Journal Entry
Form to Registry to Journal Entry Journal Entry (Trust
Date Particulars Amount TOTAL AMOUNT Budget/Accounti Amount Amount (Internally Amount
be used Update (Regular Fund) Fund)
ng Comment Generated Fund)
January 01, 2024 The entity receives a GAA consisting of the following:
Personnel Services 9,000,000.00
Maintenance and Other Operating Expenses 5,400,000.00
Capital Outlay 2,000,000.00 16,400,000.00
Receipt of Notice of Cash Allocation (NCA) - To cover regular operating and RLIP
January 01, 2024 10,000,000.00
requirements
January 01, 2024 The entity receives an allotment from DBM consisting of the following:
Personnel Services 8,000,000.00
Maintenance and Other Operating Expenses 4,000,000.00
Capital Outlay 2,000,000.00 14,000,000.00
The government entity enters into the following contracts:
The Expense is
January 10, 2024 INNNOVE COMMUNICATIONS INC. for the cost of Internet Expenses 500,000.00 chargeable against
Fund 01
The Expense is
R & R MERCHANDISING BUSINESS INC. for the cost supply and delivery of detergent soaps
February 15, 2024 50,000.00 chargeable against
and other janitorial supplies.
Fund 01
The Expense is
ELECTRIKA CONSTRUCTION for the construction of Power Supply System to be completed
February 01, 2024 1,500,000.00 chargeable against
within 1 year.
Fund 01
The Expense is
BAT COOPERATIBA for the cost of Meals and accommodation of the speaker during the
March 15, 2024 200,000.00 chargeable against
seminar on "Financial Literary on April 1-2, 2024
Fund 07
The government entity also incurs the following transaction:
The Expense is
The entity grant a cash advance for the payment of Trucking Services to be used for the
April 01, 2024 40,000.00 chargeable against
delivery of supplies to the regional office.
Fund 01
The Expense is
The entity grant a cash advance for the payment of Travelling Expenses (Per Diem) for the
April 01, 2024 20,000.00 chargeable against
two(2) officers on their training on Manila.
Fund 05
The Expense is
The entity prepares a payroll for salaries to his officers and employees. Payment is to be
April 30,2024 chargeable against
made in CASH.
Fund 01
Compensation
Salaries and Wages - Regular 5,400,000.00
Personal Economic Relief Allowance (PERA) 1,080,000.00
Representation Allowance (RA) 20,000.00
Transportation Allowance (TA) 20,000.00 6,520,000.00
Remittances
Due to BIR 432,000.00
Due to GSIS 486,000.00
Due to Pag-IBIG 195,600.00
Due to PhilHealth 326,000.00 1,439,600.00
The government entity PAID the following transactions.
INNNOVE COMMUNICATIONS INC. for the cost of Internet Expenses for the month of March
February 10, 2024
2024. Payment was made through MDS Check with CK#400989
The Innove is a VAT registered company subject to expanded witholding tax of 2% and final
witholding tax of 5% . Total tax withheld amounted to 31,250.00
R & R MERCHANDISING BUSINESS INC. for the cost supply and delivery of detergent soaps
March 20, 2024 and other janitorial supplies. Payment was made through MDS Check with CK# 433332.
Taxes withheld at 3,000
The entity pays a cash advance for the payment of Trucking Services to be used for the
April 01, 2024
delivery of supplies to the regional office. Check #143657
The entity pays a cash advance for the payment of Travelling Expenses (Per Diem) for the
April 01, 2024
two(2) officers on their training on Manila.
The accounting
recorded the
BATBA RESTAURANT for the cost of Meals and accommodation of the speaker during the
April 15, 2024 expenses as
seminar on "Financial Literary on April 1-2, 2024, with CK#125422. Taxes withheld 12,500.00
Representation
Expenses
The entity pays for the salaries of his employees and officers. Payment was made through
May 05, 2024
ADA. ADA # 2024-05-05
Journal Entry
Form to Registry to Journal Entry Journal Entry (Trust
Date Particulars Amount TOTAL AMOUNT Budget/Accounti Amount Amount (Internally Amount
be used Update (Regular Fund) Fund)
ng Comment Generated Fund)
ELECTRIKA CONSTRUCTION for the construction of Power Supply System. There is 50%
June 01, 2024 accomplishment from the construction amounted to 750,000 Tax witheld 46,000.00.
