The Revised Chart of Accounts

The Chart of Accounts

- A list of general ledger accounts consisting of real and nominal accounts.- Provides the framework within which the accounting records are constructed.

What is Unified Accounts Code Structure (UACS)?

- Provides a framework for identifying, aggregating and reporting financial transactions in the budget preparation, execution, accounting, and auditing.

Objective of UACS – is to established the accounts and codes needed in reporting the financial transactions of the National Government Agencies.

Purpose of UACS – timely and accurate reporting of actual revenue collection and expenditures against budgeted programmed revenues and expenditures.

NGAS – National

The Revised Chart of Accounts

What are the Key Elements of Unified Accounts Code Structure (UACS)?

1. Funding Source Codes- 6-digit code to reflect the Financing Source, Authorization, and Fund Category- 1st (Funding Source), 2nd & 3rd (Authorization), 4th to 6th (Fund Category)

2. Organization Codes- 12-digit code to reflect the Department, Agency and Sub-Agency/Operating

Unit/Revenue Collecting Unit- 1st & 2nd (Dept.), 3rd to 5th (Agency), 6th to 12th (Operating Unit-6th & 7th Classification of

OpU, 8th to 12th lower-level OpU)3. Location Codes

- 9-digit code composed of Region, Province, City/Municipality & Barangay- 1st & 2nd (Region), 3rd & 4th (Province), 5th & 6th (City/Municipality), 7th–9th (Brgy)

4. Major Final Output (MFO) / Program, Activity and Project (PAP) Codes- 9-digit comprised of Program, MFO, 1st Level Activity & 2nd Level Activity- 1st (Program), 2nd&3rd (MFO), 4th&5th (1st Level Activity), 6th to 9th (2nd Level Activity)

5. Object Codes- 10-digit code for Chart of Accounts and Sub-Object- 1st to 8th (COA), 9th & 10th (Sub-Object)

NGAS – National

The Revised Chart of AccountsElements of Financial Statements

1. Assets1. Cash and Cash Equivalent2. Investments3. Receivables4. Inventories5. Investment Property6. Property, Plant & Equipment7. Biological Assets8. Intangible Assets9. Other Assets

2. Liabilities1. Financial Liabilities2. Inter-Agency Payables3. Intra-Agency Payables4. Trust Liabilities5. Deferred Credits/Unearned Income6. Provisions9. Other Payables

3. Equity1. Government Equity2. Revaluation Surplus3. Intermediate Accounts4. Equity in Joint Ventures

4. Income1. Tax Revenue2. Service and Business Income 3. Assistance and Subsidy4. Shares, Grants and Donations5. Gains6. Other Non-operating Income

5. Expenses1. Personal Services (PS) 2. Maintenance and Other Operating

Expenses (MOOE)3. Financial Expense (FE)4. Direct Costs5. Non-Cash Expenses

NGAS – National

Basic Features and Policies of NGASNature and Scope of the New Government Accounting System

END OF CHAPTER 3




NGAS – National

Accounting for Disbursements and Related Transactions

Disbursements System

The basic requirements applicable to all types of disbursements:1. Existence of a lawful and sufficient allotment certified as

available by the Budget Officer.2. Existence of a valid obligation certified by the Chief

Accountant.3. Legality of transactions and conformity with laws, rules and

regulations.4. Approval of the expenses by the Chief of Office or by its duly

authorized representative.5. Submission of proper evidence to establish the claim.

NGAS – National


Types of Disbursements:

1. Disbursements by Checks1. Modified Disbursement System – covered by NCA2. Commercial Checks – Agency’s AGDB

2. Disbursements by Cash – made from cash advances1. Cash Advances for Payroll2. Cash Advances for Travel3. Disbursements thru Petty Cash Fund

NGAS – National


Other Systems: Theories and Principles

1. Inventory Accounting System – Perpetual Method/Moving Average Costing

2. General Repair, Purchase and Construction of Fixed Assets by Contract or by Administration – Construction Period Theory

1. Agency Assets2. Public Infrastructures

3. Purchase of Land and Building – at cost or relative fair market values

4. Depreciation – straight-line method w/ 10% salvage value

NGAS – National

Accounting for Income, Collections and Related Transactions

Methods of Accounting for Income:

