Receipt of Nca: Journal Entries For National Government Agency

JOURNAL ENTRIES FOR NATIONAL GOVERNMENT AGENCY
RECEIPT OF NCA
Date Account Title & Particulars Debit Credit
xx/xx/xx Cash-Modified Disbursement System-regular 50,000
Subsidy from National Government 50,000
DISBURSEMENTS:
Travel
1. Grant of cash advance for travel
Date Account Title & Particulars Debit Credit
xx/xx/xx Advances to Officers & Employees 10,000
Cash-MDS-regular 10,000
2. liquidation of cash advance

xx/xx/xx Travelling expenses-local 9,500
Advances to Officers & Employees 9,500
3. Refund of excess cash advance

xx/xx/xx Cash-collecting officer 500
Advances to Officers & Employees 500
4. Deposit of cash collected to Btr

xx/xx/xx Subsidy from National Government 500
Cash-collecting officer 500
Petty Cash
1. Establishment of petty cash fund
xx/xx/xx Petty cash 1,000
2. If replenishment was made before year end

xx/xx/xx Office supplies expense 50
Cash-MDS-regular 50
3. If no replenishment was made before year end, then at year end:

Petty cash 50
4. If replenishment was made in the ensuing year:

xx/xx/xx Petty cash 50
Cash-MDS-regular 50
5. Petty cash custodian retired, and petty cash is closed, and petty cash was replenished prior to closing
xx/xx/xx Cash-collecting officer 1,000
Petty cash 1,000
6. Petty cash custodian retired, and petty cash is closed, but petty cash was not replenished prior to closing
Petty cash 1,000
7. Set-up of new petty cash for new custodian

xx/xx/xx Petty cash 1,000
8. Deposit of cash collected to Btr

xx/xx/xx Subsidy from National Government XXX
Cash-collecting officer XXX
Utilities/purchase of supplies/Equipment
1. Upon receipt of bill/invoice from supplier
xx/xx/xx Expense account xxx
Accounts Payable xxx
2. Upon payment of bill/invoice previously lodged to AP

xx/xx/xx Accounts Payable xxx
Due to BIR* xxx
Cash-MDS-regular xxx
*5% VAT plus 2% Evat on services, 1% evat on goods, 5% evat on rent
3. remittance of W/tax with TRA

xx/xx/xx Due to BIR xxx
Cash-MDS-regular xxx
Construction of Fixed Asset or Infrastructure

1. Receipt of performance bond from contractor
Guaranty/Security Deposit Payable 4,000
2. Deposit of cash collected to National Treasury

xx/xx/xx Cash-Treasury/Agency Deposit-regular 4,000
Cash-collecting officer 4,000
3. Payment of 15% mobilization fee or advances to

contractor. Contract price 10,000
xx/xx/xx Advances to Contractor 1,500
4. Receipt of 1st progress billing - 50% complete
Contract price x 50% 5000
Less: advances 1500
Accounts payable 3500
xx/xx/xx Construction-in-Progress- Specific Asset 5,000

Advances to Contractor 1,500
Accounts Payable 3,500
5. Payment of 1st billing

xx/xx/xx Accounts Payable 3,500
Due to BIR* 245
*5% VAT, plus 2% evat on construction

http://businesstips.ph/how-to-compute-expanded-withholding-tax-in-the-philippines/
Expanded Withholding Tax Rates as shown on the back of BIR Form 1601E
6. receipt of final progress billing 100% completed

Contract price x 50% 5000
Less: damages 100
Accounts payable 4900
xx/xx/xx Construction-in-Progress- Specific Asset 4,900

Accounts Payable 4,900
7. payment of final billing

Accounts payable 4,900
less: retention fee 10% 990
subtotal 3,910
less: w/tax 273.7
3,636.3
xx/xx/xx Accounts Payable 4,900

