CHAPTER 21 - New Government Accounting System for National Government Agency.doc

CHAPTER 21 MULTIPLE CHOICE 21-1

b

21.2

a

21.3

a

21.4

b

21.5

b

21.6

a

21.7

c

21.8

a

21.9

a

21.10

c

21.11

d

21.12

b

21.13

b

21.14

a

21.15

a

Excess of income over expenses Depreciation Incr Increa ease se in due due from from nati nation onal al gove govern rnme ment nt agen agenci cies es Increase in prepaid rent Increase in accounts payale Cash provided by operating activities

P 200 70 ( 10) 10) ( 15) !0 P 275

1"2

PROBLEMS P!b"#$ 21-1

1#

$emo entry in t%e &'P* &'$* &'+ and &',E#

2#

+as% - .ational /reasury - $D usidy Income from .ational overnment

2*000*000 2*000*000

!#

$emo entry in t%e &'P* &'$* &'+ and &',E#

"#

ffice euipment 'ccounts payale

50*000

+as% - Disursing fficer +as% - .ational /reasury - $D

"0*000

alaries and 3ages - &egular Personal economic relief allo3ance (PE&') 'dditional compensation Due to 4I& Due to I Due to Pagiig Due to P%il%ealt% +as% - Disursing fficer

""*000 !*000 !*000

Due to I Due to Pagiig Due to P%il%ealt% +as% - .ational /reasury - $D

5*500 "00 00

5#

#

7#

6#

8#

10#

11#

12#

50*000

"0*000

!*500 5*500 "00 00 "0*000

*500

ife and retirement contriution Pagiig contriution P%il%ealt% contriution +as% - .ational /reasury - $D

5*500 "00 00

Electricity /elep%one expense - andline 'ccounts payale Due to 4I& +as% - .ational /reasury - $D

5*000 "*000 50*000

Due to 4I& usidy income from national government

*500

5*000 5"*000 "*500 "*500

+as% - +ollecting fficer ales revenue Permit fees $iscellaneous income

80*000

+as% in 4an9 - ocal currency - +urrent account +as% - +ollecting fficer

80*000

"0*000 !0*000 20*000

80*000

1"!

P!b"#$ 21-2 Building

1#

$emo entry in &'+#

2#

'dvances to contractor +as% - .ational /reasury - $D

2"0

+onstruction in progress - t%er Pulic Infrastructure 'dvances to contractor 'ccounts payale

"00

'ccounts payale Due to 4I& +as% - .ational /reasury - $D

10

+onstruction in progress - t%er Pulic Infrastructure 'ccounts payale

"00

'ccounts payale Due to 4I& +as% - .ational /reasury

"00

!#

"#

5#

#

7#

6#

Due to 4I& usidy income from national government ffice 4uilding +onstruction in progress - PI

2"0

2"0 10

"0 120

"00

"0 !0 60 60 600 600

Repairs of Building

1#

$emo entry in &'+#

2#

+onstruction materials inventory 'ccounts payale

70


70

+onstruction in progress - t%er Pulic Infrastructure +onstruction materials inventory

0

!#

"#

5#

70

7 !

0

$emo entry in t%e &'+

1""

#

7#

6#

8#

+as% - Disursing fficer +as% - .ational /reasury - $D

!

+onstruction in progress - t%er Pulic Infrastructure Due to 4I& +as% - Disursing fficer

"0

Due to 4I& +as% - .ational /reasury - $D

"7

ffice uilding +onstruction in progress - PI

!

" !

