NGAS Illustrative Accounting Entries

Illustrative Accounting Entries - Typical transactions of Central/Regional Offices and Operating Units
(CO/RO/OU) receiving Notice of Cash Allocation direct from DBM.
REGULAR AGENCY BOOKS
Transactions AccountCO/RO/OU
Account Title
Code Debit Credit
Beginning Balances Office Equipment 222 1,000

Accounts Payable 401 350
Government Equity 501 650
Receipt of allotment and NCA

1. Receipt of allotment for: Posting in allotment column of the
Registry of Allotments and Obligations-
Allotment Class GAA CA 186 Capital Outlay, Maintenance and Other
CO 3,340 Operating Expenses, Personal Services
MOOE 1,010 and Financial Expenses
PS 550 55
FE 100
Total 5,000 55
2. Receipt of Notice of Cash Allocation Cash - National Treasury, MDS 102 4,500
from DBM - P4,500 Subsidy Income from National Government 601 4,500
Payment of Expenses
3. Obligation for PS - P 500 Posting in obligation column of Registry
of Allotments and Obligations - Personal
Services
4. Recording of expenses
Salaries 440 Salaries and Wages - Regular Pay 801 440
PERA 30 PERA 804 30
Additional Compensation 30 Additional Compensation 805 30
Total 500 Due to Officers and Employees 428 400
Less: Salary Deductions. Due to BIR 410 50
Withholding tax 50 Due to GSIS 411 32
Life & Ret. premiums 30 Due to PAG-IBIG 412 5
PAGIBIG premiums 5 Due to PHILHEALTH 413 3
PHILHEALTH premiums 3 Other Payables 450 10
GSIS-Salary loan 2
Employees' Association 10 100
Net Amount 400
5. Grant of Cash Advance for payroll - P400 Cash - Disbursing Officers 107 400
Cash - National Treasury, MDS 102 400
6. Liquidation of Cash Advance Due to Officers and Employees 428 400

Cash - Disbursing Officers 107 400
7. Remittance of Salary Deductions Due to GSIS 411 32

Due to PAG-IBIG 412 5
Due to PHILHEALTH 413 3
Other Payables 450 10
121
Account Title
Code Debit Credit
8. Obligation for government share Posting in obligation column of Registry

CA 186 - Life & Ret. Contribution 30 of Allotments and Obligations - Personal
GAA - PAG-IBIG Contribution 5 Services
GAA - PHILHEALTH Contributio 3
38
9. Remittance of Govt. Share

CA 186 - Life & Ret. Contribution 30 Life and Retirement Insurance Contributions 817 30
GAA - PAG-IBIG Contribution 5 PAG-IBIG Contributions 818 5
GAA - PHILHEALTH Contributio 3 PHILHEALTH Contributions 819 3
38 Cash - National Treasury, MDS 102 38
Receipt of Bills / Claim

10. Obligation for: Posting in obligation column of Registry of
Rent ( for 1 year) 70 Allotments and Obligations - Maintenance
Office Supplies 150 and Other Operating Expenses
MERALCO bill 50
PLDT bill 40
Travelling expense of
Mr. Alex Cruz 110
TOTAL 420
11. Payment of one year rent Prepaid Rent 161 70

(July 1, 2002 to June 30, 2003) Cash - National Treasury, MDS 102 70
12. Advance payment to Procurement Due from NGAs 130 150

Service (PS) for office supplies 150 Cash - National Treasury, MDS 102 150
13. Receipt of office supplies Office Supplies Inventory 149 150

and invoice from Procurement Service. Due from NGAs 130 150
14. Payment of MERALCO bill Electricity 835 50

15. Payment of PLDT bill Telephone/Telegraph and Internet 837 40

16. Granting of cash advance for travel of Due from Officers and Employees 128 110
Mr. Alex Cruz Cash - National Treasury, MDS 102 110
17. Liquidation of cash advance for travel of Traveling Expense - Local 831 98
Mr. Alex Cruz Due from Officers and Employees 128 98
18. Refund of excess cash advance for travelling Cash - Collecting Officers 106 12
expense of Mr. Alex Cruz Due from Officers and Employees 128 12
122
Account Title
Code Debit Credit
19. Adjustment of obligation by P12 for refund Negative posting in obligation column of
of excess advance for traveling expense Registry of Allotments and Obligations -
Maintenance and Other Operating Expenses
20. Deposit of collection from excess advance Subsidy Income from National Government 601 12
to BTr Cash - Collecting Officers 106 12
Petty Cash Fund

