Professional Documents
Culture Documents
Particulars
Account Title
Acct.
Code
Debit
Credit
INCOME
1. Real Property Tax Basic
A. Books of the
Municipality
a. Setting-up of RPT
Receivable
RPT = P1,000
RPT Sharing:
Municipal - 40%
Province - 35%
Barangay - 25%
b. Receipt of
Payment
Cash in Treasury
Real Property Tax
Receivable
1,000
1,000
100
100
c. Distribution of
Collection
RPT Sharing:
Municipal - 40%
Province - 35%
Barangay - 25%
d. Deposit of Collections
100
e. Remittance of Share
(Province)
Due to LGUs
Cash in Bank LCCA
35
f. Remittance of Share
(Barangay)
Due to LGUs
Cash in Bank LCCA
25
35
35
B.
100
40
60
100
35
25
Books of the
Province
35
35
Cash in Treasury
Receipts from Markets
Garbage Fees
100
90
10
Particulars
b. Deposit of Collections
Account Title
Cash in Bank LCCA
Cash in Treasury
Acct.
Code
Debit
100
Credit
100
1,000
b. Receipt of Notice of
Funding Check Issued
from the DBM for
Share from Internal
Revenue Collections
1,000
1,000
1,000
Cash in Treasury
Income from Grants
and Donations
100
Motor Vehicles
Invested Equity
800
100
800
800
800
5. BORROWINGS
a. Receipt of borrowed
funds from bank Principal - P1,000
Bank Charges - 10
Interest Expense- 12
1,000
b. Receipt of borrowed
funds from other
agency Principal P1,000
Interest Expense - 6
Cash in Treasury
Loans Payable
Current, domestic
Interest Expenses
Cash in Bank LCCA
1,000
c. Payment of loan
amortization
Loans Payable
Current, Domestic
Cash in Bank - LCCA
6. SUBSIDIES
1,000
10
12
22
1,000
6
6
200
200
Particulars
Account Title
Acct.
Code
Debit
Credit
500
500
Cash in Treasury
Subsidy from Other
Funds
500
500
Subsidy to Special
Accounts
Cash in Bank LCCA
500
500
110
500
606
500
10
10
10
10
Cash Disbursing
Officers
Cash in Bank LCCA
10
10
Particulars
b. To take up refund of
cash advance
Account Title
Cash in Treasury
Cash Disbursing
Officers
Acct.
Code
Debit
10
Credit
10
Cash in Treasury
Performance/ Bidders/
Bail Bonds Payable
50
b. To take up deposit of
performance bond
50
c. To take up refund of
performance bond
Performance/ Bidders/
Bail Bonds Payable
Cash in Bank LCCA
50
50
50
50
Sec. 52. Pro-forma Accounting Entries. Pro-forma accounting entries for disbursement
transactions are shown below:
Particulars
Account Title
Acct.
Code
Debit
Credit
2. Liquidation of cash
advance for payroll
Cash Disbursing
Officers
Cash in Bank LCCA
Salaries and Wages
Regular Pay
PERA
Additional
Compensation
Withholding Taxes
Payable
GSIS Payable
PAG-IBIG Payable
Cash Disbursing
Officers
107
110
21,000
801
804
18,000
3,000
805
5,000
21,000
410
411
412
2,000
1,500
1,500
107
21,000
817
1,500
Particulars
Account Title
Contributions
GSIS Payable
PAG-IBIG Payable
Acct.
Code
818
411
412
Debit
1,500
Credit
1,500
1,500
105
110
6,000
6,000
Traveling Expenses
Local
Office Supplies
Expenses
Office Equipment
Maintenance
Other Expenses
Cash in Bank LCCA
831
500
849
2,500
882
950
110
1,000
800
4,800
Traveling Expenses
Local
Office Supplies
Expenses
Petty Cash Fund
831
1,000
849
105
4,000
5,000
Cancel RAAOMO for setting up of petty cash fund at the start of the year
and refund for a total of P6,000.
4. Return of unused
Petty Cash Fund.
Cash in Treasury
Petty Cash Fund
101
105
1,000
128
110
1,000
Traveling Expenses
Local
831
900
1,000
2. Liquidation of cash
advance during the
1,000
Particulars
current year
(assuming only P900
was utilized and P100
was refunded)
Account Title
Due from Officers and
Employees
Acct.
Code
Debit
128
Credit
900
110
100
128
100
2. Payment by Check
a. Maintenance and Other Operating Expenses
Rent Expense
Cash in Bank LCCA
841
110
3,000
3,000
Electricity
Telephone/Telegraph
and Internet
Cash in Bank LCCA
835
1,500
837
110
2,000
3,500
833
110
1,000
1,000
b. Financial Expenses
Bank Charges
Cash in Bank LCCA
951
110
300
300
Interest Expenses
952
400
Particulars
Account Title
Cash in Bank LCCA
Acct.
Code
Debit
110
Credit
400
No entry
Office Equipment
Cash in Bank LCCA
222
110
6,000
6,000
3. Remittance of taxes
withheld
Construction in
Progress Roads,
Highways and
Bridges
Withholding Taxes
Payable
Cash in Bank LCCA
Withholding Taxes
Payable
Cash in Bank LCCA
232
400,000
410
110
40,000
360,000
410
110
80,000
Public Infrastructure
Construction in
Progress Roads,
Highways and
Bridges
243
800,000
Government Equity
Public Infrastructures
501
243
80,000
5. To transfer completed
roads to Registry of
Public Infra- structures
at the end of the year
232
800,000
800,000
800,000
Note: Using the JEV for the above transactions, the public infrastructures shall
be recorded in the Registry of Public Infrastructures.
