Entity XYZ is a national government agency. Some of the major transactions of the agency for the year 202X were as follows: 1.The approved legislative appropriation for the year was 1 Billion. 10% of this appropriation was alloted by the Department of Budget and Management (DBM) to Entity XYZ.This allotment is broken down as follows: Capital Outlay 50% Maintenance and other operating expenses (MOOE) 40% Personnel Services (PS) 10% 2.Received Notice of Cash Allocation (NCA) from DBM, P20 million,net of tax 3.Obligations were incurred as follows: Capital Outlay 5million Obligation for (MOOE) 3million Personnel Services (PS) 2million 4. Delivery of office equipment and office supplies on account: office equipment 3million office supplies 200,000 5.Payable to officers and employees upon approval of payroll: Salaries and wages P1,000,000 Personnel economic relief allowance(PERA) 150,000 Gross Payroll 1,150,000 Less:Deductions Withholding Tax P35,000 Government service Insurance system (GSIS) 55,000 PAG-IBIG 4,000 philhealth 3,000 Total deductions 97,000 Net P1,053,000 6. Grant of cash advance for payroll 7.Liquidation of the cash advance for payroll 8.Remittance of salary deductions,except the withholding tax,which was included in number 15. 9.Billing of Revenue/Income: Registration Fees 400,000 Permit Fees 300,000 other service income 200,000 10.Collection of the registration fees. 11.Remmittance of the collected revenues to Bureau of Treasury (btr) 12.Pqyment of the following MOOE Electricity 50,000 Telephone 30,000 Janitorial 20,000 less:withholding tax (5,000) Total 95,000 13.Payment of accounts payable of P1,500,000,net of withholding tax of P150,000. 14.Receipt of NCA for Tax Remmittance Advice (TRA) of P190,000. 15.Remmittances of taxes withheld thru TRA. Required: Prepare a journal entry for number 7 to 15.
Entity XYZ is a national government agency. Some of the major transactions of the agency for the year 202X were as follows:
1.The approved legislative appropriation for the year was 1 Billion. 10% of this appropriation was alloted by the Department of Budget and Management (DBM) to Entity XYZ.This allotment is broken down as follows:
Capital Outlay 50%
Maintenance and other operating expenses (MOOE) 40%
Personnel Services (PS) 10%
2.Received Notice of Cash Allocation (NCA) from DBM, P20 million,net of tax
3.Obligations were incurred as follows:
Capital Outlay 5million
Obligation for (MOOE) 3million
Personnel Services (PS) 2million
4. Delivery of office equipment and office supplies on account:
office equipment 3million
office supplies 200,000
5.Payable to officers and employees upon approval of payroll:
Salaries and wages P1,000,000
Personnel economic relief allowance(PERA) 150,000
Gross Payroll 1,150,000
Less:Deductions
Withholding Tax P35,000
Government service Insurance system (GSIS) 55,000
PAG-IBIG 4,000
philhealth 3,000 Total deductions 97,000
Net P1,053,000
6. Grant of cash advance for payroll
7.Liquidation of the cash advance for payroll
8.Remittance of salary deductions,except the withholding tax,which was included in number 15.
9.Billing of Revenue/Income:
Registration Fees 400,000
Permit Fees 300,000
other service income 200,000
10.Collection of the registration fees.
11.Remmittance of the collected revenues to Bureau of Treasury (btr)
12.Pqyment of the following MOOE
Electricity 50,000
Telephone 30,000
Janitorial 20,000
less:withholding tax (5,000)
Total 95,000
13.Payment of accounts payable of P1,500,000,net of withholding tax of P150,000.
14.Receipt of NCA for Tax Remmittance Advice (TRA) of P190,000.
15.Remmittances of taxes withheld thru TRA.
Required: Prepare a
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