21. Obligation for Petty Cash Fund (PCF) Posting in obligation column of
for - P35 Registry of Allotments and Obligations -
22. Establishment of Petty Cash Fund (PCF) Petty Cash Fund 105 35
23. Obligation of P30 for replenishment Posting in obligation column of

of Petty Cash Fund Registry of Allotments and Obligations -
24. Replenishment of Petty Cash Fund Office Supplies Expenses 849 20

Bond paper 20 Postage and Deliveries 838 10
Postage stamps 10 Cash - National Treasury, MDS 102 30
30
25. Closing of the Petty Cash Fund within the Cash - Collecting Officers 106 5
year due to retirement of the PCF Custodian Petty Cash Fund 105 5
26. Adjustment of obligation for refunded PCF Negative posting in obligation

per ALOBS supported by Official Receipt Registry of Allotments and Obligations -
27. Deposit of collection from refund of Subsidy Income from NG 601 5

Petty Cash Fund Cash - Collecting Officers 106 5
28. Obligation for Petty Cash Fund for - P35 Posting in obligation column of
for the newly designated PCF Custodian Registry of Allotments and Obligations -
29. Establishment of Petty Cash Fund for Petty Cash Fund 105 35
the newly designated PCF Custodian Cash - National Treasury, MDS 102 35
Purchase of Equipment
30. Obligation for office equipment per Purchase Posting in obligation column of
Order - P100 Registry of Allotments and Obligations -
Capital Outlay
123
Account Title
Code Debit Credit
31. Payment to Procurement Service for office equipment Due from NGAs 130 100
32. Receipt of office equipment based on Invoice/ Office Equipment 222 100
delivery receipt Due from NGAs 130 100
33. Obligation prior to approval of purchase order for Posting in obligation column of
IT Software - P400 Registry of Allotments and Obligations -
Capital Outlay
34. Receipt of IT Software based on invoice/delivery IT Equipment and Software 215 400
receipt from Computer Technologies (corporation) Accounts Payable 421 400
35. Payment of IT Software to Computer Technologies Accounts Payable 421 400

Gross 400 Cash - National Treasury, MDS 102 364
Less: Withholding Tax (VAT) 36 Due to BIR 410 36
364
Construction of Building
36. Obligation for building prior to the signing of the Posting in obligation column of
contract - P700 Registry of Allotments and Obligations -
Capital Outlay
37. Receipt of cash from the contractor paid Cash - Collecting Officers 106 50
as performance bond Performance/Bidders/Bail Bonds Payable 414 50
38. Deposit of ( cash) performance bond Due from National Treasury 134 50
to BTr thru AGDB Cash - Collecting Officers 106 50
39. Payment of 15% of contract amount as advances Advances to Contractors 168 105
to contractor - P700 x 15% Cash - National Treasury, MDS 102 105
40. Receipt of 1st progress billing for building Construction in Progress - Agency Assets 230 350
50% of P700 P350 Accounts Payable 401 300
Less: Recoupment 50 Advances to Contractors 168 50
Net Amount P300
41. Payment of 1st progress billing for building Accounts Payable 421 300
Accounts Payable 300 Cash - National Treasury, MDS 102 238
Less: 10% Retention 35 Guaranty Deposits Payable 408 35
Withholding Tax 27 62 Due to BIR 410 27
Net Amount 238
124
Account Title
Code Debit Credit
42. Receipt of final billing for building Construction in Progress - Agency Assets 230 340
50% of P700 (delayed completion) P350 Accounts Payable 401 285
Less: Liquidated Damages 10 Advances to Contractors 168 55
Net Amount P340
Less: Recoupment 55
Amount Due P285
43. Adjustment of RAOCO by P10 to reduce original Posting in obligation column of

amount of obligation due to liquidated damages Registry of Allotments and Obligations -
Capital Outlay
44. Final payment for building Accounts Payable 401 285

Less: 10% Withholding Tax (VAT) 32 Due to BIR 410 32
Net Amount 253
45. Turn-over & acceptance of building Buildings 204 690

Contract Amount 700 Construction in Progress - Agency Assets 230 690
Less: Liquidated Damages 10
Net Cost 690
Transfer of Funds to Implementing Agency

46. Obligation prior to approval of transfer of cash to Posting in obligation column of
another agency for construction of building-P250 Registry of Allotments and Obligations -
Capital Outlay
47. Issuance of check to implementing agency (IA) Due from NGAs 130 250
48. Receipt of liquidation reports/turn-over of building Buildings 204 250

by IA - P250 Due from NGAs 130 250
Fund Assistance to NGOs/POs

49. Approval of fund assistance to NGOs/POs - P150 Posting in obligation column of
for livelihood project Registry of Allotments and Obligations -
50. Issuance of check to NGOs/POs Due from NGOs/POs 133 150

