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Cash in Bank-Local Currency, Current Account

- Composed of/debited for:


o Recognize deposits with AGDBs of income received which the agency has authority to use
o Trust receipts authorized (specific contracts and agreements)
o Revolving fund (specific laws)
o Credit advices/memos received from AGDB
- Credited for:
o Check disbursements
o Debit advices/memos from AGDBs

Loans Receivable-Others
- Debited for:
o Amounts due from debtors
o Other agencies not falling under any of the specific receivable account
- Credited for:
o Collection of receivables
o Write-off
o Transfers

Receivables-Disallowances/Charges
- Part of Other Receivables
- Debited for:
o Recognition of Amount of disallowances/charges in audit due from public/private individuals/entities
which have become FINAL AND EXECUTORY.
- Credited for:
o Settlement of disallowances/charges

Other Receivables
- Part of Other Receivables
- Debited for:
o Recognition of amount due from debtors
o Other agencies not falling under any specific receivable account
o Receivables from individuals or entities intended for specific projects or purpose not falling under any
specific receivable account.
- Credited for:
o Payment/liquidation of receivables.

School Buildings

- Debited for:
o Recognition of cost incurred in purchase or construction or FV, if acquired through donation or transfers
without cost, of school buildings for the implementation of government’s education/learning program.
- Credited for:
o Disposal
o Derecognition of the carrying amount of the replaces portion in major repair

Hostels and Dormitories


- Debit balance
o used to recognize the cost incurred in the purchase or construction or fair value, if acquired through
donation or transfers without cost, of hostels and dormitories for commercial and/or income generating
purposes.
- Credited for:
o Disposal or derecognition of the carrying amount of the replaced portion in major repairs.

Other Structures

- Debited to:
o Recognize the cost incurred in purchase or FV, if acquired through donations or transfers without cost,
of other structures for use in government operations or for income generating purposes.
- Credited for:
o Disposal or derecognition of the carrying amount of the replaced portion in major repairs.

Machinery

- Debited to:
o Recognize the cost incurred in purchase or FV, if acquired through donations or transfers without cost,
of other machinery.
- Credited to:
o Derecognize the carrying amount of the replaced parts in a major repair or disposal
Office Equipment

- Debited to:
o recognize the cost incurred in the purchase or assembly or fair value, if acquired through donation or
transfers without cost, of office equipment for use in government operations.
o Includes duplicating/photocopying machines, air conditioning units and the like.
- Credited for:
o disposal or derecognition of the carrying amount of the replaced parts in major repairs.

Information and Communications Technology Equipment


- Debited to:
o recognize the cost incurred in the purchase of information and communications technology equipment,
which includes hardware (computers, printers, scanners, and the like) and pre-loaded software such as
but not limited to operating systems which are included in the cost of the computer hardware.
o also includes data communications equipment and such other peripherals and auxiliary equipment
necessary to put the system into operational mode.
- Credited for:
o Derecognition of the carrying amount of the replaced parts in major repairs, or disposal.

Agricultural and Forestry Equipment


- Debited to:
o recognize the cost incurred in the purchase or assembly or fair value, if acquired through donation or
transfers without cost, of agricultural and forestry equipment.
o Includes: threshing and milling machines, plow, saw used in cutting/trimming/pruning trees, grass
cutting machines
- Credited for:
o Derecognition of the carrying amount of the replaced parts in major repairs, or disposal.

Communication Equipment
- Debited to:
o recognize the cost incurred in the purchase or assembly or fair value, if acquired through donation or
transfers without cost, of communications equipment for use in government operations.
- Credited for:
o derecognition of the carrying amount of the replaced parts in major repairs, or disposal.

Disaster Response and Rescue Equipment


- Debited to:
o recognize the cost incurred in the purchase or assembly, or fair value, if acquired through donation or
transfers without cost, of equipment used solely for disaster response and rescue activities.
- Credited for:
o derecognition of the carrying amount of the replaced parts in major repairs, or disposal.
- Subsidiary Ledgers:
01-Firefighting Equipment and Accessories
02-Flood Rescue Equipment
03-Earthquake Rescue Equipment
04-Volcanic Eruption Rescue Equipment
05-Landslide Rescue Equipment

Technical and Scientific Equipment


- Debited to:
o recognize the cost incurred in the purchase or assembly or fair value, if acquired through donation or
transfers without cost, of technical and scientific equipment for use in government operations
o EXAMPLES:
 survey equipment (telescopes, laser distance meters),
weather tracking equipment, cartographic, photographic and reprographic
equipment, and other specialized equipment, (i.e. musical instrument)

Other Machinery and Equipment


- Debited to:
o recognize the cost incurred in the purchase or assembly or fair value, if acquired through donation or
transfers without cost, of other equipment, not otherwise classified under the specific equipment
accounts.
- Credited for:
o derecognition of the carrying amount of the replaced parts in major repairs, or disposal.