Guaranty/Security Deposit Payable 990
Due to BIR 273.7
Cash-MDS-regular 3,636.3
Remittance of w/tax thru TRA

xx/xx/xx Due to BIR 518.7
Cash-MDS-regular 518.7
8. Turn-over of asset
xx/xx/xx Specific Asset 9,900
Construction-in-Progress- Specific Asset 9,900
9. Receipt of NCA for release of perfomance bonds
xx/xx/xx Cash-MDS-regular 4,000
Cash-Treasury/Agency Deposit-regular 4,000
10. Release of performance bonds

xx/xx/xx Guaranty/Security Deposit Payable 4,000
11. Release of retention fee

xx/xx/xx Guaranty/Security Deposit Payable 990
Guaranty/Security Deposit Payable 990
INCOME
1. Without authority to use: taxes

NG books
Collection
Income Tax 500
Remittance
xx/xx/xx Income Tax 500
2. With authority to use: Rental income

Collection
Rent/Lease Income 100
Deposit to local bank

xx/xx/xx Cash in bank-local currency current account 100
Disbursement for repair of rental property:

xx/xx/xx Repairs & Maintenance - Bldg & Other Structures 20
Cash in bank-local currency current account 20
3. Authority to use with limitations: seminar fees

RA books
Collection
Seminar/Training fees 200
Deposit to local bank

Disbursement for seminar operations

Printing and Publication expenses 150
Close accounts for transfer to NG books

xx/xx/xx Seminar/Training fees 200
Office supplies expense 30
Printing and Publication expenses 150
NG books of same agency

Seminar/Training fees 20
Remittance of excess to BTR

xx/xx/xx Seminar/Training fees 20
Income from Sale of Equipment

NG books
Sale of motor vehicle
Accum. Depreciation-Motor Vehicle 150
Motor Vehicle 300
Gain on sale of PPE 50
Remittance of collection to BTR
xx/xx/xx Gain on sale of PPE 50
Accumulated Surplus/Deficit 150
Receipt of NCA for purchase of new vehicle

xx/xx/xx Cash-MDS-regular 450
Subsidy from National Government 450
Follow journal entries on disbursment for purchase of equipment
Income from Grants and Donations

NG books
Income from Grants and Donations in cash 1,000
remittance to BTR
xx/xx/xx Income from Grants and Donations in cash 1,000
Cash-collecting officer 1,000
receipt of NCA for use of income from donations/grants

xx/xx/xx Cash-MDS-regular 1,000
Subsidy from National Government 1,000
Disbursement of donated income
receipt of bill for expenses in which donation/grant was received
xx/xx/xx Donations 500
Accounts Payable 500
payment of expenses in which donation/grant was received

xx/xx/xx Accounts Payable 500
Cash-MDS-regular 500
MISCELLANEOUS TRANSACTIONS:
Due from Officers and Employees - used to record receivables from employees for overpayment
of expenses, for shortages or loss of property.
Loss of cash
1. Discovery of cash shortage:
xx/xx/xx Due from Officers & Employees 100
2. If request for relief from accountability is granted:

xx/xx/xx Loss of assets 100
Due from Officers & Employees 100
3. If request for relief from accountability is NOT granted

4. Remittance of cash collected to BTr

xx/xx/xx Other Service Income 100
Loss of property
1. Discovery of loss of equipment
xx/xx/xx Due from Officers & Employees 60
Accumulated Depreciation-office equipment 140
Office equipment 200
2. If request for relief from accountability is granted:

xx/xx/xx Loss of assets 60
3. If request for relief from accountability is NOT granted

Cash overage
To record the cash overage
Other Service Income 40
Remittance of overage
Disallowances made & settled in current year

1. Original take-up of disallowance in current year
xx/xx/xx Receivables-Disallowance Charges 70
Specific expense account 70
2. Collection on disallowance
Receivables-Disallowance Charges 70

xx/xx/xx Subsidy From National Government 70
Disallowances made in prior year & settled in current year

1. Original take-up of disallowance in current year
Accumulated Surplus/(Deficit) 70
2. Collection on disallowance

Additional disallowance when original disallowance made & settled the prior year
1. Additional disallowance
2. Collection on additional disallowance


Additional disallowance when original disallowance made & settled in the current year
1. Additional disallowance
Other Service Income 50
2. Collection on additional disallowance


If disallowance was not recorded as receivable:

1. Upon collection of disallowance for prior year

Stale Checks-issued by the agency and not negotiated by the payee within 6 months from date
of check
If check was issued in prior year
1. Cancellation of check
xx/xx/xx Accumulated Surplus/(Deficit) 150
2. Receipt of NCA for payment of prior year accounts payable

Subsidy from National Government 150
3. Issuance of new check
If check was issued in current year

1. Cancellation of check
2. Issuance of new check

Dishonored checks - checks received by the agency, and was refused upon presentation for payment
1. To record dishonored check
xx/xx/xx Other Receivables 30
Other service income 30
2. To record collection on other receivables

Other Receivables 30
3. Remittance/redeposit of check
Inter-agency fund transfers

Books of source agency:
1. Transfer to implementing agency
xx/xx/xx Due from NGA (IA) 700
Books of Implementing agency:

1. Receipt of fund transfer from source agency
Due to NGA (SA) 700
2. Remittance of cash to BTr

xx/xx/xx Due from NGA (BTr) 700
3. Receipt of NCA
Due from NGA (BTr) 700
4. Expenses incurred
xx/xx/xx Expenses 700
Cash-MDS-Regular 700
5. Submission of report to Source agency

xx/xx/xx Due to NGA (SA) 700
Expenses 700
Books of Source Agency

xx/xx/xx Expenses 700
Due from NGA(IA) 700
Modifued Accounts:
New (2013) Old (2004)
1. Cash-Modified Disbursement System-regular Cash-National Treasury-Modified Disbursement System
2. Subsidy from National Government Subsidy Income from National Government
3. Advances for Payroll Payroll Fund
4. Guaranty/Security Deposits Payable Performance/Bail Bonds/Payable
5. Accumulated Surplus/ (Deficit) Government Equity
6. Accumulated Surplus/ (Deficit) Prior Years' Adjustment (deleted)
ment System

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JOURNAL ENTRIES FOR NATIONAL GOVERNMENT AGENCY

2. liquidation of cash advance

3. Refund of excess cash advance

4. Deposit of cash collected to Btr

2. If replenishment was made before year end

3. If no replenishment was made before year end, then at year end:

4. If replenishment was made in the ensuing year:

7. Set-up of new petty cash for new custodian

8. Deposit of cash collected to Btr

2. Upon payment of bill/invoice previously lodged to AP

3. remittance of W/tax with TRA

Construction of Fixed Asset or Infrastructure

2. Deposit of cash collected to National Treasury

3. Payment of 15% mobilization fee or advances to

xx/xx/xx Construction-in-Progress- Specific Asset 5,000

5. Payment of 1st billing

*5% VAT, plus 2% evat on construction

6. receipt of final progress billing 100% completed

xx/xx/xx Construction-in-Progress- Specific Asset 4,900

7. payment of final billing

xx/xx/xx Accounts Payable 4,900

Remittance of w/tax thru TRA

10. Release of performance bonds

11. Release of retention fee

1. Without authority to use: taxes

2. With authority to use: Rental income

Deposit to local bank

Disbursement for repair of rental property:

3. Authority to use with limitations: seminar fees

Deposit to local bank

Disbursement for seminar operations

Close accounts for transfer to NG books

NG books of same agency

Remittance of excess to BTR

Income from Sale of Equipment

Receipt of NCA for purchase of new vehicle

Follow journal entries on disbursment for purchase of equipment

Income from Grants and Donations

receipt of NCA for use of income from donations/grants

payment of expenses in which donation/grant was received

2. If request for relief from accountability is granted:

3. If request for relief from accountability is NOT granted

4. Remittance of cash collected to BTr

2. If request for relief from accountability is granted:

4. Remittance of cash collected to BTr

Disallowances made & settled in current year

3. Remittance of cash collected to BTr

Disallowances made in prior year & settled in current year

3. Remittance of cash collected to BTr

2. Collection on additional disallowance

3. Remittance of cash collected to BTr

2. Collection on additional disallowance

3. Remittance of cash collected to BTr

If disallowance was not recorded as receivable:

2. Remittance of cash collected to BTr

2. Receipt of NCA for payment of prior year accounts payable

If check was issued in current year

2. Issuance of new check