1. Accrual Method – income is realized during the period regardless of cash receipt.

2. Modified Accrual – income is recorded as “Deferred Credits to Income” and recognized upon receipt (LGUs)

3. Cash Basis – if impractical (LGUs)

Different Types of Cash Receipts:1.Tax revenue and other revenue2.Other Receipts:

1. Refund of Cash Advances2. Receipts of Performance/Bidders/Bail Bonds3. Refund of Overpayment of Expenses4. Collections made on Behalf of Another Agency or Private Companies5. Intra-Agency Transfer Funds

NGAS – National

Miscellaneous Transactions

Types of Miscellaneous Transactions:1. Loss on cash and property2. Request for relief from accountability3. Cash Overage4. Stale MDS and Commercial checks5. Set-up and settlement of disallowances6. Refund of overpayments7. Other Receipts

NGAS – National

Trial Balance, Financial Reports and Statements

Financial Reporting System1. In General, there steps in accounting cycle:

1. Analyzing the transactions2. Journalizing the transactions3. Posting the journal entries4. Preparation of Trial Balance5. Adjusting the Accounts6. Closing the Accounts7. Preparation of the Financial Statements8. Reversing the Accounts

2. Under NGAS, includes sub-system1. Preparation and submission of Trial Balance and other

reports2. Preparation and submission of financial statements

NGAS – National


Generation of Financial Statements and Supporting Schedules

1. Responsibility for Financial Statements1. Fairness of Presentation2. Compliance3. Timeliness4. Usefulness

2. Statement of Management Responsibility for Financial Statements – its serves as covering letter to COA

NGAS – National


Types of Financial Statements and Supporting Schedules

1. Pre-closing trial balance2. Post-closing trial balance3. Detailed and condensed statement of income and expenses4. Detailed and condensed balance sheet5. Statement of changes in government equity6. Statement of cash flows (Direct Method)7. Notes to financial statements8. Statement of management responsibility9. Detailed breakdown of obligations10.Detailed breakdown of disbursements11.Report of income national government books12.Report of income regular agency books13.Regional breakdown of income14.Regional breakdown of expenses15.Schedule/aging of accounts payable16.Schedule/aging of accounts receivable17.Schedules of public infrastructures/reforestation projects

NGAS – National


Interim Reports

Interim reports are financial statements required to be prepared at any given period or at a financial reporting period without closing the books of accounts. The following interim financial statement shall be prepared and submitted quarterly:

1. Trial balance2. Statement of income and expenses3. Balance sheet4. Statement of cash flows (Direct Method)

NGAS – National


Related Contents:

Nature and Scope of the New Government Accounting System Accounting for Budgetary Accounts The New Standard Chart of Accounts Accounting for Disbursements and Related Transactions Accounting for Income, Collections and Related Transactions Miscellaneous Transactions Trial Balance, Financial Reports and Statements Accounting for Local Government Units The New Barangay Accounting System

NGAS – Local


Related Contents:

Accounting for Local Government Units The New Barangay Accounting System

End

Thank you

Jan. 3 - Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 15,000,000.00 Subsidy from National Government 4 03 01 010 15,000,000.00 Receipt of NCA

Books of Agency

Date Account Title AC Debit Credit

3 - Advances to Contractors 1 99 02 010 300,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 300,000.00 Release of 15% mobilization fee to Earth Mover for the construction of road.

5 - Petty Cash 1 01 01 020 60,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 60,000.00 Establisment of Petty Cash.

7 - Advances for Payroll 1 99 01 020 430,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 430,000.00 Release of payroll fund for January.

9 - Offi ce Supplies Inventory 1 04 04 010 30,000.00 Offi ce Equipment 1 06 05 020 60,000.00 Other Supplies and Materials Inventory 1 04 04 990 25,000.00 Accounts Payable 2 01 01 010 115,000.00 Issuance of PO for items received.

10 - Offi ce Supplies Expenses 5 02 03 010 25,000.00 Traveling Expenses - Local 5 02 01 010 5,000.00 R & M - Machiery and Equipment 5 02 13 050 10,000.00 Postage and Courier Services 5 02 05 010 8,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 48,000.00 Replenishment of PCF.

