Submitted by:

BUHAT, Bernadette M.
CABAERO, Joyce Ann O.
CALIMLIM, Michelle D.
DIMACALING, Samia S.
IBAEZ, Dessa Mae L.
MARTIN, Jamie V.
Submitted to:
Prof. Agsi

AGENCY STU
Detailed Statement of Financial Position
As of December 31, 2015
CURRENT ASSETS
Cash:
Petty Cash Fund
Cash - Capital Outlay
Cash - National Treasury - MDS
Cash in Bank - Local Currency - CA

Php

Receivables
Accounts Receivable
Php 120,000.00
Less: Allowance for Doubtful Ac
20000
Inventories:
Office Supplies
LONG-TERM INVESTMENTS:
Investment in Stock
PROPERTY, PLANT AND EQUIPMENT
Land
Office Building
Less: Accumulated Depreciation- Office
Office Equipment
Less: Accumulated Depreciation- Office
Furniture and Fixtures
Less: Accumulated Depreciation - Furnit
IT Equipment/Software
Less: Accumulated Depreciation - IT Eq
Other Current Assets

300,000
300000
1600000
400000

100000

30000

800000
650000
50000
200000
20000
100000
10000
250000
25000

600000
180000
90000
225000

TOTAL ASSETS
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities:
Accounts Payable
Due to BIR
Due to GSIS
Due to PAG-IBIG
Due to PHILHEALTH
Other Payable
EQUITY
Government Equity
TOTAL LIABILITIES AND EQUITY

185000
50000
30000
25000
25000
15000

ion

Php

2,600,000

130000
200000

1895000
15000
Php

4,840,000

330000
4510000
Php

4,840,000

REGISTRY OF ALLOTMENT AND OBLIGATIONS

CAPITAL OUTLAY (RAOCO)
AGENCY STU
Date

Ref

PPA Account
Code
Php

Allotment
Received
7,040,000.00

REGISTRY OF ALLOTMENT AND OBLIGATIONS

MAINTENANCE AND OTHER OPERATING EXPENSES (MOOE)
AGENCY STU
Date

Ref

PPA Account
Code
Php

Allotment
Received
7,560,000.00

REGISTRY OF ALLOTMENT AND OBLIGATIONS

PERSONAL SERVICES (RAOPS)
AGENCY STU
Date

Ref

PPA Account
Code
Php

Allotment
Received
10,080,000.00

REGISTRY OF ALLOTMENT AND OBLIGATIONS

FINANCIAL EXPENSES (RAOFE)
AGENCY STU
Date

Ref

PPA Account
Code

Allotment
Received
Php

520,000

ALLOTMENT AND OBLIGATIONS

PITAL OUTLAY (RAOCO)
AGENCY STU
Obligation
Incurred

Balance
Php

Php

500,000.00
1600000
140000
30000
1200000
Php

7,040,000
6540000
4940000
4800000
4770000
3,570,000

ALLOTMENT AND OBLIGATIONS

OTHER OPERATING EXPENSES (MOOE)
AGENCY STU
Obligation
Incurred

Balance
Php

240,000.00
320000
150000
Php

7,560,000
7320000
7000000
6,850,000

ALLOTMENT AND OBLIGATIONS

ONAL SERVICES (RAOPS)
AGENCY STU
Obligation
Incurred

Balance
Php
408,000 Php

Php

1,008,000
9,672,000

ALLOTMENT AND OBLIGATIONS

NCIAL EXPENSES (RAOFE)
AGENCY STU
Obligation
Incurred

Balance
###

Requirements No. 1 and No. 2

AGENCY STU
Detailed Statement of Financial Performance
For the Fiscal Year Ended December 31, 2015

