Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Receipt of notice of appropriation amounting to 1,000,000 b. Receipt of allotment from the DBM amounting to 980,000. c. Incurrence of obligations amounting to

a. Receipt of notice of appropriation amounting to 1,000,000 b. Receipt of allotment from the DBM amounting to 980,000. c. Incurrence of obligations amounting to 880,000 d. Receipt of Notice of Cash Allocation amounting to 850,000. e. Accrual of P500,000 salaries upon approval of payroll. The breakdown is as follows: Salaries and Wages 450,000 Personal Economic Relief Allowance (PERA) 50,000 Gross Compensation 500,000 Withholding Tax 125,000 GSIS 25,000 Pag-IBIG 20,000 PhilHealth 12,000 Total Salary Deductions 182,000 f. Granting of cash advance for the payroll g. Liquidation of the cash advance for payroll. h. Receipt of delivery of purchased office supplies worth P200,000 from current year's obligation i. Payment of P180,000 accounts payable. Taxes withheld amount to P10,000. j. Remittance of all taxes withheld to the BIR. k. Remittance of other amounts withheld to the other government agencies concerned. l. Billing of revenue for Power Supply System Fees amounting to P200,000. m. Collection of 200,000 from billed revenue and remittance of the total collection to the National Treasury n. Reversion of unused NCA. o. How much is reported as unreleased appropriation in the entity's Budget Accountability Report? p. How much is reported as unobligated allotment in the entity's Budget Accountability Report? q. How much is reported as Not yet Due and Demandable Obligations in the entity's Budget Accountability Report?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John J Wild, Ken Shaw

24th edition

1259916960, 978-1259916960

More Books

Students also viewed these Accounting questions

Question

4. In Exercise 3, are the random variables X and Y independent?

Answered: 1 week ago

Question

1. Too understand personal motivation.

Answered: 1 week ago