Payment was made through MDS Check. Check# 345453
Theaccounting
The entity billed the client for the services rendered for the 1st half of 2024 amounted to recognized the
July 31,2024
6,000,000 billing as Other
Service Income
Other transactions by the government entity include the following:
The item is
The responsible employee has completed the requirements for the liquidation of cash
accounted for
advance for Trucking Services. The actual expenses incurred is 30,000.00. The employee
May 01, 2024 asTransportation
also presented a Sales Invoice with SI # 333 dated April 23,2025. The entity remitted the
and Delivery
excess to the Bureau of Treasury.
Expenses
The officers also completed their training on Manila and incurred actual expenses of
28,993.00. The officers liquidated their cash advances supported with invoices
The construction for the Power Supply System was completed earlier than anticipated. The
October 1,2024
entity pays the LDF Construction as a full payment for the project. 46,000.00
The Power Supply System has a useful life of 15 years with 10% residual value.
December 31,2024 The entiry receives a collection from July 31,2024 billing.
Other required transactions
To record constructive receipt of NCA for taxes withheld from creditors/suppliers for the
February 28, 2024
month of February 2024
To record remittances of taxes withheld to the BIR through TRA for the month of February
2024
To record constructive receipt of NCA for taxes withheld from creditors/suppliers for the
March 31, 2024
month of March 2024
To record remittances of taxes withheld to the BIR through TRA for the month of March 2024
To record constructive receipt of remittances of taxes withheld to the BIR through TRA for
April 30,2024
the month of March 2024
To record constructive receipt of NCA for taxes withheld from creditors/suppliers for the
May 31, 2024
month of May 2024
To record remittances of taxes withheld to the BIR through TRA for the month of May 2024
To record remittances of other amounts withheld to the other government agency concerned
Journal Entry
Form to Registry to Journal Entry Journal Entry (Trust
Date Particulars Amount TOTAL AMOUNT Budget/Accounti Amount Amount (Internally Amount
be used Update (Regular Fund) Fund)
ng Comment Generated Fund)
May 1,2024 To record remittance of the excess cash advance in payment for the trucking services
To record remittance of the excess cash advance to the Bureau of Treasury
To record constructive receipt of NCA for taxes withheld from creditors/suppliers for the
June 1,2024
month of May 2024
To record remittances of taxes withheld to the BIR through TRA for the month of May 2024
To record constructive receipt of NCA for taxes withheld from creditors/suppliers for the
October 1,2024
month of May 2024
To record remittances of taxes withheld to the BIR through TRA for the month of May 2024
December 31, 2024 To record remittance to the Bureau of the Treasury for the revenue received from July 2024
October 1, 2024 To record the completed project for the Power Supply System
December 31,2024 To record accumulated depreciation of the Power Supply System
December 31,2024 To record reversion of NCA
Required:
Prepare a necessary journal entry for each transaction. If no journal entry required, state the
Budget Registry where transaction is recorded. In your journal entry, also include the
constructive receipts of tax remittances and remittances to Bureau of the Treasury for each
Fund Cluster.
Prepare a General Ledger for Cash, MDS and Subsidy from NGA.
Prepare a General Journal for Regular Agency Fund
How much is the Net Subsidy from NGA?
How much is the Surplus/Deficit for the period?
How much is the balance on Advances for OPEX as of May 2,2024?
How much is the balance on Advances to Officers and Employees as of April 30,2024?
How much is the cash balances as of year end assuming the beginning cash balance for
Trust fund and Internally Generated Fund is 250,000 and 100,000 respectively?