Subsidy Income from National Government

Less: Unused Notice of Cash Allocation
Less: Expenses
Salaries and Wages - Regular
Personnel Economic Relief Allowance (PERA)
Life and Retirement Insurance Contributions
PAG-IBIG Contributions
PHILHEALTH Contributions
Travelling Expenses - Local
Office Supplies
Telephone Expense - Landline
Electricity Expense
Janitorial Services Expense
Security Services Expense
Repairs and Maintenance - Office Building
Depreciation Expense - Office Building
Depreciation Expense - Office Equipment
Depreciation Expense - Furniture and Fixtures
Depreciation Expennse - IT Equipment and Software
Excess of Income over Expenses

1,700,000
400,000
320,000
80,000
60,000
10,000
10,000
35,000
60,000
45,000
75,000
30,000
35,000
65,000
15,000
10,000
5,000
5,000

mance
1, 2015

Php

1,300,000

860,000
Php

440,000

Journal Entries of 2016 Transactions and Adjusting Journal Entries

Cash - MDS, Regular
Subsidy from National Gov't
To record the receipt of NCA

21546000

Office Equipment
Accounts Payable
To record receipt of 10 units of
office equipment

500000

Advances for Payroll

Cash - MDS, Regular
To record cash advance granted

408000

Salaries and Wages - regular pay

Personnel Economic Relief Allowance
Due to GSIS
Due to BIR
Due to PAGIBIG
Due to PHILHEALTH
Advances for Payroll
To record payment of salaries

378000
30000

Due
Due
Due
Due

to
to
to
to

GSIS
BIR
PAGIBIG
PHILHEALTH
Cash - MDS, Regular
To record remittance of salary
deductions

45360
75600
18000
67500

Life and Retirement Insurance Contribution

PAGIBIG Contribution
PHILHEALTH Contribution
Cash - MDS, Regular
To record payment of gov't share

30000
25000
25000

Accounts Payable - Office Equipment

Electricity Expense
Telephone Expense - Landline
Cash - MDS, Regular
Due to BIR
To record payment of obligations

500000
240000
320000

Due to BIR

50000
Subsidy from National Gov't
To record issuance of TRA

Cash - Collecting Officer

Sales Revenue
Permit Fees
Miscellaneous Income
To record collections

1080000

Sales Revenue
Permit Fees
Miscellaneous Income
Cash in Bank - LC Current Account
To record unutilized collections

130000
60000
80000

Cash - Collecting Officer

Guaranty/Deposit Payable
To record a surety performance bond

160000

Advances to Contractor
Cash - MDS, Regular
To record payment of contract amount

480000

Construction in Progess - Building & Other Structures

Advances to Contractors
Accounts Payable
To record the receipt of the first
progress billing

800000

Construction Materials Inventory

Accounts Payable - Materials
To record issuance of purchase order

140000

Advances to Special Disbursing Officer

Due to BIR
Cash - MDS, Regular
To record grant of travel advances

27000
3000

Construction in Progress - Building & Other Structure

Due to BIR
Advances to Special Disbursing Officer
To record receipt of first billing

30000

Due to BIR

3000

Subsidy from National Gov't

To record remittance through TRA
Petty Cash Fund
Cash - MDS, Regular
To record establishment of petty
cash fund
Land

150000

1200000
Due to BIR
Cash - MDS, Regular
To record purchase of land

Adjusting Journal Entries

Depreciation Expense - Office Equipment
Accumulated Depreciation - Office Equipment
To record depreciation of office
equipment

12500

Depreciation Expense - Office Building

Accumulated Depreciation - Office Building
To record depreciation office building

15000

Depreciation Expense - Furniture and Fixtures

Accumulated Depreciation - Furniture and Fixtures
To record depreciation of furniture
and fixtures

5000

Depreciation Expense - IT Equipment and Software

Accumulated Depreciation - IT Equipment and
Software
To record depreciation of IT equipment

