Requirement 5: Worksheet

Unadjusted Trial Balance Adjustments Adjusted Trial Balance Statement of Financial Performance Statement of Financial Position Closing Entries Post Closing Trial Balance
Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash - Collecting Officers 30,000 30,000 30,000 30,000
Cash - Treasury/Agency Dep., Reg, 250,000 250,000 250,000 250,000 -
Cash - MDS, Regular 43,000 43,000 - - -
Accounts Receivable 120,000 120,000 120,000 120,000
Office Supplies Inventory 20,000 20,000 20,000 20,000
Buildings 800,000 800,000 800,000 800,000
Accumulated Depreciation - Buildings 650,000 30,000 680,000 680,000 680,000
Office Equipment 660,000 660,000 660,000 660,000
Accumulated Depreciation - Equipment 180,000 20,000 200,000 200,000 200,000
Accounts Payable 90,000 90,000 90,000 90,000
Accumulated Surplus (Deficit) 333,000 333,000 333,000 250,000 572,000 655,000
Tax on Delivery Vans and Trucks 50,000 50,000 50,000 50,000
Waterworks System Fees 240,000 240,000 240,000 240,000
Subsidy from NG 1,210,000 43,000 1,167,000 1,167,000 1,167,000
Salaries and Wages, Regular 380,000 380,000 380,000 380,000
PERA 20,000 20,000 20,000 20,000
Office Supplies Expense 130,000 130,000 130,000 130,000
Water Expenses 20,000 20,000 20,000 20,000
Electricity Expenses 60,000 60,000 60,000 60,000
Telephone Expenses 40,000 40,000 40,000 40,000
Janitorial Expenses 80,000 80,000 80,000 80,000
Security Expenses 100,000 100,000 100,000 100,000
Adjustments:
Depreciation - Buildings and Other Structures 30,000 30,000 30,000 30,000
Depreciation - Machinery and Equipment 20,000 20,000 20,000 20,000
Impairment Loss - Loans and Receivables 5,000 5,000 5,000 5,000
Allowance for Impairment - Accounts Receivable 5,000 5,000 5,000 5,000
Totals 2,753,000 2,753,000 98,000 98,000 2,765,000 2,765,000 885,000 1,457,000 1,880,000 1,308,000 1,707,000 1,707,000 1,630,000 1,630,000
572,000 572,000
1,457,000 1,457,000 1,880,000 1,880,000
SBAC-3A GROUP 5
CHAPTER 3: Government Accounting Process
Requirement 1 : Journal Entries
a. Appropriation
The appropriation is posted (recorded) in the Registry of Appropriations and Allotments (RAPAL).

b. Allotment
The allotment is posted (recorded) in the Registry of Appropriations and Allotments (RAPAL) and Registries of Allotments,
Obligations and Disbursements (RAOD)

c. Incurrence of Obligation
The obligations are recorded in the Obligation Request and Status (ORS) and Registries of Allotments, Obligations and
Disbursements (RAOD).

d. Disbursement Authority - NCA

Cash-Modified Disbursement System (MDS), Regular 1,050,000
Subsidy from National Government 1,050,000
To recognize receipt of NCA from the DBM

e. Disbursement (Personnel Service)

Salaries and Wages, Regular 380,000
Personal Economic Relief Allowance (PERA) 20,000
Due to BIR 90,000
Due to GSIS 30,000
Due to Pag-IBIG 20,000
Due to PhilHealth 10,000
Due to Officers and Employees 250,000
To recognize payable to officers and employees upon approval of payroll
The payable is recorded in the ORS
Advances for Payroll 250,000
Cash-Modified Disbursement System (MDS), Regular 250,000
To recognize grant of cash advance for payroll
The disbursement is recorded in the ORS and RAOD
Due to Officers and Employees 250,000
Advances for Payroll 250,000
To recognize liquidation of Payroll Fund

f. Disbursement (Capital Outlays - Receipt of Delivery)

Office Equipment 320,000
Accounts Payable 320,000
To recognize delivery of office equipment

g. Disbursement (Capital Outlays - Payment of Accounts Payable)

Accounts Payable 320,000
Due to BIR 20,000
Cash – Modified Disbursement System (MDS), Regular 300,000
To recognize payment of accounts payable.

h. Disbursement (Maintenance and Other Operating Expenses (MOOE) - Reciept of Delivery)

