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EXERCISES Government Accounting

This document contains journal entries recording transactions for a government entity. It records the receipt of subsidy funds from the national government, the constructive receipt and remittance of taxes withheld, the billing and collection of affiliation fees as income, and the purchase and payment of office equipment.

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Irish Lacanilao
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77 views

EXERCISES Government Accounting

This document contains journal entries recording transactions for a government entity. It records the receipt of subsidy funds from the national government, the constructive receipt and remittance of taxes withheld, the billing and collection of affiliation fees as income, and the purchase and payment of office equipment.

Uploaded by

Irish Lacanilao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1.

Journal entry
Date Cash-Modified Disbursement System (MDS), Regular
Subsidy from National Government 1,000,000
To recognize receipt of NCA from DBM 1,000,000
2. Journal entry (in the entity’s books):
Date Cash-Tax Remittance Advice 100,000
Subsidy from National Government 100,000
To recognize the constructive receipt of NCA for TRA
Date Due to BIR 100,000
Cash-Tax Remittance Advice 100,000
To recognize constructive remittance of taxes withheld to the BIR
through TRA
3. Recording in the RAPAL and appropriate Registries of Allotments, Obligations and
Disbursements (RAOD) maintained by object of expenditure.
4. Recording in the Registry of Appropriations and Allotments (RAPAL).
5. Recording in RAOD and Obligation Request and Status (ORS).
6. Recording in RAOD and Obligation Request and Status (ORS).
7. Journal entry:
Date Accounts receivable 250,000
Affiliation Fees 250,000
To recognize billing of income
Date Cash – Collecting Officers 200,000
Accounts Receivable 200,000
To recognize collection of billed income
Date Cash-Treasury/Agency Deposit, Regular 200,000
Cash – Collecting Officers 200,000
To recognize remittance of income to BTr
8. Journal entry:
Date Subsidy from National Government 50,000
Cash-Modified Disbursement
System (MDS), Regular 50,000
To recognize reversion of unused NCA
9. Journal entry:
Date Office Equipment 100,000
Accounts Payable 100,000
To recognize delivery of office equipment
10. Journal entry:
Date Accounts Payable 60,000
Due to BIR 3,000
Cash – Modified Disbursement
System (MDS), Regular 57,000
To recognize payment of accounts payable

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