Motor Vehicles
- Debited to:
o recognize the cost incurred in the purchase or assembly or fair value, if acquired through donation or
transfers without cost, of motor vehicles for official use
- Credited for:
o derecognition of the carrying amount of the replaced parts in major repairs, or disposal.

Furniture and Fixtures


- Debited to:
o recognize the cost of acquisition or assembly, or fair value, if acquired through donation or transfers
without cost, of furniture and fixtures for use in government operations.
- Credited for:
o Disposals (sale, transfers, destruction) and adjustments
Books
- Debited to:
o recognize the cost of acquisition or production, or fair value, if acquired through donation or transfers
without cost, of books and other reference materials including those in electronic copies (in CD/DVD),
for use in government operations.
- Credited for:
o Disposal of the asset

Construction in Progress-Buildings and Other Structures


- Debited to:
o recognize the accumulated cost or other appropriate value of buildings and other structures which are
still in the process of construction or development.
- Credited for:
o reclassification to the appropriate Buildings and Other Structures account upon completion.

Other Property, Plant and Equipment


- Debited to:
o recognize the cost of acquisition or fair value, if acquired through donation or transfers without cost, of
other property, plant and equipment not falling under any of the specific Property, Plant and Equipment
account.
- Credited for:
o derecognition of the carrying amount of the replaced parts in major repairs, or disposal.
Computer Software
- Debited to:
o recognize the purchase cost or capitalized development cost of computer software programs for use in
government operation.
o Development costs include cost of coding, testing and cost to produce product masters.
- Credited for:
o Obsolescence, transfers, or other disposal

Livestock Held for Consumption/Sale/Distribution


- Debited to:
o recognize the cost or fair value, if acquired through donation or transfers without cost or for a nominal
cost, of livestock held for consumption/sale/distribution.
- Credited for:
o Sale, loss or death of livestock.
- 01-Livestock Held for Consumption
- 02-Livestock Held for Sale
- 03-Livestock Held for Distribution

Advances for Payroll


- Debited to:
o recognize the amount granted to regular disbursing officers for payment of salaries, wages, honoraria,
allowances and other personnel benefits.
- Credited for:
o Liquidation

Advances to Special Disbursing Officer


- Debited to:
o recognize the amount granted to agency’s accountable officers and employees for special
purpose/time-bound undertakings to be liquidated within a specified period.
- Credited for:
o Upon liquidation

Advances to Officers and Employees

- Debited to:
o recognize amount advanced to officers and employees for official travel.
- Credited for:
o Liquidation of advances

Accumulated Surplus/(Deficit)
- Credit (Debit)
- used to recognize the cumulative results of normal and continuous operations of an agency including prior
period adjustments, effect of changes in accounting policy and other capital adjustments.

Subsidy from National Government [Credit Balance]


- used to recognize the NCA for Regular and Special Account, constructive receipt of Non-Cash Availment
Authority (NCAA) for advanced payments made by foreign creditors and donors; constructive receipt of CDC by
Foreign Service Posts; Working Fund deposited to the foreign currency accounts of implementing NGAs for FAPs;
constructive receipt of NCA for TRAs and Tax Expenditure Fund (TEF) Subsidy to GOCCs and NGAs; and,
adjustments for lapsed NCA for Regular and Special Account.
- closed to the Revenue and Expense Summary account or Cash-Treasury/Agency Deposit, Special Account.

Employees Compensation Insurance Premiums


- Debited to:
o recognize the government’s share in premium contributions to the Employees' Compensation
Commission (ECC).
- Credited for:
o Closing the account to Revenue/Expense Summary account
Accountable Forms Expenses

- Debited to:
o recognize the cost of accountable forms with or without money value such as official receipts, passports,
tickets, permit/license plates, LTO plates, and the like, issued to end-users.
- Credited for:
o Closing the account to Revenue/Expense Summary account.
Fidelity Bond Premiums

- Debited to:
o Recognize the amount of amount of premiums paid by the agency for the fidelity bonds of accountable
officers.
- Credited for:
o Closing the account to Revenue/Expense Summary account.