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Instruction: Record the following transactions or events: a. Receipt of notice of appropriation amounting to P400M. b. Receipt of allotment from the DBM amounting to P380M. c. Incurrence of obligations amounting to P350M. d. Receipt of Notice of Cash Allocation amounting to P325M. Accrual of P300M salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages Personal Economic Relief Allowance (PERA) 280M 20M Gross Compensation Withholding Tax 300M (75M) (15M) (15M) (8M) (113M) GSIS Pag-IBIG PhilHealth Total Deductions Net 187M f. Granting of cash advance for the payroll. g. Liquidation of the cash advance for payroll. h. Remittance of taxes withheld to the BIR. i. Remittance of other amounts withheld to the other government agencies concerned. j. Billing of revenue for Rent/Lease Income amounting to P700M. k. Collection of P550M from billed revenue and remittance of the total collection to the National Treasúry. Reversion of unused NCA. 1.

Instruction: Record the following transactions or events: a. Receipt of notice of appropriation amounting to P400M. b. Receipt of allotment from the DBM amounting to P380M. c. Incurrence of obligations amounting to P350M. d. Receipt of Notice of Cash Allocation amounting to P325M. Accrual of P300M salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages Personal Economic Relief Allowance (PERA) 280M 20M Gross Compensation Withholding Tax 300M (75M) (15M) (15M) (8M) (113M) GSIS Pag-IBIG PhilHealth Total Deductions Net 187M f. Granting of cash advance for the payroll. g. Liquidation of the cash advance for payroll. h. Remittance of taxes withheld to the BIR. i. Remittance of other amounts withheld to the other government agencies concerned. j. Billing of revenue for Rent/Lease Income amounting to P700M. k. Collection of P550M from billed revenue and remittance of the total collection to the National Treasúry. Reversion of unused NCA. 1.

FINANCIAL ACCOUNTING
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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Instruction: Record the following transactions or events: a. Receipt of notice of appropriation amounting to P400M. b. Receipt of allotment from the DBM amounting to P380M. Incurrence of obligations amounting to P350OM. d. Receipt of Notice of Cash Allocation amounting to P325M. e. Accrual of P300M salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages Personal Economic Relief Allowance (PERA) 280M 20M Gross Compensation Withholding Tax 300M (75M) (15M) (15M) (8M) GSIS Pag-IBIG PhilHealth Total Deductions (113M) 187M Net f. Granting of cash advance for the payroll. g. Liquidation of the cash advance for payroll. h. Remittance of taxes withheld to the BIR. i. Remittance of other amounts . withheld to the other government agencies concerned. j. Billing of revenue for Rent/Lease Income amounting to P700M. k. Collection of P550M from billed revenue and remittance of the total collection to the National Treasúry. 1. Reversion of unused NCA.
Transcribed Image Text:Instruction: Record the following transactions or events: a. Receipt of notice of appropriation amounting to P400M. b. Receipt of allotment from the DBM amounting to P380M. Incurrence of obligations amounting to P350OM. d. Receipt of Notice of Cash Allocation amounting to P325M. e. Accrual of P300M salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages Personal Economic Relief Allowance (PERA) 280M 20M Gross Compensation Withholding Tax 300M (75M) (15M) (15M) (8M) GSIS Pag-IBIG PhilHealth Total Deductions (113M) 187M Net f. Granting of cash advance for the payroll. g. Liquidation of the cash advance for payroll. h. Remittance of taxes withheld to the BIR. i. Remittance of other amounts . withheld to the other government agencies concerned. j. Billing of revenue for Rent/Lease Income amounting to P700M. k. Collection of P550M from billed revenue and remittance of the total collection to the National Treasúry. 1. Reversion of unused NCA.
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