51. Receipt of liquidation reports from NGOs / POs

Travelling Expense-Local 50 Travelling Expense-Local 831 50
Training and seminar expenses 30 Training and Seminar Expenses 833 30
Office supplies expense 20 Office Supplies Expense 849 20
Total 100 Due from NGOs/POs 133 100
125
Account Title
Code Debit Credit
Grants and Donations

52. Obligation of amount for tuition fees of employees Posting in obligation column of
(under scholarship grants) - P70 Registry of Allotments and Obligations -
53. Recording of the bill from educational institution for Grants and Donations 889 70
tuition fees of scholars Accounts Payable 401 70
54. Payment of tuition fees of scholars Accounts Payable 401 70

55. Obligation of stipend/book allowances Posting in obligation column of

of scholars - P 50 Registry of Allotments and Obligations -
56. Payment of stipend/book allowance to scholars Grants and Donations 889 50

Payment thru ADA
57. Receipt of NCA for PY accounts payable - P350 Cash - National Treasury, MDS 102 350
Subsidy Income from National Government 601 350
58. Payment of PY accounts payable - P200 Accounts Payable 401 200

Public Infrastructures
59. Receipt of cash from contractor paid as performance Cash - Collecting Officers 106 150
bond for the construction of roads Performance/Bidders/Bail Bonds Payable 414 150
60. Deposit of cash (performance bond) to BTr thru AGDB Due from National Treasury 134 150
Cash - Collecting Officers 106 150
61. Obligation for construction of roads prior to signing of Posting in obligation column of
contract - P2,000 Registry of Allotments and Obligations -
Capital Outlay
62. Payment of 15% of contract amount for the Advances to Contractors 168 300
advances to the contractor for the construction of Cash - National Treasury, MDS 102 300
roads P2,000 x 15%
63. Receipt of progress billing for construction of roads Construction in Progress - Roads,
50% of P2,000 1000 Highways and Bridges 232 1,000
Less: Recoupment 150 Accounts Payable 401 850
Net Amount 850 Advances to Contractors 168 150
126
Account Title
Code Debit Credit
64. Payment of bill for the construction of roads Accounts Payable 401 850
Accounts Payable (1,000 -150) 850 Cash - National Treasury, MDS 102 660
Less: Withholding Tax 90 Due to BIR 410 90
10% Retention 100 190 Guaranty Deposits Payable 408 100
Net Amount 660
65. Presentation of final billing for roads Construction in Progress - Roads,

50% of P2,000 1,000 Highways and Bridges 232 950
Less: Liquidated Damages 50 Accounts Payable 401 800
Net Cost 950 Advances to Contractors 168 150
Less: Recoupment 150
Amount Due 800
66. Adjustment of RAOCO by P50 to reduce original Negative posting in obligation column of
amount of obligation Registry of Allotments and Obligations -
Capital Outlay
67. Payment of final bill for the construction of roads Accounts Payable 401 800
Less: Withholding Tax 86 Due to BIR 410 86
10% Retention 95 181 Guaranty Deposits Payable 408 95
Net Amount 619
68. Turn-over and acceptance of roads Public Infrastructures 243 1,950

Contract amount 2,000 Construction in Progress - Roads,
Less: Liquidated Damages 50 Highways and Bridges 232 1,950
Net Cost 1,950
Remittance of Withholding Taxes Thru TRA

69. Remittance of Withholding Tax thru TRA Due to BIR 410 321
Salaries 50 Subsidy Income from National Government 601 321
IT Software (Corporation) 36
Building (Corporation) 59
Roads (Corporation) 176
Total 321
Release of Performance Bond

70. Receipt of NCA for deposited performance bonds received Cash-National Treasury, MDS 102 200
from contractors for the construction of the following: Due from National Treasury 134 200
Building 50
Roads 150
Total 200
71. Refund of performance bonds to contractors . Performance/Bidders/Bail Bonds Payable 414 200
Cash-National Treasury, MDS 102 200
Refund of Retention Fees

72. Refund of retention fees to contractors . Guaranty Deposits Payable 408 406
127
Account Title
Code Debit Credit

Building P35
Roads 371
Total 406
Issuance of Supplies and Materials

73. Receipt of the Report of Supplies and Materials Issued Office Supplies Expenses 849 140
from the Property/Supply Unit Office Supplies Inventory 149 140
office supplies - P140
Adjusting Entries
74. Recording of depreciation for the following: Depreciation - Buildings 904 35
Cost Depn. Depreciation - IT Equipment 915 40
Buildings 690 35 Depreciation - Office Equipment 922 10
IT Equipment 400 40 Acc. Depn. - Buildings 304 35
Office Equipment 100 10 Acc. Depn. - IT Equipment 315 40
Total 1,190 85 Acc. Depn. - Office Equipment 322 10
75. Rent expense for the year Rent Expense 841 35