Books of Agency

Date Account Title AC Debit Credit12 - Advances to Offi cers and Employees 1 99 01 040 16,200.00

Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 16,200.00 Grant of cash advance intended for attending seminar.

14 - Accounts Payable 2 01 01 010 25,000.00 Due to BIR 2 02 01 010 1,500.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 23,500.00 Payment of account for spare parts.

14 - R & M - Transportation Equipment 5 02 13 060 12,000.00 Other Supplies and Materials Inventory 1 04 04 990 12,000.00 Spare parts used for repair of motor vehicles.

15 - Offi ce Supplies Expenses 5 02 03 010 24,000.00 Offi ce Supplies Inventory 1 04 04 010 24,000.00 Offi ce supplies withdrawn, used and utilized.

16 - Other Supplies and Materials Expenses 5 02 03 990 40,000.00 Traveling Expenses - Local 5 02 01 010 10,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 50,000.00 Replenishment of PCF.

16 - Accounts Payable 2 01 01 010 30,000.00 Due to BIR 2 02 01 010 3,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 27,000.00 Payment of account for offi ce supplies.

Books of Agency

Date Account Title AC Debit Credit17 - Construction in Progress - Infrastructure Ass 1 06 10 020 1,000,000.00

Advances to Contractors 1 99 02 010 300,000.00 Accounts Payable 2 01 01 010 700,000.00 First billing for 50% completion for the construction of road.

18 - Accounts Payable 2 01 01 010 700,000.00 Due to BIR 2 02 01 010 100,000.00 Guaranty/Security Deposits Payable 2 04 01 040 100,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 500,000.00 Payment for the first billing for the road construction.

19 - Traveling Expenses - Local 5 02 01 010 9,600.00 Training Expenses 5 02 02 010 5,600.00 Advances to Offi cers and Employees 1 99 01 040 15,200.00

22 - Accounts Payable 2 01 01 010 60,000.00 Due to BIR 2 02 01 010 5,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 55,000.00 Payment of account for delivered equipment.

23 - Construction in Progress - Infrastructure Ass 1 06 10 020 950,000.00 Accounts Payable 2 01 01 010 950,000.00 Final billing for 100% completion for the construction of road, net of P50,000 liquidated damages.

Books of Agency

Date Account Title AC Debit Credit26 - Salaries and Wages - Regular 5 01 01 010 480,000.00

Personal Economic Relief Allowance (PERA) 5 01 02 010 20,000.00 Due to GSIS 2 02 01 020 45,000.00 Due to PhiiHealth 2 02 01 040 2,000.00 Due to Pag-IBIG 2 02 01 030 8,000.00 Due to BIR 2 02 01 010 15,000.00 Advances for Payroll 1 99 01 020 430,000.00 Liquidation of cash advance for January payroll.

26 - Retirement and Life Insurance Premiums 5 01 03 010 60,000.00 Employees Compensation Insurance Premiums 5 01 03 040 2,000.00 Pag-IBIG Contributions 5 01 03 020 4,000.00 PhiiHealth Contributions 5 01 03 030 2,000.00 Due to GSIS 2 02 01 020 62,000.00 Due to PhiiHealth 2 02 01 040 2,000.00 Due to Pag-IBIG 2 02 01 030 4,000.00 Government shares on premium contributions for January.

