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Illustrative Accounting Entries - Typical Transactions of Agencies with Collections/Income

to be recorded in the National Government (NG) Books

Beginning Balances: Cash - Collecting Officers 106   1,000

Accounts Receivables 121   5,000

Due to National Treasury 433   6,000

 Income from Govt. Services 6,000

6,000 6,000

A. Prior Year's Income

  1. Deposit of prior year's collections Due to National Treasury 433   1,000

 Income from Govt. Services 1,000

Cash Collecting Officers 106   1,000

2. Collection of prior years' receivables Cash - Collecting Officers 106   1,500

Accounts Receivables 121   1,500

3. Deposit of collections of prior years' Due to National Treasury 433   1,500receivables   Cash Collecting Officers 106   1,500

B. Current Year's Income

  4. Billing of operating and service Accounts Receivables 121   3,000

income   Due to National Treasury 433   3,000

 Income from Govt. Services 3,000

5. Collection of billed operating and Cash - Collecting Officers 106 2,500 

service income Accounts Receivables 121 2,500 

6. Collection of taxes Cash - Collecting Officers 106   2,200

Due to National Treasury 433 2,200 

Source Amount   Income Tax -Individuals 400 

Income Tax-Individuals 400   Income Tax -Partnerships 300 

Income Tax -Partnerships 300   Income Taxes -Corporations 1,200 

Income Tax -Corporations 1,200  Capital Gross Tax 100 

Property Transfer Tax 100  Value Added Tax 150 

Value Added Tax 150   Fines and Penalties 50 

Fines and Penalties 50 

Total 2,200 

7. Collection of rentals Cash - Collecting Officers 106 300 

Due to National Treasury 433   300

 Rent Income 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.

Account TitleAccount

Code Debit Credit

Annex C

TransactionsAgency - National Government Books

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Illustrative Accounting Entries - Typical Transactions of Agencies with Collections/Income

to be recorded in the National Government (NG) Books

Account TitleAccount

Code Debit Credit

Annex C

TransactionsAgency - National Government Books

  8. Deposit of income/collectionsto BTr thru AGDB

  a. Taxes Due to National Treasury 433 2,200 

 Income Tax -Individuals 400 

 Income Tax -Partnerships 300 

 Income Taxes -Corporations 1,200 

Capital Gross Tax 100 

Value Added Tax 150 

 Fines and Penalties 50 

Cash - Collecting Officers 106 2,200 

 b. Rent Income Due to National Treasury 433 300 

 Rent Income 300 

Cash - Collecting Officers 106 300 

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 106   2,000

Due to National Treasury 433 2,000 

 Income from Govt. Services 2,000

10. Remittance/Deposit to BTr Due to National Treasury 433 2,000 

thru AGDB   Income from Govt. Services 2,000 2,000 

Cash - Collecting Officers 106

  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 Cash - Collecting Officers 106   500

Govt. Services - $100 @ P50 Due to National Treasury 433 500 

 Income from Govt. Services 500

12. Remittance/Deposit to BTr Due to National Treasury 433 500 

thru AGDB   Income from Govt. Services 500 500 

Cash - Collecting Officers 106

  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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