Prepare the Revenue and Expenditure Returns for the fourth Quarter of 2019 to be submitted to the Controller and Accountant General.
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Given below is information of a government department concerning warrants received and payment made under the warrants for the 2019 financial year.
Warrants received
|
Items |
Quarter 1 GHc |
Quarter 2 GHc |
Quarter 3 GHc |
Quarter 4 GHc |
|
Compensation for employees |
120,000 |
120,000 |
125,000 |
125,000 |
|
Goods and services |
80,000 |
60,000 |
60,000 |
70,000 |
|
Non-financial assets |
90,000 |
80,000 |
100,000 |
80,000 |
Payments under the warrants
|
Items |
Quarter 1 GHc |
Quarter 2 GHc |
Quarter 3 GHc |
Quarter 4 GHc |
|
Compensation for employees |
110,000 |
122,000 |
120,000 |
130,000 |
|
Goods and services |
85,000 |
70,000 |
60,000 |
75,000 |
|
Non-financial assets |
75,000 |
70,000 |
110,000 |
70,000 |
The generally rule is, balances on a warrant could be carried forward to subsequent quarters except that every warrant elapse on December 31st every year.
Required:
Prepare the Revenue and Expenditure Returns for the fourth Quarter of 2019 to be submitted to the Controller and Accountant General.
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- A national government agency had the following transactions relating to billings and collections for the month of December 2022: December 02 – The agency prepared the following billings for the month of November 2022: Rent/Lease Income – P50,000; Power Supply System Fees – P150,000; Landing and Parking Fees – P20,000; and Waterworks System Fees – P100,000. December 09 – Collected all of the billings made on December 02, 2022 and issued Official Receipts. December 10 – Remitted all collections made last December 09, 2022 to the Bureau of Treasury (BTr). The journal entry to recognize the remittance to Bureau of Treasury on December 10, 2022 includes a debit to Cash – Treasury/Agency, Deposit, Regular: P320,000 debit to Cash – Treasury/Agency, Deposit, Trust: P320,000 debit to Cash – Collecting Officer, P320,000 debit to Cash-in Bank, LCCA, P320,000a unit of the Department of State, was established October 1, 2022. It is financed by an appropriation from Congress. Following are the transactions of the agency during October 2022: October 1 The agency received a certified copy of an appropriation warrant from the Department of the Treasury for $900,000. October 1 The entire appropriation of $900,000 was apportioned by the OMB. October 1 Of the amount apportioned, $450,000 was allotted to the agency by the Department of State to finance its October operations. October 4 The agency ordered equipment at an estimated cost of $275,000. October 14 The equipment arrived, together with an invoice for $300,000. The equipment was accepted at the price charged, because the contract permitted a 10 percent cost overrun. October 24 The agency sent a disbursement schedule to Treasury requesting payment of the following items. Equipment $300,000 Salaries 75,000 Utilities 20,000 October…On December 23, 2022, a legislation approves the allocation of P10B funds to support the operations of a National Government Agency (NGA) for the whole CY 2023. At the start of 1st quarter of CY 2023, NGA receives authorization to incur obligations for a maximum amount of P2.4B for the said quarter and Notice of Cash Allocation amounting to P2.2B. At the end of the 1st quarter, total obligations incurred amounted to P2B while total disbursements amounted to P1.7B.Compute for the amount of unliquidated obligations for the 1st Quarter of CY 2023. Options: a. P400,000,000 b. P200,000,000 c. P300,000,000 d. P500,000,000 ------
- 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…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…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…
- Presented below pertains to Amsterdam Corporation on December 31, 2020:Treasury warrants 300,000Treasury bills, due on 1/31/2021 (purchased on 1/31/2020) 300,000Treasury bills, due on 3/31/2021 (purchased on 12/31/2020) 200,000Postage stamps 1,000CM from Tokyo Corporation, a vendor, for a purchase return 20,000BPI Checking account (100,000)Metrobank Checking account 2,000,000Postal Money Order 30,000Traveler’s check 50,000Postdated check of Donald Tramp, an employee 4,000Restricted foreign bank account (equivalent to pesos_ 1,000,000IOU from eldest brother of Jonathan Fabian, the company controller 10,000Listed stocks held as temporary investments 15,000Payroll account 500,000Petty Cash fund (net of expense receipts pf P 6,000) 4,000Additional information:1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailedto suppliers on January 5, 2021.2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailedon…Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20xl are follows: a. Received appropriation of 500,000 b. Received allotment of 450,000. c. Incurred obligations amounting to 440,000. d. Received Notice of Cash Allocation of 430,000. 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 200,000. 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)…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?