AGENCY XTRIAL BALANCE

For the month ended January 31, 201x

Accounts AC Debit CreditPetty Cash 1 01 01 020 60,000.00 - Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 15,000,000.00 1,509,700.00 Offi ce Supplies Inventory 1 04 04 010 30,000.00 24,000.00 Other Supplies and Materials Inventory 1 04 04 990 25,000.00 12,000.00 Offi ce Equipment 1 06 05 020 60,000.00 - Construction in Progress - Infrastructure Ass 1 06 10 020 1,950,000.00 - Advances for Payroll 1 99 01 020 430,000.00 430,000.00 Advances to Offi cers and Employees 1 99 01 040 16,200.00 15,200.00 Advances to Contractors 1 99 02 010 300,000.00 300,000.00 Accounts Payable 2 01 01 010 815,000.00 1,765,000.00 Due to BIR 2 02 01 010 - 124,500.00 Due to GSIS 2 02 01 020 - 107,000.00 Due to Pag-IBIG 2 02 01 030 - 12,000.00 Due to PhiiHealth 2 02 01 040 - 4,000.00 Guaranty/Security Deposits Payable 2 04 01 040 - 100,000.00 Subsidy from National Government 4 03 01 010 - 15,000,000.00 Salaries and Wages - Regular 5 01 01 010 480,000.00 - Personal Economic Relief Allowance (PERA) 5 01 02 010 20,000.00 - Retirement and Life Insurance Premiums 5 01 03 010 60,000.00 - Pag-IBIG Contributions 5 01 03 020 4,000.00 - PhiiHealth Contributions 5 01 03 030 2,000.00 - Employees Compensation Insurance Premiums 5 01 03 040 2,000.00 - Traveling Expenses - Local 5 02 01 010 24,600.00 - Training Expenses 5 02 02 010 5,600.00 - Offi ce Supplies Expenses 5 02 03 010 49,000.00 - Other Supplies and Materials Expenses 5 02 03 990 40,000.00 - Postage and Courier Services 5 02 05 010 8,000.00 - R & M - Machiery and Equipment 5 02 13 050 10,000.00 - R & M - Transportation Equipment 5 02 13 060 12,000.00 -

Total 19,403,400.00 19,403,400.00 -

Prepared by: Certified by:

Acctg. Clerk Accountant


For the month ended January 31, 201x

Accounts AC Debit CreditPetty Cash 1 01 01 020 60,000.00 - Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 13,490,300.00 - Offi ce Supplies Inventory 1 04 04 010 6,000.00 - Other Supplies and Materials Inventory 1 04 04 990 13,000.00 - Offi ce Equipment 1 06 05 020 60,000.00 - Construction in Progress - Infrastructure Ass 1 06 10 020 1,950,000.00 - Advances for Payroll 1 99 01 020 - - Advances to Offi cers and Employees 1 99 01 040 1,000.00 - Advances to Contractors 1 99 02 010 - - Accounts Payable 2 01 01 010 - 950,000.00 Due to BIR 2 02 01 010 - 124,500.00 Due to GSIS 2 02 01 020 - 107,000.00 Due to Pag-IBIG 2 02 01 030 - 12,000.00 Due to PhiiHealth 2 02 01 040 - 4,000.00 Guaranty/Security Deposits Payable 2 04 01 040 - 100,000.00 Subsidy from National Government 4 03 01 010 - 15,000,000.00 Salaries and Wages - Regular 5 01 01 010 480,000.00 - Personal Economic Relief Allowance (PERA) 5 01 02 010 20,000.00 - Retirement and Life Insurance Premiums 5 01 03 010 60,000.00 - Pag-IBIG Contributions 5 01 03 020 4,000.00 - PhiiHealth Contributions 5 01 03 030 2,000.00 - Employees Compensation Insurance Premiums 5 01 03 040 2,000.00 - Traveling Expenses - Local 5 02 01 010 24,600.00 - Training Expenses 5 02 02 010 5,600.00 - Offi ce Supplies Expenses 5 02 03 010 49,000.00 - Other Supplies and Materials Expenses 5 02 03 990 40,000.00 - Postage and Courier Services 5 02 05 010 8,000.00 - R & M - Machiery and Equipment 5 02 13 050 10,000.00 - R & M - Transportation Equipment 5 02 13 060 12,000.00 -

Total 16,297,500.00 16,297,500.00 -



NDDU-GSC 1st Prelim Quiz 7/07/15

A. Journalize based on the following transactions, continuation of the January transactions:

Feb. 2 – Remittances were made to GSIS, Pag-ibig and Philhealth. While the taxes withheld were remitted thru Tax Remittance Advice System.

3 – The Bureau paid the account in full to Earth Mover for the construction of road, net of 10% withholding tax. 5 – The Admin Officer refunded the excess amount from his cash advance in attending seminar. 7 – The refunded amount for cash advance from Admin Officer was remitted to Bureau of Treasury. 9 – The Bureau contracted VON Company for the construction of office building. The contractor was required by the

Bureau to post a performance bond in the amount of P100,000. The contract amounted to P1,950,000. The said performance bond was in the form of cash and it was subsequently remitted to Bureau of Treasury.

