Annex C

Illustrative Accounting Entries - Typical Transactions of Agencies with Collections/Income to be recorded in the National Government (NG) Books Agency - National Government Books Transactions Account Debit Account Title
Code

Credit

Beginning Balances:

Cash - Collecting Officers Accounts Receivables Due to National Treasury Income from Govt. Services

106 121 433 6,000

1,000 5,000 6,000 6,000 6,000

A. Prior Year's Income 1. Deposit of prior year's collections

Due to National Treasury Income from Govt. Services Cash Collecting Officers Cash - Collecting Officers Accounts Receivables Due to National Treasury Cash Collecting Officers

433 1,000 106 106 121 433 106

1,000 1,000 1,500 1,500 1,500 1,500

2. Collection of prior years' receivables

3. Deposit of collections of prior years' receivables B. Current Year's Income 4. Billing of operating and service income

Accounts Receivables Due to National Treasury Income from Govt. Services Cash - Collecting Officers Accounts Receivables Cash - Collecting Officers Due to National Treasury Income Tax -Individuals Income Tax -Partnerships Income Taxes -Corporations Capital Gross Tax Value Added Tax Fines and Penalties

121 433 3,000 106 121 106 433 400 300 1,200 100 150 50

3,000 3,000

5. Collection of billed operating and service income 6. Collection of taxes Source Income Tax-Individuals Income Tax -Partnerships Income Tax -Corporations Property Transfer Tax Value Added Tax Fines and Penalties Total 7. Collection of rentals Amount 400 300 1,200 100 150 50 2,200

2,500 2,500 2,200 2,200

Cash - Collecting Officers Due to National Treasury Rent Income

106 433 300

300 300

Note: Subsidiary Ledger (SL) accounts shall be provided for "Due to National Treasury" account. The code of the income accounts under the Chart of Accounts shall be used as SL accounts and shall be indicated in the List of Collections which shall be submitted to the BTr.

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Annex C
Illustrative Accounting Entries - Typical Transactions of Agencies with Collections/Income to be recorded in the National Government (NG) Books Agency - National Government Books Transactions Account Debit Account Title
Code

Credit

8. Deposit of income/collections to BTr thru AGDB a. Taxes

Due to National Treasury Income Tax -Individuals Income Tax -Partnerships Income Taxes -Corporations Capital Gross Tax Value Added Tax Fines and Penalties Cash - Collecting Officers Due to National Treasury Rent Income Cash - Collecting Officers

433 400 300 1,200 100 150 50 106 433 300 106

2,200

2,200 300 300

b. Rent Income

C. Accounting for Collection of Out-of-Town Checks with Bank Charges - Income from Government Services - P2,000 9. Collection upon issuance of OR Cash - Collecting Officers Due to National Treasury Income from Govt. Services Due to National Treasury Income from Govt. Services Cash - Collecting Officers 106 433 2,000 433 2,000 106 2,000 2,000 2,000 2,000

10. Remittance/Deposit to BTr thru AGDB

Note: BTr will record cash (at net amount), bank charges and income (at gross).

D. Accounting for Foreign Exchange Loss 11. Collection of Income from Govt. Services - $100 @ P50 Cash - Collecting Officers Due to National Treasury Income from Govt. Services Due to National Treasury Income from Govt. Services Cash - Collecting Officers 106 433 500 433 500 106 500 500 500 500

12. Remittance/Deposit to BTr thru AGDB

Note:There will be no bank charges and and foreign exchange loss to be ecorded in the agency's NG books.

Note: Subsidiary Ledger (SL) accounts shall be provided for "Due to National Treasury" account. The code of the income accounts under the Chart of Accounts shall be used as SL accounts and shall be indicated in the List of Collections which shall be submitted to the BTr.

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