Instruction: Record the following transactions or events: a. Receipt of notice of appropriation amounting to P400M. b. Receipt of allotment from the DBM amounting to P380M. c. Incurrence of obligations amounting to P350M. d. Receipt of Notice of Cash Allocation amounting to P325M. Accrual of P300M salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages Personal Economic Relief Allowance (PERA) 280M 20M Gross Compensation Withholding Tax 300M (75M) (15M) (15M) (8M) (113M) GSIS Pag-IBIG PhilHealth Total Deductions Net 187M f. Granting of cash advance for the payroll. g. Liquidation of the cash advance for payroll. h. Remittance of taxes withheld to the BIR. i. Remittance of other amounts withheld to the other government agencies concerned. j. Billing of revenue for Rent/Lease Income amounting to P700M. k. Collection of P550M from billed revenue and remittance of the total collection to the National Treasúry. Reversion of unused NCA. 1.

Instruction: Record the following transactions or events: a. Receipt of notice of appropriation amounting to P400M. b. Receipt of allotment from the DBM amounting to P380M. c. Incurrence of obligations amounting to P350M. d. Receipt of Notice of Cash Allocation amounting to P325M. Accrual of P300M salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages Personal Economic Relief Allowance (PERA) 280M 20M Gross Compensation Withholding Tax 300M (75M) (15M) (15M) (8M) (113M) GSIS Pag-IBIG PhilHealth Total Deductions Net 187M f. Granting of cash advance for the payroll. g. Liquidation of the cash advance for payroll. h. Remittance of taxes withheld to the BIR. i. Remittance of other amounts withheld to the other government agencies concerned. j. Billing of revenue for Rent/Lease Income amounting to P700M. k. Collection of P550M from billed revenue and remittance of the total collection to the National Treasúry. Reversion of unused NCA. 1.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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Similar questions

1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to? 4. The entry to recognize the payroll includes a?
the following balances were extracted from the relevant books of accounts of the controller and accountant general department at the end of december, 2019 trail balance as at 31 december, 2019 ghs ghs foreign investment 64,780.50 taxes on domestic goods 40,000.00 taxes on international transactions 94,500.00 personal emoluments 160,000.00 domestic short term loan 6,750.00 domestic medium and loan term loan 42,750.00 ssf contribution 21,200.00 pension and gratuity 18,300.00 taxes on income & properties 155,600.00 contingency fund 67.50 local investment 5,750.00 value added tax 142,300.00 administrative expenses 100,000.00 education trust fund 14,300.00 sinking fund 337.50 road fund arrears 32,000.00 non road fund arrears 11,770.95 grants 29,300.00 district assembly common fund 119.600.00 divestiture proceeds 36,500.00 foreign loan 825.75 cash in hand 1,375.00 counterpart fund 5,280.75 other revenue receipt 21,800.00 interest payment on loan 700.00 service expenditure 14,000.00 loan…
The budget officer of the Department of Social Welfare and Development (DSWD) was granted a cash advance in the amount of P15,000. He is to attend a seminar in the Department of Budget and Management (DBM) head office. Accordingly, the obligation incurred for this purpose was appropriately recorded in the Registry of Allocation, Obligation, and Disbursement – Maintenance and Other Operating Expenses (RAOD-MOOE) in the amount of P15,000. After that seminar, the budget officer liquidated his cash advance by preparing the Liquidation Report form and reported total expenses related to that official travel in the amount of 12,300.Required: Give the necessary entries to be made by the DSWD for the above scenario.
The following were the selected transactions of a National Government Agency during the period of FY 2022:· Received Notice of Cash Allocation (NCA) amounting to P10,000,000.· Earned total revenue of P2,500,000 from billings and collections of unbilled income.· Incurred total expenses of P8,000,000.· Remitted total taxes withheld of P1,500,000 to the BIR through Tax Remittance Advice (TRA).· The unused NCA balance is P1,000,000 at the end of the period.How much is the net surplus/(deficit) for the period in the statement of financial performance?
The following transactions incurred by a National Government Agency during the period of FY 2021: Received Notice of Cash Allocation (NCA) amounting to P10,000,000. Earned total revenue of P2,500,000 from billings and collections of unbilled income. Issued Notice of Transfer Allocation (NTA) amounting to P2,000,000. Incurred total expenses of P8,000,000. Remitted total taxes withheld of P1,500,000 to the BIR through Tax Remittance Advice (TRA). The unused NCA balance is P1,000,000 at the end of the period. How much is the net financial assistance or subsidy for the period in the statement of financial performance?
Caring enterprises had the following account balances on Decrmber 31, 2020; Cash in BPI Bank- 2,250,000; Cash allowed for the acquisition of machinery- 1,600,000; Revolving Fund- 125,000. Cadh in Bank included 600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020
Japee, Inc. assigned P240,000 of its receivables to PJTC Finance company. A note payable was executed. The contract provided that PJTC would advance 85% of the gross amount of the receivables. The contract specified recourse and non-notification; therefore, Japee’s debtors continue to remit directly to it; the cash from customers is then remitted to the finance company. The cash remitted is first applied to the finance charges, with the remainder applied to the principal. During the first month, customers owing P164,000 paid cash, less sales returns and allowances of P6,400. The finance charge at the end of the first month was P1,400.How much is the disclosed equity in assigned accounts as of the end of the first month? *
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Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20x1 are as follows: a. received appropriation of P500,000. b. received allotment of P450,000. c. incurred obligations amounting to P440,000. d. received notice of cash allocation of P430,000. e. accrued P80,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows: salaries and wages 70,000 personal economic relief allowance (PERA) 10,000 Gross compensation 80,000 withholding tax 18,000 GSIS 4,000, Pag-IBIG 1,000 PhilHealth 2,000 total salary deductions 25,000. f. received delivery of purchased office equipment worth P200,000. The equipment has an estimated useful life of 5 years and a 5% residual value. Entity a recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1. g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld…
Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20x1 are as follows: a. received appropriation of P500,000. b. received allotment of P450,000. c. incurred obligations amounting to P440,000. d. received notice of cash allocation of P430,000. e. accrued P80,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows: salaries and wages 70,000 personal economic relief allowance (PERA) 10,000 Gross compensation 80,000 withholding tax 18,000 GSIS 4,000, Pag-IBIG 1,000 PhilHealth 2,000 total salary deductions 25,000. f. received delivery of purchased office equipment worth P200,000. The equipment has an estimated useful life of 5 years and a 5% residual value. Entity a recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1. g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld…
Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20x1 are as follows: a. received appropriation of P500,000. b. received allotment of P450,000. c. incurred obligations amounting to P440,000. d. received notice of cash allocation of P430,000. e. accrued P80,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows: salaries and wages 70,000 personal economic relief allowance (PERA) 10,000 Gross compensation 80,000 withholding tax 18,000 GSIS 4,000, Pag-IBIG 1,000 PhilHealth 2,000 total salary deductions 25,000. f. received delivery of purchased office equipment worth P200,000. The equipment has an estimated useful life of 5 years and a 5% residual value. Entity a recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1. g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld…
Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20x1 are as follows: a. received appropriation of P500,000. b. received allotment of P450,000. c. incurred obligations amounting to P440,000. d. received notice of cash allocation of P430,000. e. accrued P80,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows: salaries and wages 70,000 personal economic relief allowance (PERA) 10,000 Gross compensation 80,000 withholding tax 18,000 GSIS 4,000, Pag-IBIG 1,000 PhilHealth 2,000 total salary deductions 25,000. f. received delivery of purchased office equipment worth P200,000. The equipment has an estimated useful life of 5 years and a 5% residual value. Entity a recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1. g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld…