Republic of the Philippines

Province of Masbate
Municipality of Cataingan
BARANGAY MATUBINAO

NOTES TO FINANCIAL STATEMENTS

As of December 31, 2017

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Barangay Government of Matubinao, Municipality of Cataingan adopted Accounting Policies that conform
with Generally Accepted Accounting Principles applicable to all Government Units. The revised New Government
Accounting System (NGAs) has been used by the Municipality as required under COA Circular No.2008 001 dated
January 29,2008.

2. CASH ACCOUNTS
This account is composed of:
Cash in Vault 52,923.41
Cash in Bank-Local Currency 273, 331.15
Total Php 326,331.41

3. RECEIVABLES
This account is composed of:
Inter-Agency Receivables
Due from Local Government Units 39,028.28
Other Receivables ___________
Total Receivables Php 39,028.28

4. PROPERTY, PLANT AND EQUIPMENT

This account is composed of the following:
LAND AND LAND IMPROVEMENTS
Land 285,602.44
Electrification, Power & Energy Structures 50,000.00_
Total Land and Land Improvements Php 335,602.44

5. BUILDINGS
Office Buildings 1,098,272.87
Other Structure 1,452,513.00
Total Buildings Php 2,550,785.87

OFFICE EQUIPMENT FURNITURE AND FIXTURES

Office Equipment
Furniture & Fixtures 121,500.00
Library Books 60,000.00_
Total Office Equipment Furniture & Fixture Php 182,380.00

MACHINERY & EQUIPMENT

Military & Police Equipment
Sports Equipment
Motor Vehicles
Other Machineries & Equipment
Total Machineries & Equipment

OTHER PROPERTY, PLANT & EQUIPMENT

Work & Animals
Other Property, Plant & Equipment 55,587.00
Total other Property, Plant & Equipment Php 55,587.00

PUBLIC INSFRACTRUCTURE
Road, Highways & Bridges 718,404.85
Irrigation, Canals & Lateral 61,846.44
Artesian wells, Reservoirs and Conduits 28,210.23
 Total Public Infrastructures Php 808,461.52
TOTAL PROPERTY, PLANT & EQUIPMENT Php 3,932,816.83
6. CURRENT LIABILITIES

7. GOVERNMENT EQUITY
This account is composed of:
EQUITY
Government Equity, Beg. 3,730,052.31
Add: Retained Operating Surplus
Current Operations 568,047.36
Prior Year Adjustments
Less: Transfer to Registry
Public Infrastructure
Reforestation Projects
Prior Year Adjustments
Government Equity, End Php 4,298,099.67

8. INCOME
This account is composed of:
TAX REVENUE
Local Taxes
Real Property Taxes 5,000.00
Total Local Taxes Php 5,000.00
GENERAL INCOME ACCOUNTS
Internal Revenue Allotment 1,560,068.00
Other Income
Interest Income ____789.60
TOTAL INCOME Php 1,565,857.60

9. EXPENSES
This account is composed of:
PERSONAL SERVICE
Other Compensation
Other Bonuses & Allowances 92,248.00
Honoraria 609,588.00
TOTAL PERSONAL SERVICE Php 701,836.00

MAINTENANCE & OTHER OPERATING EXPENSES

Travelling Expenses
Travelling Expenses-Local 30,000.00
Travelling & Scholarship Expenses
Training Expenses 60,000.00
Office Supplies Expenses 14,000.00
Other Maintenance & Other Operating Exp.
Other Maintenance & Other Operating Exp. 187,974.24
Total Maintenance & Other Operating Exp. Php 291,974.24
TOTAL OPERATING EXPENSES Php 993, 810.24

SUBSIDIES & DONATIONS

This account is composed of:
Subsidy from LGUs
DONATIONS
Donations represents Aid to Senior Citizen Php 4,000.00

Certified Correct:

WIDNA G. GONZALES
 OIC- Municipal Accountant

Republic of the Philippines

Province of Masbate
Municipality of Cataingan
Barangay Matubinao

PRE-CLOSING TRIAL BALANCE

As of December 31,2017

ACCOUNT TITLE ACCOUNT DEBIT CREDIT

CODE
Cash In Vault 101 52,923.41
Cash in Bank- Local Currency 111 273,331.15
Due from Local Government Units 138 39,028.28
Land 149 335,602.44
Office Buildings 205 1,098,272,87
Other Structure 211 1,452,513.00
Furniture & Fixture 222 121,500.00
Library Books 224 60,880.00
Other Property, Plant & Equipment 250 55,587.00
Road Highways & Bridges 251 718,404.85
Artesian wells, Reservoirs, Pumping Stations & 254 28,210.23
Cenduits
Irrigation, Canals & Laterals 255 61,846.44
Due to BIR 412
Government Equity 501 3,730,052.31
Real Property Taxes 588 5,000.00
Interest Income 664 789.60
Internal Revenue Allotment 665 1,560,068.00
Other Bonuses and Allowances 719 92,248.00
Honoraria 720 609,588.00
Travelling Expenses 751 30,000.00
Training Expenses 753 60,000.00
Office Supplies Expenses 755 14,000.00
Donations 878 4,000.00
Other Maintenance & Other Operating Exp. 989 187,974.24
TOTAL Php 5,295,909.91 Php 5,295,909.91

Certified Correct:
 WIDNA G. GONZALES

OIC- Municipal Accountant

Republic of the Philippines

Province of Masbate
Municipality of Cataingan
Barangay Matubinao

BALANCE SHEET
As of December 31,2017
(With Comparative Figures for CY 2016)

2017 2016
ASSETS
CURRENT ASSETS
CASH
Cash in Vault Php 52,923.41 Php 52,923.41
Cash in Bank- Local Currency 273,331.15 251,540.03
Total Cash Php 326,254.56 Php 304,463.44

RECEIVABLES
Inter-Agency Government Units 39,028.28 39,028.28
Other Receivables _____________ ______________
Total Receivables Php 39,028.28 Php 39,028.28

PROPERTY, PLANT & EQUIPMENT LAND

LAND IMPROVEMENTS
Land 285,602.44 262,800.00
Electrification, Power & Energy Structure 50,000.00 ____________
Total Land & Land Improvements Php 335,602.44 Php 262,800.00

BUILDINGS
Office Buildings 1,098,272.87 1,058,791.58
Other Structure 1,452,513.00 1,316,217.18
Total Buildings Php 2,550,785.87 Php 2,375,008.76

OFFICE EQUIPMENT, FURNITURE AND FIXTURES

Office Equipment
Furniture & Fixture 121,500.00 89,500.00
Library Books 60,880.00 42,880.00
Total Office Equipment, Furniture & Fixture Php 182,380.00 Php 132,380.00

MACHINERIES AND EQUIPMENT

Sports Equipment ___________ ___________
Total Machineries & Equipment

OTHER PROPERTY PLANT & EQUIPMENT

Other Property, Plant & Equipment 55,587.00 55,587.00
Total Other Machineries, Plant & Equipment Php 55,587.00 Php 55,587.00

PUBLIC INSFRACTRUCTURE
Road, Highways & Bridges 718,404.85 481,174.60
Artesian Wells, Reservoirs, Pumping Stations & Conduits 28,210.23 28,210.23
Irrigation, Canals & Laterals 61,846.44 51,400.00
Total Public Infrastructure Php 808,461.52 Php 560,784.83
Total Property, Plant & Equipment Php 3,932,816.67 Php 3,386,560.59
TOTAL ASSETS Php 4,298,099.67 Php 3,730,052.31

LIABILITIES
Current Liabilities
 Inter-Agency Payable -- --
Due to BIR
Other Liability Account
Other Payable -- --
Total Current Liabilities Php -- Php --

2017 2016
EQUITY
Government Equity, beg. 3,730,052.31 3,423,382.13
Add: Retained Operating Surplus : Current Operation 568,047.36 306,724.18
Less: Transfer to Registry
Public Infrastructure
Reforestation
Prior Years Adjustment ______________ ____________
Government Equity Ending 4,298,099.67 3,730,052.31
TOTAL LIABILITIES Php 4,298,099.67 Php 4,298,099.67

Certified Correct:

WIDNA G. GONZALES

OIC- Municipal Accountant

 Republic of the Philippines
Province of Masbate
Municipality of Cataingan
Barangay Matubinao

POST CLOSING TRIAL BALANCE

As of December 31, 2017

ACCOUNT TITLE ACCOUNT DEBIT CREDIT

CODE

Cash in Vault 101 52,923.41

Cash in Bank-Local Currency 111 273,331.15
Due from Local Government Units 138 39,028.28
Land 149 285,602.44
Electrification 50,000.00
Office Buildings 205 1,098,272.87
Other Structures 211 1,452,513.00
Furniture and Fixture 222 121,500.00
Library Books 224 60,880.00
Other Property, Plant and Equipment 250 55,587.00
Road, Highways & Bridges 251 718,404.85
Artesian Wells, Reservoirs, Pumping Stations & Conduits 254 28,210.33
Irrigation, Canals & Laterals 255 61,846.44
Due to BIR 412
Government Equity 501 4,298,099.67
TOTAL 4,298,099.67 4,298,099.67

Certified Correct:

WIDNA G. GONZALES

OIC- Municipal Accountant

 Republic of the Philippines
Province of Masbate
Municipality of Cataingan
BARANGAY MATUBINAO

STATEMENT OF INCOME AND EXPENSE

For the Period Ended December 31, 2017
(With Comparative Figures for CY 2016)

2017 2016
TAX REVENUE
Local Taxes
Real Property 5,000.00__ __5,000.00__
Total Local Taxes Php 5,000.00 Php 5,000.00
GENERAL INCOME ACCOUNTS
Internal Revenue Allotment 1,560,068.00 1,456,513.00
Other Income
Interest Income _____789.60 _____789.60
Total Other Income _ ___789.60 ____ 789.60
TOTAL OPERATING INCOME EXPENSES Php 1,565,857.60 Php 1,463,632.76

EXPENSES
PERSONAL SERVICE
OTHER COMPENSATION
Other Bonuses & Allowances 92,248.00 95,980.00
Honoraria __609,588.00 __627,465.00
Total Personal Service Php 701,836.00 Php 723,445.00

MAINTENANCE & OTHER OPERATING EXPENSES

Traveling Expenses
Traaveling Expenses- Local 30,000.00 30,000.00
Training & Scholarship Expenses
Training Expenses 60,000.00 74,030.00
Supplies & Material Expenses
Office Supplies Expenses 14,000.00 13,200.00
Office Maint. & Other Operating Exp. 187,974.24 220,544.31
Total Maint. & Other Operating Exp. Php 291,974.24 Php 337,774.31
TOTAL OPERATING EXPENSES 993,910.24 1,061,219.31
Income Before Subsidies, Donations & Extraordinary Item 572,047.37 402,414.45
Add: Subsidy from Other LGUs
Total 4,000.00 95,689.27
Less: Donations
Total 4,000.00 95,689.27
NET INCOME Php 568,047.00 Php 306,724.18

Certified Correct:

WIDNA G. GONZALES

OIC- Municipal Accountant

 Republic of the Philippines
Province of Masbate
Municipality of Cataingan
BARANGAY MATUBINAO

CLOSING ENTRIES
As of December 31, 2017

A. Closinh of Income Accounts

Real Property Taxes 588 5,000.00

Interest Income 664 789.60

Internal Revenue Allotment 665 1,560,068.00

Subsidy from LGUs 656

Income & Expense summary 512 1,565,857.60

B. CLOSING OF EXPENSE ACCOUNTS

Income & Expenses Summary 512 997,810.24

Honoraria 720 92,248.00

Travelling Expenses 751 30,000.00

Training Expenses 753 60,000.00

Office Supplies Expenses 755 14,000.00

Donations 873 4,000.00

Other Maintenance & Operating Exp. 989 187,974.24

Other Bonuses & Allowances 719 609,588.00

C. CLOSING OF INCOME & EXPENSES SUMMARY

Income & Expenses Summary 512 568,,047.36

Retained Operating Surplus 513 568,047.36

D. CLOSING OF RETAINED OPERATING SURPLUS

Retained Operating Surplus 513 568,047.36

Government Equity 567,047.36

Certified Correct:

WIDNA G. GONZALES

OIC- Municipal Accountant

 Republic of the Philippines
Province of Masbate
Municipality of Cataingan
BARANGAY MATUBINAO

STATEMENT OF CASH FLOW

For the Period Ended December 31, 2017
(With Comparative Figures for CY 2016)

2017 2016
Cash Flow from Operating Activities

Cash flow

Share from Internal Revenue Allotment 1,560,068.00 1,456,513.00

Collection from Taxpayers 5,000.00 6,528.56

Interest Income 789.60 591.20

Other Receipts _______________ ______________

Total Local Taxes 1,565,857.60 1,463,632.76

CASH OUTFLOW

Payment to: Supplier/Creditors 838,230.48 752,349.85

Employees 701,836.00 680,189.00

Other Disbursements 4,000.00 9,309.14

TOTAL CASH OUTFLOW 1,544,066.48 1,443,847.99

Net Cash provided by (used in) 21,791.12 19,784.77

Cash at the beginning of the period 304,463.44 284,678.67

Cash at the End of the period Php 326,254.56 Php 304,463.44

Certified Correct:

WIDNA G. GONZALES

OIC- Municipal Accountant

 Republic of the Philippines
Province of Masbate
Municipality of Cataingan
BARANGAY MATUBINAO

ANALYSIS OF CASH ACCOUNT

As of December 31,
2017 Cash Available

Cash in Vault Php 52,923.41

Cash in Bank – Local Currency 273,331.15

_______________
Total Cash Available Php 326,254.56

Cash Reserved for Trust Liabilities

Due to BIR _

Other Payable
_
Cash Reserved for Trust Liabilities

Net Cash Available (Overdraft) Php 326,254,56

Certified Correct:

WIDNA G. GONZALES

OIC- Municipal Accountant

 Certified Correct:

WIDNA G. GONZALES

OIC- Municipal Accountant