Public Infrastructures
Construction in
Progress Roads,
243
800,000
Particulars
Account Title
Highways and
Bridges
Government Equity
Public Infrastructures
Acct.
Code
Debit
232
501
243
Credit
800,000
800,000
800,000
No entry
4. Issuance of materials
P590,000
No Entry
Construction Materials
Inventory
Withholding Taxes
Payable
Cash in Bank LCCA
Construction in
Progress Agency
Assets
Construction Materials
Inventory
156
600,000
410
110
230
60,000
540,000
590,000
156
590,000
Cash Disbursing
Officers
Cash in Bank LCCA
6. Liquidation by
Disbursing Officer of
paid payroll
Construction in
Progress Agency
Assets
Withholding Taxes
Payable
Cash Disbursing
Officers
7. Remittance of
withholding tax
8. Accomplishment
Report approved by
107
110
350,000
230
380,000
350,000
410
30,000
107
350,000
Withholding Taxes
Payable
Cash in Bank LCCA
410
Buildings
Construction in
204
30,000
110
30,000
970,000
Particulars
the LCE
Account Title
Progress Agency
Assets
Acct.
Code
Debit
Credit
230
970,000
f. Acquisition of Land
2. Remittance of
withholding tax
Land
Withholding Taxes
Payable
Cash in Bank LCCA
Withholding taxes
Payable
Cash in Bank LCCA
201
2M
410
110
410
110
200,000
1.8M
200,000
200,000
Land
Building
Withholding Taxes
Payable
Cash in Bank LCCA
2. Remittance of
withholding tax
Withholding Taxes
Payable
Cash in Bank LCCA
201
204
410
600,000
400,000
100,000
110
410
110
900,000
100,000
100,000
h. Purchase of Inventories
Enter obligation in RAAOMO for purchase of P2,500 worth of spare arts
1. Payment of delivered
spare parts
155
2,500
410
110
250
2,250
Office Supplies
Inventory
Withholding Taxes
Payable
Cash in Bank LCCA
149
410
110
3,000
300
2,700
Particulars
Account Title
Acct.
Code
Debit
Credit
j. Fund Transfers
Subsidy to Local
Government Units
Cash in Bank LCCA
895
110
30,000
30,000
Subsidy to Other
Funds
Cash in Bank LCCA
897
110
10,000
10,000
889
110
500,000
500,000
Sec. 61. Pro-forma Accounting Entries. The following the are pro-forma accounting entries
for miscellaneous transactions:
Particulars
Account Title
Acct.
Code
Debit
Credit
1. Cash Shortage
a. Cash shortage of the of the Disbursing Officer
To take up cash
shortage
128
50
107
50
128
101
50
50
Particulars
To record the loss of
fund by a Disbursing
Officer (allegedly thru
theft ) = P50
Account Title
Due from Officers and
Employees
Cash Disbursing
Officers
Acct.
Code
Debit
128
Credit
50
107
948
50
50
128
50
Cash in Treasury
Due from Officers and
Employees
101
Cash in Treasury
Other Specific Income
of LGU
101
50
128
50
4. Cash Overage
To take up cash
overage discovered
during cash
examination
50
792
50
5. Dishonored Checks
Receipt of
refund/settlement
124
50
448
50
Due to LGUs
Real Property Tax
Income
Cash in Bank LCCA
431
30
711
110
20
Cash in Treasury
Real Property Tax
Receivable
101
50
124
6. Lost/Destroyed/Stale/Obsolete Checks
50
50
Particulars
Check cancellation
Replacement
Account Title
Cash in Bank LCCA
Accounts Payable
Accounts Payable
Cash in Bank LCCA
Acct.
Code
110
401
401
110
Debit
50
Credit
50
50
50
Receivables
Disallowances/
Charges
Office Supplies
Expense
Cash in Treasury
Receivables
Disallowances/
Charges
138
10
849
101
10
10
138
10
Settlement of
disallowance
Receivables
Disallowances/
Charges
Prior Years
Adjustments
Cash in Treasury
Receivables
Disallowances/
Charges
138
10
533
101
10
10
138
10
c. Settlement of Charges
c.1 Recording of charges which collection were made in the current year
When the charge
becomes final and
executory
Underpayment of
Franchise Tax
Amount Paid - P 100
Should be
- 110
Charge
- 10
Receivables
Disallowances/
Charges
Franchise Tax
138
724
10
10
Particulars
Settlement
Account Title
Cash in Treasury
Receivables
Disallowances/
Charges
Acct.
Code
101
Debit
Credit
10
138
10
c.2 Recording of charges which collection were made in the prior year
When the charge
becomes final and
executory
Settlement
Receivables
Disallowances/
Charges
Prior Years
Adjustments
Cash in Treasury
Receivables
Disallowances/
Charges
138
10
533
101
10
10
138
10
8. Refund of Overpayment
a. Overpayment taken up as receivable
To record overpayment
of salaries and wages
(When overpayment is
ascertained)
To record refund of
overpayment
Cash in Treasury
Due from Officers and
Employees
128
10
801
101
10
10
128
10
Cash in Treasury
Salaries and Wages
Regular Pay
101
To take up refund of
over payment in the
ensuing year
Cash in Treasury
Prior Years
Adjustments
101
Closing Entries
10
801
533
10
10
10
Acct.
Particulars
Account Title
Code
Debit
711
100
746
10,000
723
50
761
20
Credit
2.
2.
To close the
Income and
Expense Summary
to Retained
Operating Surplus
account.
To close the
Retained
Operating
Surplus to
Government
Equity
account.
10,170
Retained Operating
Surplus
Government Equity
532
5,670
534
534
501
5,670
5,670
5,670