"7 100 100

Land:

1#

$emo entry in t%e &'+* P100#

2#

and

100 'ccounts payale

!#


100 100 10 80

1"5

P!b"#$ 21-3 (a)

ournal !ntries:

1#

$emo entry in t%e &egistry of ligations and 'llotments#

2#

+as% - .ational /reasury - $D usidy income from national government

2*500 2*500

!#

$emo entry in &egistry of ligations and 'llotments#

"#

ffice euipment 'ccounts payale

120

I/ euipment and soft3are 'ccounts payale

!0

Prepaid rent +as% - .ational /reasury - $D

0

Electricity expense +as% - .ational /reasury - $D

50

/elep%one expense - andline +as% - .ational /reasury - $D

"0

Petty cas% fund +as% - .ational /reasury - $D

"5


120

'ccounts payale +as% - .ational /reasury - $D

!0

Due to 4I& usidy income from national government

12

+as% - +ollecting fficer t%er service income ales revenue

50

+as% in an9 - ++' +as% - +ollecting fficer

50

5#

#

7#

6#

8#

10#

11#

12#

1!#

1"#

120

!0

0

50

"0

"5

12 106

!0

12

10 "0

50

1"

(b)

Pre"closing #rial Balance

Petty cas% fund +as% - .ational /reasury - $D +as% in 4an9 - ocal +urrency - +urrent 'ccount Prepaid rent ffice euipment I/ euipment and soft3are t%er service income ales revenue usidy income from national government Electricity expense /elep%one expense - landline /otal

"5 2*17 50 0 120 !0 10 "0 2*512 50 "0 2*52

2*52

$ %d&usting !ntries (1)

(2)

Depreciation - ffice euipment : soft3are Depreciation - I/ euipment 'ccumulated depreciation - ffice euipment 'ccumulated depreciation - I/ euip : soft3are

20 5

&ent expense Prepaid rent

!0

20 5

!0

Closing !ntries: %1&

Unused National Clearing Account (NCA) usidy income from national government +as% - .ational /reasury - $D .+' received during t%e year ess; $D c%ec9 issued
%2&

%3&

(")

(5)

Income accounts: t%er service income ales revenue usidy income from national government Income and expense summary Expense accounts: Income and expense summary Electricity expense /elep%one expense - landline

2*17 2*17 2*500 !!! 2*17

10 "0 !"5 !85

80 50 "0

Income and expense summary &etained operating surplus

!05

&etained operating surplus

!05

overnment euity

!05

!05

1"7

P!b"#$ 21-4 A'#(c) ** S+a+#$#(+ !, I(c!$# a(d E#(/#/ #a E(d#d #c#$b# 31 2008

Income; usidy income from national government ess; &eversion of unused .+'

P1*700 600

ess; Expenses alaries and 3ages - &egular Personnel Economic &elief 'llo3ance 'dditional compensation ife and retirement insurance contriution Pagiig contriution P%il%ealt% contgriution /raveling expense - ocal ffice supplies expense Electricity expense /elep%one expense - landline =anitorial services ecurity services &epairs and maintenance - ffice uilding Depreciation - ffice uilding Depreciation - office euipment Depreciation - furniture and fixtures Depreciation - I/ euipment and soft3are .et income over expenses

P !20 "0 "0 0 10 10 !5 0 75 "5 !0 !5 5 15 10 5 5

P800

60 P "0

1"6

A'#(c) ** Ba"a(c# S##+ A/ !, #c#$b# 31 2008 ASSETS Current %ssets +as%; +as% in vault +as% - collecting officer +as% - disursing officer Petty cas% fund +as% in an9 - ++' &eceivales; 'ccounts receivale ess; 'llo3ance for doutful accounts Inventories; ffice supplies inventory t%er current assets Long"ter' invest'ent: Investment in stoc9 Property Plant and !uip'ent ; and ffice uilding ess; accumulated depreciation ffice euipment ess; accumulated depreciation ,urniture and fixtures ess; accumulated depreciation I/ euipment and soft3are ess; accumulated depreciation /otal assets LIABILITIES A EUIT Liabilities +urrent liailities 'ccounts payale Due to 4I& Due to I Due to Pagiig Due to P%il%ealt% t%er payales !uity: overnment euity /otal liailities and euity

P 200 500 1*000 150 !50

P2*200

P 120 20

100 !0 15 "00

00 50 50 250 20 110 10 180 25

00 2!0 100 15

165 50 !0 25 25 15

1*85 "*""0

!!0 "*110 "*""0

1"8

150

CHAPTER 21 - New Government Accounting System for National Government Agency.doc

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