10 – The Bureau released an advance payment to VON Company amounting to P195,000 for mobilization. 12 – The Bureau releases the retention for guaranty to Earth Movers which was substituted by a bank guaranty. 14 – Withdrawal of remaining office supplies for office use.

15 – Replenishment of PCF: repair of aircon P24,0000, representation expenses P21,000 Transportation fares P8,000 16 – Cash advance on payroll was granted and released for P430,000. 21 – The Bureau received the first billing – 100% completed, contracted from VON Company, which was reduced by the

advance payment. 23 – The Bureau paid the billing contracted from VON Company, net withholding tax of 10%. 24 – The Bureau received the NCA intended for the performance security posted by VON Company. 26 – The cash disbursing officer liquidates the payroll fund for January, to wit; regular pay P480,000, PERA P20,000, and

personal deductions for withholding taxes P15,000, GSIS L&R Premium P45,000, Philhealth Premium P2,000, Pag-ibig premium P8,000. The following are the Gov’t. shares on premium contributions: GSIS L&R Premiums P60,000, ECC P2,000, Pag-ibig P4,000, Philhealth P2,000.

end

Books of Agency


Feb. 2 - Due to BIR 2 02 01 010 124,500.00 Subsidy from National Government 4 03 01 010 124,500.00 Remittance of withholding taxes for January thru TRA.

Due to GSIS 2 02 01 020 107,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 107,000.00 Remittance of premiums for the month of January.

Due to Pag-IBIG 2 02 01 030 12,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 12,000.00 Remittance of premiums for the month of January.

Due to PhiiHealth 2 02 01 040 4,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 4,000.00 Remittance of premiums for the month of January.

3 - Accounts Payable 2 01 01 010 950,000.00 Due to BIR 2 02 01 010 95,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 855,000.00 Full payment of account for constn of road.

Road Networks 1 06 03 010 1,950,000.00 Construction in Progress - Infrastructure Ass 1 06 10 020 1,950,000.00 Completed road construction by Earth Movers.










end

Books of Agency


7 - Subsidy from National Government 4 03 01 010 1,000.00 Cash - Collecting Offi cer 1 01 01 010 1,000.00 Remittance of refunded excess cash advance to Bureau of Treasury.

5 - Cash - Collecting Offi cer 1 01 01 010 1,000.00 Advances to Offi cers and Employees 1 99 01 040 1,000.00 Refund of unexpended cash advance on travel by the Admin Offi cer.

9 - Cash - Collecting Offi cer 1 01 01 010 100,000.00 Guaranty/Security Deposits Payable 2 04 01 040 100,000.00 Performance security of VON Company for the construction of building.

Subsidy from National Government 4 03 01 010 100,000.00 Cash - Collecting Offi cer 1 01 01 010 100,000.00 Remittance of posted performance security to Bureau of Treasury.

10 - Advances to Contractors 1 99 02 010 195,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 195,000.00 Release of advance payment to VON Company for mobilization on the construction of building.

12 - Guaranty/Security Deposits Payable 2 04 01 040 100,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 100,000.00 Release of retention to Earth Movers which was substituted by bank guaranty.

14 - Offi ce Supplies Expenses 5 02 03 010 6,000.00 Offi ce Supplies Inventory 1 04 04 010 6,000.00 Remaining offi ce supplies withdrawn, used and utilized.










end

Books of Agency

Date Account Title AC Debit Credit15 - R & M - Machiery and Equipment 5 02 13 050 24,000.00

Representation Expenses 5 02 99 030 21,000.00 Traveling Expenses - Local 5 02 01 010 8,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 53,000.00 Replenishment of PCF.

16 - Advances for Payroll 1 99 01 020 430,000.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 430,000.00 Release of payroll fund for February.

21 - Construction in Progress - Buildings and Other Structure 1 06 10 030 1,950,000.00 Advances to Contractors 1 99 02 010 195,000.00 Accounts Payable 2 01 01 010 1,755,000.00 Billing of VON Company for the 100% completion for the construction of building.