Office Supplies Inventory 150,000
Accounts Payable 150,000
To recognize delivery of office supplies

i. Disbursement (Maintenance and Other Operating Expenses (MOOE) - Payment of Accounts Payable)
Accounts Payable 120,000
Due to BIR 10,000
Cash – Modified Disbursement System (MDS), Regular 110,000
To recognize payment of accounts payable.

j. Disbursement (Maintenance and Other Operating Expenses (MOOE) - Operating Expense)

Water Expenses 20,000
Electricity Expenses 60,000
Telephone Expenses 40,000
Janitorial Expenses 80,000
Security Expenses 100,000
Due to BIR 20,000
Cash – Modified Disbursement System (MDS), Regular 280,000
To recognize issuance of MDS checks as payment for expense.

k. Disbursement (Maintenance and Other Operating Expenses (MOOE) - Issuance of Office Supplies)
 Office Supplies Expense 130,000
Office Supplies Inventory 130,000
To record the issuance of office supplies to end users.

l. Billings
Accounts receivable 240,000
Waterworks System Fees 240,000
To recognize billing of income.

m. Collection and Remittances

Cash – Collecting Officers 200,000
Accounts receivable 200,000
To recognize collection of current year’s billed income.
Cash-Treasury/Agency Deposit, Regular 200,000
Cash – Collecting Officers 200,000
To recognize remittance of income to the BTr.

n. Collection and Remittances - Direct deposit

Cash-Treasury/Agency Deposit, Regular 50,000
Tax on Delivery Vans and Trucks 50,000
To recognize collection and remittance of income to BTr through Authorized
Government Depository Banks (AGDB).

o.Remittances of amounts withheld through TRA

Cash-Tax Remittance Advice 160,000
Subsidy from National Government 160,000
To recognize the constructive receipt of NCA for TRA.
Due to BIR 160,000
Cash-Tax Remittance Advice 160,000
To recognize constructive remittance to BIR of taxes withheld through TRA.

p. Remittances of amounts withheld - GSIS, Pag-IBIG and PhilHealth

Due to GSIS 34,000
Due to Pag-IBIG 22,000
Due to PhilHealth 11,000
Cash-Modified Disbursement System (MDS), Regular 67,000
To recognize remittance to GSIS, Pag-IBIG, and PhilHealth.
Requirement 3: Unadjusted Trial Balance
Accounts Debit Credit
Cash - Collecting Officers 30,000
Cash-Treasury or Agency Dept, Reg 250,000
Cash-MDS, Regular 43,000
Cash-Tax Remittance Advice 0
Accounts Receivable 120,000
Office Supplies Inventory 20,000
Buildings 800,000
Accumulated Depreciation - Buildings 650,000
Office Equipment 660,000
Accumulated Depreciation - Equipments 180,000
Advances for Payroll 0
Accounts Payable 90,000
Due to Officers and Employees
Due to BIR
Due to GSIS
Due to Pag-IBIG
Due to PhilHealth
Accumulated Surplus (Deficit) 333,000
Tax on Delivery Vans and Trucks 50,000
Waterworks System Fees 240,000
Subsidy from NG 1,210,000
Salaries and Wages, Regular 380,000
PERA 20,000
Office Supplies Expense 130,000
Water Expenses 20,000
Electricity Expenses 60,000
Telephone Expenses 40,000
Janitorial Expenses 80,000
Security Expenses 100,000
Totals 2,753,000 2,753,000
Requirement 8: Prepare the Statement of Financial Performance with cross reference to the notes.

ENTITY A
STATEMENT OF FINANCIAL PERFORMANCE
(REGULAR AGENCY FUND)
FOR THE YEAR ENDED DECEMBER 31, 20X1

REVENUE Notes
Tax revenue 50,000
Service and Business Income 240,000
TOATAL REVENUE 290,000

Less: CURRENT OPERATING EXPENSES

Personnel Services 3 400,000
Maintenance and Other Operating Expenses 4 430,000
Non-cash Expenses 5 55,000
TOTAL CURRENT OPERATING EXPENSES 885,000

SURPLUS/ (DEFICIT) FROM CURRENT OPERATIONS (595,000)

Net Financial Assistance/Subsidy 1,167,000

SURPLUS/ (DEFICIT) FOR THE PERIOD 572,000