5000

nal Entries
21546000

500000

408000

45360
75600
18000
67500
201540

206460

80000

1010000
50000

50000

520000
240000
320000

270000

160000

480000

480000
320000

140000

30000

3000
27000

3000

150000

120000
1080000

12500

15000

5000

5000

AGENCY STU
Detailed Statement of Financial Performance
For the Fiscal Year Ended December 31, 2016
Subsidy Income from National Government
Less: Reversion of Unused NCA
Income:
Sales Revenue
Permit Fees
Miscellaneous Income
Less: Expenses
Salaries and Wages Regular
Personnel Economic Relief Allowance (PERA)
PAGIBIG Contribution
Life and Retirement Insurance Contribution
PHILHEALTH Contribution
Electricity Expenses
Telephone Expenses - Landline
Depreciation Expense - Office Equipment
Depreciation Expense - Office Building
Depreciation Expense - Furniture and Fixtures
Depreciation Expense - IT Equipment and Software
Excess of Income over Expenses

TU
ancial Performance
December 31, 2016
PHP

21,546,000
18,051,540.00 PHP
520,000.00
240,000.00
320,000.00

3,494,460

1,080,000.00

378,000.00
30,000.00
25,000.00
30,000.00
25,000.00
240,000.00
320,000.00
12,500.00
15,000.00
5,000.00
5,000.00
PHP

1,085,500.00
3,488,960

Agency STU
Detailed Statement of Financial Position
As of Dec 31, 2016

Current Assets
Cash
Petty Cash
Cash- Collecting Officer
Cash-National Treasury-MDS
Cash in Bank-Local currency, Current Account
Receivables
Accounts Receivable
Allowance for Doubtful Accounts
Inventories
Office Supplies Inventory
Construction Materials Inventory
Other Current Assets
Advances
Advances to Special Disbursing Officer
Advances for Payroll
Total Current Assets
Non-Current Assets
Long-Term Investments
Investment in Stock
Property, Plant and Equipment
Land
Office Building
Less: Accumulated Depreciation- Office Building
Office Equipment
Less: Accumulated Depreciation- Office Equipment
Furnitures and Fixtures
Less: Accumulated Depreciation-Furnitures and Fixtures
IT Equipment/Software
Less: Accumulated Depreciation-IT Equipment/Software
Construction in Progress
Construction in Progress-Building and Other Structures
Total Non-Current Assets

TOTAL ASSETS

LIABILITY AND NET ASSETS/EQUITY

Liabilities
Current Liabilities
Financial Liabilities
Accounts Payable
Guaranty/Security Deposits Payable
Other Payables
Inter-Agency Payables
Due to BIR
Due to GSIS
Due to PAG-IBIG
Due to Philhealth
Total Liabilities
Net Assets/Equity
Government Equity
TOTAL LIABILITIES AND NET ASSETS/EQUITY

450,000
1,540,000
1,600,000
130,000

3,720,000

120,000
30,000

90,000

30,000
140,000

170,000

27,000
206,460

233,460
4,213,460

200,000

2,000,000
650,000
65,000
700,000
32,500
100,000
15,000
250,000
30,000

585,000
667,500
85,000
220,000

800,000
4,557,500

8,770,960

645,000
160,000
15,000

820,000

167,000
60,000
50,000
50,000

327,000
1,147,000

7,623,960
8,770,960

STATEMENT OF CASH FLOWS

Cash Flows from Operating Activities
Cash Inflows
Receipt of Notice of Cash Allocation
Collection of Income/Revenues
Total Cash Inflows
Cash Outflows
Payment of Expenses
Grant of Cash Advances
Payment of Accounts Payable
Reversal of Unauthorized Cash Collection
Reversal of Unused Notice of Cash Allocation
Remittance of Personnel Benefit Contributions and Mandatory Deductions
Total Cash Outflows
Net Cash Provided by (Used in) Operating Activities