23 - Accounts Payable 2 01 01 010 1,755,000.00 Due to BIR 2 02 01 010 175,500.00 Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 1,579,500.00 Payment for the final billing for the building construction.

Buildings 1 06 04 010 1,950,000.00 Construction in Progress - Buildings and Other Structure 1 06 10 030 1,950,000.00 Turn-over of completed contract for the construction of building.










end

Books of Agency

Date Account Title AC Debit Credit24 - Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 100,000.00

Subsidy from National Government 4 03 01 010 100,000.00 Receipt of NCA for the performance security of VON Company.

26 - Salaries and Wages - Regular 5 01 01 010 480,000.00 Personal Economic Relief Allowance (PERA) 5 01 02 010 20,000.00 Due to GSIS 2 02 01 020 45,000.00 Due to PhiiHealth 2 02 01 040 2,000.00 Due to Pag-IBIG 2 02 01 030 8,000.00 Due to BIR 2 02 01 010 15,000.00 Advances for Payroll 1 99 01 020 430,000.00 Liquidation of cash advance for January payroll.

26 - Retirement and Life Insurance Premiums 5 01 03 010 60,000.00 Employees Compensation Insurance Premiums 5 01 03 040 2,000.00 Pag-IBIG Contributions 5 01 03 020 4,000.00 PhiiHealth Contributions 5 01 03 030 2,000.00 Due to GSIS 2 02 01 020 62,000.00 Due to PhiiHealth 2 02 01 040 2,000.00 Due to Pag-IBIG 2 02 01 030 4,000.00 Government shares on premium contributions for January.


For the month ended February 28, 201xJanuary February Total Balance

Accounts AC Debit Credit Debit Credit Debit Credit Debit CreditCash - Collecting Offi cer 1 01 01 010 - - 101,000.00 101,000.00 101,000.00 101,000.00 - - Petty Cash 1 01 01 020 60,000.00 - - - 60,000.00 - 60,000.00 - Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 15,000,000.00 1,509,700.00 100,000.00 3,335,500.00 15,100,000.00 4,845,200.00 10,254,800.00 - Offi ce Supplies Inventory 1 04 04 010 30,000.00 24,000.00 - 6,000.00 30,000.00 30,000.00 - - Other Supplies and Materials Inventory 1 04 04 990 25,000.00 12,000.00 - - 25,000.00 12,000.00 13,000.00 - Road Networks 1 06 03 010 - - 1,950,000.00 - 1,950,000.00 - 1,950,000.00 - Buildings 1 06 04 010 - - 1,950,000.00 - 1,950,000.00 - 1,950,000.00 - Offi ce Equipment 1 06 05 020 60,000.00 - - - 60,000.00 - 60,000.00 - Construction in Progress - Infrastructure Ass 1 06 10 020 1,950,000.00 - - 1,950,000.00 1,950,000.00 1,950,000.00 - - Construction in Progress - Buildings and Other Structure 1 06 10 030 - - 1,950,000.00 1,950,000.00 1,950,000.00 1,950,000.00 - - Advances for Payroll 1 99 01 020 430,000.00 430,000.00 430,000.00 430,000.00 860,000.00 860,000.00 - - Advances to Offi cers and Employees 1 99 01 040 16,200.00 15,200.00 - 1,000.00 16,200.00 16,200.00 - - Advances to Contractors 1 99 02 010 300,000.00 300,000.00 195,000.00 195,000.00 495,000.00 495,000.00 - - Accounts Payable 2 01 01 010 815,000.00 1,765,000.00 2,705,000.00 1,755,000.00 3,520,000.00 3,520,000.00 - - Due to BIR 2 02 01 010 - 124,500.00 124,500.00 285,500.00 124,500.00 410,000.00 - 285,500.00 Due to GSIS 2 02 01 020 - 107,000.00 107,000.00 107,000.00 107,000.00 214,000.00 - 107,000.00 Due to Pag-IBIG 2 02 01 030 - 12,000.00 12,000.00 12,000.00 12,000.00 24,000.00 - 12,000.00 Due to PhiiHealth 2 02 01 040 - 4,000.00 4,000.00 4,000.00 4,000.00 8,000.00 - 4,000.00 Guaranty/Security Deposits Payable 2 04 01 040 - 100,000.00 100,000.00 100,000.00 100,000.00 200,000.00 - 100,000.00 Subsidy from National Government 4 03 01 010 - 15,000,000.00 101,000.00 224,500.00 101,000.00 15,224,500.00 - 15,123,500.00 Salaries and Wages - Regular 5 01 01 010 480,000.00 - 480,000.00 - 960,000.00 - 960,000.00 - Personal Economic Relief Allowance (PERA) 5 01 02 010 20,000.00 - 20,000.00 - 40,000.00 - 40,000.00 - Retirement and Life Insurance Premiums 5 01 03 010 60,000.00 - 60,000.00 - 120,000.00 - 120,000.00 - Pag-IBIG Contributions 5 01 03 020 4,000.00 - 4,000.00 - 8,000.00 - 8,000.00 - PhiiHealth Contributions 5 01 03 030 2,000.00 - 2,000.00 - 4,000.00 - 4,000.00 - Employees Compensation Insurance Premiums 5 01 03 040 2,000.00 - 2,000.00 - 4,000.00 - 4,000.00 - Traveling Expenses - Local 5 02 01 010 24,600.00 - 8,000.00 - 32,600.00 - 32,600.00 - Training Expenses 5 02 02 010 5,600.00 - - - 5,600.00 - 5,600.00 - Offi ce Supplies Expenses 5 02 03 010 49,000.00 - 6,000.00 - 55,000.00 - 55,000.00 - Other Supplies and Materials Expenses 5 02 03 990 40,000.00 - - - 40,000.00 - 40,000.00 - Postage and Courier Services 5 02 05 010 8,000.00 - - - 8,000.00 - 8,000.00 - R & M - Machiery and Equipment 5 02 13 050 10,000.00 - 24,000.00 - 34,000.00 - 34,000.00 - R & M - Transportation Equipment 5 02 13 060 12,000.00 - - - 12,000.00 - 12,000.00 - Representation Expenses 5 02 99 030 - - 21,000.00 - 21,000.00 - 21,000.00 -