Prepaid Rent 161 35
128
Account Title
Code Debit Credit
CLOSING ENTRIES
1. Unused NCA Subsidy Income from National Government 601 187

2. Subsidy Income from the National Government Subsidy Income from National Government 601 2,667
and Income Income and Expense Summary 533 2,667
3. Expenses Income and Expense Summary 535 1,131

Salaries and Wages-Regular Payroll 801 440
PERA 804 30
Additional Compensation 805 30
Life and Ret. Insurance Contribution 817 30
PAG-IBIG Contribution 818 5
PHILHEALTH Contribution 819 3
Traveling Expense, Local 831 148
Training and Seminar Fees 833 30
Electricity 835 50
Telephone/Telegraph and Internet 837 40
Postage and Deliveries 838 10
Rent Expenses 841 70
Office Supplies Expenses 849 40
Grants and Donations 890 120
Depreciation - Buildings 904 35
Depreciation - IT Equipment 915 40
Depreciation - Office Equipment 922 10
4. Income and Expense Summary Income and Expense Summary 532 1,536
Retained Operating Surplus 534 1,536
5. Retained Operating Surplus Retained Operating Surplus 534 1,536

Government Equity 501 1,536
6. Transfer of Public Infrastructures account to the Government Equity 501 1,950

Registry of Public Infrastructures Public Infrastructures 243 1,950
129

NGAS Illustrative Accounting Entries

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NGAS Illustrative Accounting Entries

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Illustrative Accounting Entries - Typical transactions of Central/Regional Offices and Operating Units

(CO/RO/OU) receiving Notice of Cash Allocation direct from DBM.

REGULAR AGENCY BOOKS

Beginning Balances Office Equipment 222 1,000

Receipt of allotment and NCA

6. Liquidation of Cash Advance Due to Officers and Employees 428 400

7. Remittance of Salary Deductions Due to GSIS 411 32

REGULAR AGENCY BOOKS

8. Obligation for government share Posting in obligation column of Registry

9. Remittance of Govt. Share

Receipt of Bills / Claim

11. Payment of one year rent Prepaid Rent 161 70

12. Advance payment to Procurement Due from NGAs 130 150

13. Receipt of office supplies Office Supplies Inventory 149 150

14. Payment of MERALCO bill Electricity 835 50

15. Payment of PLDT bill Telephone/Telegraph and Internet 837 40

REGULAR AGENCY BOOKS

Petty Cash Fund

23. Obligation of P30 for replenishment Posting in obligation column of

24. Replenishment of Petty Cash Fund Office Supplies Expenses 849 20

26. Adjustment of obligation for refunded PCF Negative posting in obligation

27. Deposit of collection from refund of Subsidy Income from NG 601 5

REGULAR AGENCY BOOKS

35. Payment of IT Software to Computer Technologies Accounts Payable 421 400

REGULAR AGENCY BOOKS

43. Adjustment of RAOCO by P10 to reduce original Posting in obligation column of

44. Final payment for building Accounts Payable 401 285

45. Turn-over & acceptance of building Buildings 204 690

Transfer of Funds to Implementing Agency

48. Receipt of liquidation reports/turn-over of building Buildings 204 250

Fund Assistance to NGOs/POs

50. Issuance of check to NGOs/POs Due from NGOs/POs 133 150

51. Receipt of liquidation reports from NGOs / POs

REGULAR AGENCY BOOKS

Grants and Donations

54. Payment of tuition fees of scholars Accounts Payable 401 70

55. Obligation of stipend/book allowances Posting in obligation column of

56. Payment of stipend/book allowance to scholars Grants and Donations 889 50

58. Payment of PY accounts payable - P200 Accounts Payable 401 200

REGULAR AGENCY BOOKS

65. Presentation of final billing for roads Construction in Progress - Roads,

68. Turn-over and acceptance of roads Public Infrastructures 243 1,950

Remittance of Withholding Taxes Thru TRA

Release of Performance Bond

Refund of Retention Fees

REGULAR AGENCY BOOKS

Cash-National Treasury, MDS 102 406

Issuance of Supplies and Materials

75. Rent expense for the year Rent Expense 841 35

REGULAR AGENCY BOOKS

1. Unused NCA Subsidy Income from National Government 601 187

3. Expenses Income and Expense Summary 535 1,131

5. Retained Operating Surplus Retained Operating Surplus 534 1,536

6. Transfer of Public Infrastructures account to the Government Equity 501 1,950

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