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    NGA - JE Exercises

    Uploaded by

    Shannise Dayne Chua
    The document describes various financial transactions of a government agency during a month. These include establishing a petty cash fund, replenishing petty cash for supplies and expenses, receiving equipment and paying related bills, recording payroll expenses and remitting employee contributions, granting and liquidating a travel cash advance, collecting rent and dividend income, and paying utility bills.

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    © All Rights Reserved
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    NGA - JE Exercises

    Uploaded by

    Shannise Dayne Chua
    193 views3 pages
    The document describes various financial transactions of a government agency during a month. These include establishing a petty cash fund, replenishing petty cash for supplies and expenses, receiving equipment and paying related bills, recording payroll expenses and remitting employee contributions, granting and liquidating a travel cash advance, collecting rent and dividend income, and paying utility bills.

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    The document describes various financial transactions of a government agency during a month. These include establishing a petty cash fund, replenishing petty cash for supplies and expenses, receiving equipment and paying related bills, recording payroll expenses and remitting employee contributions, granting and liquidating a travel cash advance, collecting rent and dividend income, and paying utility bills.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    193 views3 pages

    NGA - JE Exercises

    Uploaded by

    Shannise Dayne Chua
    The document describes various financial transactions of a government agency during a month. These include establishing a petty cash fund, replenishing petty cash for supplies and expenses, receiving equipment and paying related bills, recording payroll expenses and remitting employee contributions, granting and liquidating a travel cash advance, collecting rent and dividend income, and paying utility bills.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    A government agency had the following transactions during the month.

    1 Obligation for Petty Cash Fund, P50,000


    2 Established petty cash fund, P50,000
    3
    Replenishment of the petty cash fund
    Office Supplies Expense, P20,000
    Traveling Expenses-Local, P15,000
    Other Expenses, P5,000
    4 Bill received from MERALCO, P60,000
    5 PLDT bill, P20,000
    6 Payment of PLDT AND MERALCO bills, net of appropriate government tax
    7 Signing of the contract for the rental of office space with 6 months advance payment of P60,000
    8 Issued special order for the attendance to seminar fee of P5,000
    9 Payment of the seminar fee
    10 Approval of itinerary of local travel, P30,000
    11 Payment of per diems and allowances P30,000
    12 Liquidation of cash advance for travel
    13 Issuance of PO to dealer of office equipment, P35,000
    14 Receipt of office equipment with charge invoice
    15 Payment of the delivered equipment, net of appropriate government tax
    16 Obligation for IT Equipment per purchase order, P100,000
    17 Payment to Procurement Service for IT equipment
    18 Receipt of IT Equipment based on Invoice/Delivery Receipt

    Required: Journalize the above transactions.


    Journalize the following selected transactions of a national government agency

    1 Receipt of notice of cash allocation for the following:


    PS P2,500,000
    MOOE 1,500,000
    FE 300,000
    CO 5,000,000

    2 Established petty cash fund, P50,000


    3 Replenishment of the petty cash fund:
    Food supplies P20,000
    Postage and deliveries P2,000
    Cooking gas P3,000
    Representation P5,000

    4 Receipt of office equipment from a dealer with charge invoice P500,000


    5 Payment of the liability for the delivered equipment, net of applicable tax
    6 Remitted the withheld tax thru the TRA
    7 Recording of expenses for the following:
    Salaries - regular P1,400,000
    Salaries - casual 300,000
    PERA 50,000
    Deductions:
    Withholding tax 280,000
    Life and ret. Premiums 100,000
    Pag-ibig premiums 20,000
    Philhealth premiums 10,000

    No previous recording for payroll liability-direct to the ATM

    8 Remittance to GSIS, Pag-ibig and Philhealth of employees' contributions including the following government share:
    GSIS P125,000 including 10,000 ECC; Pag-ibig P20,000 and Philhealth P10,000
    9 Remittance of withholding tax thru TRA
    10 Granting of cash advance for travel P100,000
    11 Liquidation of cash advance for travel P80,000
    12 Refund of excess cash advance P20,000
    13 Deposit of refund in no. 12.
    14 Collected income from rent, P50,000 (with authority to use)
    15 Deposit of cash collection in no. 14
    16 Collected income from dividend P30,000 (without authority to use)
    17 Remittance of collection in no. 16 to Bureau of Treasury
    18 Payment of MERALCO bill P300,000, PLDT Bill (landline) P50,000, net of tax
    19 Payment of mobilization fee to contractor of buildings, P500,000
    20 Recorded depreciation on Dec 31 for the equipment in no. 4 delivered April 15 of current year.
    The following accounts are taken from the records of a national government agency

    Subsidy Income from National Government ?


    Office Supplies Expenses 30,000
    Cash-National Treasury, MDS 200,000
    Office Equipment 500,000
    Salaries and Wages -Regular 100,000
    Payroll Fund 50,000
    Poffice Supplies Inventory 30,000
    Petty Cash Fund 10,000
    Accumulated Depreciation - Office Equipment 135,000
    Accounts Payable 300,000
    Due to national Government Agencies 15,000
    Interest Income 5,000
    Depreciation- Office Equipment 22,500
    Cash in Bank, Local Currency - Current Account 50,000
    ADCOM 20,000
    PERA 10,000
    Rent Income 50,000
    Electricity Expenses 40,000
    Telephone Expenses-Landline 10,000

    Reuired: Prepare a preliminary trial balance.

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