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Questions - Accounting For LGUs

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38 views

Questions - Accounting For LGUs

Uploaded by

cjjurisdoctor
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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Questions (Accounting for LGUs)

1. What registries do local government accounting units maintain to monitor appropriations,


allotments, and obligations?

2. What are the various classifications of funds in local government?

3. Can you list the sources of funds in local government?

4. Could you provide a brief overview of the fundamental features and policies related to local
government units?

Research Activities

A. Select a specific local government accounting unit, such as a municipality, city, or province, and
conduct the following classroom activities:

1. Discuss the budgetary process of the chosen local government unit.

2. Analyze the most recent financial statements of the selected local government unit.

3. Compare the accounting system used by the chosen local government unit with the published
accounting manual for local government units.

B. Choose a specific Barangay in your locality and discuss the following aspects:

1. Elaborate on the budgetary procedures employed by the selected Barangay.

2. Describe the accounting system utilized by the chosen Barangay.

3. Examine the financial statements of the selected Barangay.


Exercises

Exercise 1:
Journal Entries for a Municipality

1. Received a Notice of Funding Check Issued from DBM for the municipality's share of internal
revenue collections, amounting to P50,000,000.

2. Collected receivables for real property taxes, P10,000,000, and special education tax, P10,000,000,
from various taxpayers (both based on 2% of assessed property values).

3. Deposited the total collections in LANDBANK.

4. Paid a MERALCO bill of P67,200 (exclusive of tax).

5. Purchased office supplies on account from National Company, a VAT-registered supplier, for
P20,000.

6. Paid bills for the following: PLDT landline - P33,600, GLOBE mobile - P22,400.

7. Collected real property tax and special education tax from new taxpayers, assessed on a real
property value of P150,000,000.

8. Deposited the total collections in LANDBANK.

9. Paid the account with National Company, net of tax.

10. Received a credit memo from the bank for its share of internal revenue collections, P30,000,000.

11. Collected P200,000 from Income from market operations.

12. Collected permit fees of P150,000 and garbage fees of P50,000.

13. Deposited the total collections from the above receipts into LANDBANK.
14. Distributed the total amount of real property tax collected according to the following sharing:
Municipality-40%; Province-35%; Barangay-25%.

15. Remitted the share due to the Province and Barangays for real property tax.

Exercise 2: Journal Entries for a Municipality

a. Estimated receivables on real property tax were set up, amounting to P10,000,000, and special
education tax.

b. Collected P1,000,000 on receivables for real property tax and P1,000,000 on special education tax.

c. Distributed real property tax as follows: Municipality-40%, Province-35%, Barangay-25%.

d. Deposited the total collections for real property and special education tax.

e. Remitted the share due to Provinces and Barangays for real property tax collected.

f. Collected garbage fees amounting to P150,000.

g. Received income from the operations of various utilities: Markets - P100,000, Hospitals - P200,000,
Cemeteries - P50,000, Slaughterhouses - P30,000.

h. Collected permit fees of P50,000, registration fees of P20,000, and other local taxes totaling
P30,000.

i. Deposited receipts and collections amounting to P630,000.

j. Received a Notice of Funding Check Issued from the DBM for the Internal Revenue Allotment,
amounting to P5,000,000.

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