Total 19,403,400.00 19,403,400.00 10,456,500.00 10,456,500.00 29,859,900.00 29,859,900.00 15,632,000.00 15,632,000.00 - - - -




For the month ended February 28, 201xTotal Balance

Accounts AC Debit Credit Debit CreditCash - Collecting Offi cer 1 01 01 010 101,000.00 101,000.00 - - Petty Cash 1 01 01 020 60,000.00 - 60,000.00 - Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 15,100,000.00 4,845,200.00 10,254,800.00 - Offi ce Supplies Inventory 1 04 04 010 30,000.00 30,000.00 - - Other Supplies and Materials Inventory 1 04 04 990 25,000.00 12,000.00 13,000.00 - Road Networks 1 06 03 010 1,950,000.00 - 1,950,000.00 - Buildings 1 06 04 010 1,950,000.00 - 1,950,000.00 - Offi ce Equipment 1 06 05 020 60,000.00 - 60,000.00 - Construction in Progress - Infrastructure Ass 1 06 10 020 1,950,000.00 1,950,000.00 - - Construction in Progress - Buildings and Other Structure 1 06 10 030 1,950,000.00 1,950,000.00 - - Advances for Payroll 1 99 01 020 860,000.00 860,000.00 - - Advances to Offi cers and Employees 1 99 01 040 16,200.00 16,200.00 - - Advances to Contractors 1 99 02 010 495,000.00 495,000.00 - - Accounts Payable 2 01 01 010 3,520,000.00 3,520,000.00 - - Due to BIR 2 02 01 010 124,500.00 410,000.00 - 285,500.00 Due to GSIS 2 02 01 020 107,000.00 214,000.00 - 107,000.00 Due to Pag-IBIG 2 02 01 030 12,000.00 24,000.00 - 12,000.00 Due to PhiiHealth 2 02 01 040 4,000.00 8,000.00 - 4,000.00 Guaranty/Security Deposits Payable 2 04 01 040 100,000.00 200,000.00 - 100,000.00 Subsidy from National Government 4 03 01 010 101,000.00 15,224,500.00 - 15,123,500.00 Salaries and Wages - Regular 5 01 01 010 960,000.00 - 960,000.00 - Personal Economic Relief Allowance (PERA) 5 01 02 010 40,000.00 - 40,000.00 - Retirement and Life Insurance Premiums 5 01 03 010 120,000.00 - 120,000.00 - Pag-IBIG Contributions 5 01 03 020 8,000.00 - 8,000.00 - PhiiHealth Contributions 5 01 03 030 4,000.00 - 4,000.00 - Employees Compensation Insurance Premiums 5 01 03 040 4,000.00 - 4,000.00 - Traveling Expenses - Local 5 02 01 010 32,600.00 - 32,600.00 - Training Expenses 5 02 02 010 5,600.00 - 5,600.00 - Offi ce Supplies Expenses 5 02 03 010 55,000.00 - 55,000.00 - Other Supplies and Materials Expenses 5 02 03 990 40,000.00 - 40,000.00 - Postage and Courier Services 5 02 05 010 8,000.00 - 8,000.00 - R & M - Machiery and Equipment 5 02 13 050 34,000.00 - 34,000.00 - R & M - Transportation Equipment 5 02 13 060 12,000.00 - 12,000.00 - Representation Expenses 5 02 99 030 21,000.00 - 21,000.00 -

