Annex K

ILLUSTRATIVE ENTRIES
SPECIAL ACCOUNTS - FOREIGN ASSISTED / FOREIGN GRANTS FUND
AGENCY BOOKS BTr BOOKS
Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit

1) Receipt of grants and donation from foreign Cash in Bank - Foreign

entities/institutions deposited to the Currency, Savings Account 10103030 600,000
Bureau of the Treasury - P600,000 Income from Grants and Donations
in Cash 40402010 600,000
To recognize receipt of grants and donation
from various donors through AGDBs/GSBs

2) Receipt of Approved Special

Budget No entry
MOOE 200,000
Capital Outlays 400,000
600,000

3) Receipt of SARO from the DBM 600,000 Posting in the appropriate RAOD

4) Incurrence of obligation Posting of ORS in the appropriate RAOD

MOOE 200,000
Capital Outlays 400,000
600,000

5) Receipt of Notice of Cash Cash - Modified Disbursement System

Allocation from the DBM (MDS), Special Account 10104050 600,000
amounting to P600,000 Subsidy from National Government 40301010 600,000
To take up receipt of NCA for
Special Account.

6) Receipt of delivered Office Equipment Office Equipment 10605020 400,000

Accounts Payable 20101010 400,000
To recognize delivery of Office
Equipment.

7) Payments of expenses and Travelling Expenses - Local 50201010 30,000

accounts payable Training and Scholarship Expenses 50202020 100,000
Transportation and Delivery Expenses 50209040 20,000
Cash - Modified Disbursement
System (MDS), Special Account 10104050 150,000
To recognize issuance of MDS checks.

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 Annex K

AGENCY BOOKS BTr BOOKS

Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit
Accounts Payable 20101010 400,000
Cash - Modified Disbursement
System (MDS), Special Account 10104050 400,000
To recognize payment of accounts payable.

8) Responding entry of the Bureau of the Cash in Bank - Local

Treasury for negotiated checks Currency, Savings Account 10102030 550,000
Cash in Bank - Foreign
Currency, Savings Account 10103030 550,000

Subsidy to NGAs 50214010 550,000

Cash in Bank - Local
Currency, Savings Account 10102030 550,000
To recognize negotiated MDS checks.

9) Adjustment for Unused/lapsed NCA Subsidy from National Government 40301010 50,000
Cash - Modified Disbursement System
(MDS), Special Account 10104050 50,000
To close lapsed/unused NCA.

PRE-CLOSING TRIAL BALANCE AGENCY BOOKS BTr BOOKS

Office Equipment 10605020 400,000 Cash in Bank - Foreign

Subsidy from National Government 40301010 550,000 Currency, Savings Account 10103030 50,000
Travelling Expenses - Local 50201010 30,000 Income from Grants and Donations
Training and Scholarship Expenses 50202020 100,000 in Cash 40402010 600,000
Transportation and Delivery Expenses 50209040 20,000 Subsidy to NGAs 50214010 550,000
Total 550,000 550,000 Total 600,000 600,000

9) Closing Entries for:

a. Income accounts Income from Grants and Donations
in Cash 40402010 600,000
Revenue and Expense Summary 30301010 600,000
To close income accounts to Revenue
and Expense Summary Account.

b. Expense accounts Revenue and Expense Summary 30301010 150,000

Travelling Expenses - Local 50201010 30,000
Training and Scholarship Expenses 50202020 150,000
Transportation and Delivery Expenses 50209040 20,000
To close expense accounts to Revenue
and Expense Summary Account.

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 Annex K

AGENCY BOOKS BTr BOOKS

Transactions Account Account Account Account
Title Code Debit Credit Title Code Debit Credit
c. Subsidy Accounts Subsidy from National Government 40301010 550,000 Revenue and Expense Summary 30301010 550,000
Revenue and Expense Summary 30301010 550,000 Subsidy to NGAs 50214010 550,000
To close subsidy account

d. Revenue and Expense Summary Revenue and Expense Summary 30301010 400,000 Revenue and Expense Summary 30301010 50,000
Accumulated Surplus/(Deficit) 30101010 400,000 Accumulated Surplus/(Deficit) 30101010 50,000
To close Revenue and Expense Summary To close Revenue and Expense Summary
Account to Accumulated Surplus/(Deficit) Account to Accumulated Surplus/(Deficit)

POST-CLOSING TRIAL BALANCE AGENCY BOOKS BTr BOOKS

Debit Credit Debit Credit
Office Equipment 10605020 400,000 Cash in Bank - Foreign
Accumulated Surplus/(Deficit) 30101010 400,000 Currency, Savings Account 10103030 50,000
Accumulated Surplus/(Deficit) 30101010 50,000
Total 400,000 400,000 Total 50,000 50000

449