Prepare the journal entries of the following independent transactions.1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540.2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000.3. The agency received the following allotment for the year 2022:Capital Outlay40,000,000Maintenance and other operating expenses42,000,000Personal Services90,000,000Financial Expenses6,000,0004. The officer of the agency was granted a cash advance of P50,000 for his official travel to Manila. The cash was subject for liquidation to release him fromthe accountability and avoid disallowance.5. Agency ZXC had an unused NCA of P145,050 which was considered as lapsed NCA for the year 2021. The agency could not use all funds due to timeconstraint and returned documents due to some lacking attachments.6. Record the liquidation of schools that was granted to accountable officer for payment of field or unit operating expenses who do not have complete set ofbooks in the amount of P10,000.7. On December 31, 2018, the Department of Finance billed its lessee on one of its building in the amount of P10,000. On January 31, 2019, the Departmentof Finance collected all of the accounts receivable. On February 28, 2019, the Department of Finance remitted the entire collected to the Bureau ofTreasury. Prepare the entry for the remittance to the BTr.8. Department of Health (DOH) received NCA in the amount of P100,000 from the Department of Budget and Management. DOH made a total cashdisbursement in the amount of P95,000. Prepare the entry to recognize reversion of unused NCA.9. To set up due to officers and employees:Salary P23,000 and PERA P3,540 less tax of P340, Philhealth contribution P300, Pag-IBIG contribution P130 and GSIS P380.10. Department of Education purchased printers at the start of the year in the amount of P15,000.

A journal entry is an accounting entry that is used to record a business transaction in the…

Prepare the journal entries of the following independent transactions. 1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540. 2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000. 3. The agency received the following allotment for the year 2022: Capital Outlay 40,000,000 Maintenance and other operating expenses 42,000,000 Personal Services 90,000,000 Financial Expenses 6,000,000

Prepare the journal entries of the following independent transactions. 1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540. 2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000. 3. The agency received the following allotment for the year 2022: Capital Outlay 40,000,000 Maintenance and other operating expenses 42,000,000 Personal Services 90,000,000 Financial Expenses 6,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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?
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Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…
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