Cash Flows from Investing Activities

Cash Inflows
Proceeds from Surety bond
Cash Outflows
Purchase of Land
Net Cash Provided by Investing Activities
Cash Flows from Financing Activities
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

ndatory Deductions

21,546,000
1,080,000
22,626,000

640,000
918,000
500,000
270,000
18,051,540
206,460
20,586,000
2,040,000

160,000

1,080,000
(920,000)
1,120,000
2,600,000
3,720,000

NOTES TO FINANCIAL STATEMENTS

I. GENERAL

Note 1
Statement of Compliance with PPSASs
Agency STU, which is located in Manila, is a national government agency operating under the Office o
Note 2 Significant Accounting Policies
Change in Accounting Policies
Allowance for Impairment - Accounts receivable account is maintained at a level adequate to provide
The costs of ending inventory of office supplies and materials and other inventory items are computed
Property, plant and equipment are carried at cost less accumulated depreciation and obsolescence. Fo
The straight-line method is used in computing depreciation expense. The depreciable cost of the prop
Payable are recognized and recorded in the books of accounts only upon delivery of the goods/ invent

Changes in Accounting Treatment

Accounts were reclassified to conform with the Revised Chart of Accounts prescribed under the New G
Correction of Fundamental Errors
Fundamental errors of prior years are corrected by using the Accumulated S
II. STATEMENT OF FINANCIAL POSITION
Note 3
Cash and Other Cash Accounts
Cash in Bank Local Currency both Current and Savings accounts were deposited in an Authorized Go
Note 4 Receivables
Accounts receivable is a result of the seminars about cultural heritage that was conducted by Agency
Note 5 Inventories
This account consists of the following:
Office Suppl
30000
Construction Materials Inventory
140000
Total
170000
Note 6
Property, Plant and Equipment
Property, Plant and Equipment are carried at cost less accumulated depreci
III. STATEMENT OF FINANCIAL PERFORMANCE
Note 7 Subsidy from National Government
Of the total amount of Notice of Cash Allocation received from the Departm
IV. STATEMENT OF CHANGES IN NET ASSETS/EQUITY
Note 8 Changes in Net Assets/Equity for
Adjustment of net revenue recognized directly in net assets/equity.
Note 9 Others
Direct adjustment to net assets/equity, which is not revenue or expense, du

rating under the Office of the President. It is in charge of facilities in the region, it also provides training and sem

vel adequate to provide for potential uncollectibility of receivables. A review of the receivables, designed to iden
ntory items are computed using the Moving Average method.
ion and obsolescence. For assets under construction, the Construction Period Theory was applied for costing pu
reciable cost of the property, plant and equipment shall be allocated over its useful life, which may range from
very of the goods/ inventory/other assets and rendition of services to the agency.

scribed under the New Government Accounting System.

using the Accumulated Surplus/Deficit account for prior years adjustments. Errors affecting current years oper

sited in an Authorized Government Depository Bank under the Agency STU account.

as conducted by Agency STU during the year 2016. The account Due from Officers and Employees consists main

ess accumulated depreciation. The cost of these assets is composed of the purchase price and incidental costs

ceived from the Department of Budget and Management during the year, an unutilized amount of 18,051,540
TS/EQUITY

t revenue or expense, due to closing of Road Networks to Accumulated Surplus/Deficit.

provides training and seminars for cultural heritage. The financial statements of Agency STU have been prepare

eivables, designed to identify accounts to be provided with allowance, is made on a regular basis.

as applied for costing purposes. Related expenses incurred during the construction formed part of the operating
, which may range from 5 to 50 years. Residual value is insignificant.

cting current years operations are charged to the current years accounts.

Employees consists mainly of cash advances granted to Cash Disbursing Officers to cover a 10% across the boa

ice and incidental costs to bring the assets to their present location and condition. The Construction Period Theo

amount of 18,051,540 was accordingly reverted to the National Treasury.

y STU have been prepared in accordance with all the requirements of Philippine Public Sector Accounting Standa

ular basis.

med part of the operating cost. Bonus paid to contractors for early completion of the work was added to the tota

ver a 10% across the board increase to officers and employees of Agency STU.

Construction Period Theory is used for costing the assets under construction. Regular maintenance, repair and

ector Accounting Standards.

rk was added to the total cost of the project and those projects with liquidated damaged charged and paid for b

maintenance, repair and minor replacements are charged against Maintenance and Other Operating Expenses (M

d charged and paid for by the contractor was deducted from the project cost.

er Operating Expenses (MOOE) as such expenses are incurred.