Total 29,859,900.00 29,859,900.00 15,632,000.00 15,632,000.00 - -




For the month ended February 28, 201xBalance

Accounts AC Debit CreditCash - Collecting Offi cer 1 01 01 010 - - Petty Cash 1 01 01 020 60,000.00 - Cash - Modified Disbursement System (MDS), Regular 1 01 04 040 10,254,800.00 - Offi ce Supplies Inventory 1 04 04 010 - - Other Supplies and Materials Inventory 1 04 04 990 13,000.00 - Road Networks 1 06 03 010 1,950,000.00 - Buildings 1 06 04 010 1,950,000.00 - Offi ce Equipment 1 06 05 020 60,000.00 - Construction in Progress - Infrastructure Ass 1 06 10 020 - - Construction in Progress - Buildings and Other Structure 1 06 10 030 - - Advances for Payroll 1 99 01 020 - - Advances to Offi cers and Employees 1 99 01 040 - - Advances to Contractors 1 99 02 010 - - Accounts Payable 2 01 01 010 - - Due to BIR 2 02 01 010 - 285,500.00 Due to GSIS 2 02 01 020 - 107,000.00 Due to Pag-IBIG 2 02 01 030 - 12,000.00 Due to PhiiHealth 2 02 01 040 - 4,000.00 Guaranty/Security Deposits Payable 2 04 01 040 - 100,000.00 Subsidy from National Government 4 03 01 010 - 15,123,500.00 Salaries and Wages - Regular 5 01 01 010 960,000.00 - Personal Economic Relief Allowance (PERA) 5 01 02 010 40,000.00 - Retirement and Life Insurance Premiums 5 01 03 010 120,000.00 - Pag-IBIG Contributions 5 01 03 020 8,000.00 - PhiiHealth Contributions 5 01 03 030 4,000.00 - Employees Compensation Insurance Premiums 5 01 03 040 4,000.00 - Traveling Expenses - Local 5 02 01 010 32,600.00 - Training Expenses 5 02 02 010 5,600.00 - Offi ce Supplies Expenses 5 02 03 010 55,000.00 - Other Supplies and Materials Expenses 5 02 03 990 40,000.00 - Postage and Courier Services 5 02 05 010 8,000.00 - R & M - Machiery and Equipment 5 02 13 050 34,000.00 - R & M - Transportation Equipment 5 02 13 060 12,000.00 - Representation Expenses 5 02 99 030 21,000.00 -

Total 15,632,000.00 15,632,000.00 -



Assignment 7/21/2015

Prepare the following:

a. Income Statementb. Balance Sheet

For additional points, prepare the Cash Flow Statements

govt acctg 2015

Documents

new accounting system

updated accounting system

disposition of government

internal control system

periodic financial statements

conceptsngas nationalnature

related transactionsaccounting

effective tool