PHILIPPINE GOVERNMENT ACCOUNTING

The For the first quarter of the year a Government Entity has the following transactions:

Jan. 5- Received allotment as follows: CO, P25,000,000; PS, P20,000,000; MOOE,

P15,000,000; FE, P 10,000,000,

Jan. 10-received Notice of Cash Allocation for : CO, P15,0000,000; PS, P20,000,000;

MOOE,P10,000,000; FE, P5,000,000.

Jan.20- Sign a contract for the construction of an office building. Contract price is P10,000,000

exclusive of VAT, payable in two progress billings. Advance payment to contractor is 15%

of the total contract price while retention fee is 10% of the progress billing.

Jan. 22- Paid mobilization fee to contractor.

Feb. 23. Received the first progress billing from the contractor 50% completed (net of advances).

Feb. 28- Paid the first progress billing.

March 5- Received constructive receipt of NCA for TRA.

March 10- Paid the amount due to BIR thru TRA.

March 30- Received the final progress billing from the contractor.

April 3- Payment of final billing.

April 7- Acceptance of the building.

April 10. Refund of retention fee.

Required:

1. The entry to record the receipt of NCA include?

2. Amount paid to contractor for mobilization fee is?

3. The debit entry to record the first progress billings is?

4. The credit entry to record the first progress billing includes:

5. The net amount paid to contractor for the first progress billing is

6. The credit entry to record payment of final progress billing includes a

7. The journal entry to record acceptance of the Building is

8. The journal entry to record refund of retention fee to contractor is