UP in the Visayas

College of Management- Department of Accounting

BA 122 - 1st Long Examination
Using the information below -

A. determine the following: 2 pts each

1 Undeposited Collections 11. Total Current Assets

2 Unliquidated Cash Advance
3 Unused NCA
4 Total Expenses
5 Excess of Income over Expenses/(Deficit)
6 Retained Operating Surplus (state whether
debit or credit balance)
7 Govermnet Equity Ending
8 Total Liabilities
9 SING in the unadjusted TB
10 Salaries and wages in the unadjusted TB
12. Total Assets
13. Total Remittance to National Treasury
14. Cash, Ending Balance
in the Statement of Cash Flow
15. Total Cash Inflows from Operating Activities
16. Total Operating Expenses (MOOE)
17. Total Cash Outflows from Operating Activities
18. Salaries and Wages in the Statement of Cash
Flow

B. give the journal entries to record/adjust/close the following transactions: 4 pts each, 2 for DR 2 for CR

1 Receipt of NCA
2 Salaries and other personnel benefits
3 Cash advance granted to DO to pay for salaries and other personnel benefits
4 Employer's share in the life and retirement and other personnel benefits
5 Remittance of employees' share in the life and retirement benefits
6 Payment of maintenance and other operating expenses
7 Payment of salaries and wages and other personnel benefits by DO
8 Remittance of taxes withheld thru Tax Remittance Advice (TRA)
9 Collections for the year
10 Deposit to the National Treasury
11 Issuance of office supplies
12 Unused NCA
13 Income
14 Expenses
15 Income and Expense Summary
16 Retained Operating Surplus

Beginning balances:

Land P 50,000.00
Land Improvements 50,000.00
Buildings 100,000.00
Office Equipment 50,000.00
 IT Equipment and Softwares 100,000.00

Subsidy Income from National Government (651) at the end of the year amounted to P629,250.00,
made up of the following: (Before adjustment, if any)

Notice of Cash Allocation:

Personal Services P 358,000.00
Maintenance and Other Operating Expenses 90,000.00
Capital Outlays 150,000.00 P 588,000.00
Tax Remittance Advice: √
From salaries and wages 30,000.00
From acquisition of goods and services 11,250.00 41,250.00
MDS Checks (108) issued for the year amounted to P561,'750.00, detail of which is shown below.

Cash advance granted to Disbursing Officers 103) amounted to: P 215,145.00

Detail is shown below.
Amount Amount Unliquidated
Purpose Granted Liquidated Amount
Salaries & Wages -Regular 108,000.00 106,000.00 2,000.00
Personnel Economic & Relief Allow. (PERA) 20,500.00 20,500.00 -
Additional compensation Allowance (ACA) 20,500.00 20,500.00 -
Representation Allowance ( RA) 10,500.00 10,500.00 -
Transportation Allowance ( TA) 10,500.00 10,500.00 -
Cash Gift 22,105.00 20,105.00 2,000.00
Year-end Bonus 23,040.00 22,040.00 1,000.00
215,145.00 210,145.00 5,000.00

Remitance to: GSIS 38,000.00

PAG-IBIG 14,000.00
PHILHEALTH 10,000.00
Personnel Benefits Contribution:
Life and Retirement 26,000.00
PAG-IBIG Cont. 17,000.00
PHILHEALTH Cont. 16,000.00
ECC Contribution 11,855.00

Gross Amount Withholding Tax Net Amount

Payment of Operating Expenses:
Water Expense 8,000.00 400.00 7,600.00
Electricity Expense 12,000.00 600.00 11,400.00
Telephone Expense 5,000.00 250.00 4,750.00
Rent Expense 10,000.00 500.00 9,500.00
Janitorial Expense 15,000.00 750.00 14,250.00
Security Expense 5,000.00 250.00 4,750.00
Acquisition of: Supplies* 25,000.00 1,250.00 23,750.00
 Office Equipment 100,000.00 5,000.00 95,000.00
Furniture & Fixtures 45,000.00 2,250.00 42,750.00
225,000.00 11,250.00 213,750.00

Transactions involving collections and deposits are shown in the table below:

Cash Collections Deposits

Collections from services rendered: 29,660.00
Garbage Fees 10,000.00 9,500.00
Inspection Fees 5,000.00 4,750.00
Processing Fees 5,000.00 4,750.00
Seminar Fees 9,660.00 9,220.00
Overpayment of salaries,
current year 340.00 340.00
30,000.00 28,560.00

* Eighty percent was used in operation

√ Due to BIR