Revenuecollection drcash rm50000000

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Unformatted text preview: made. Allocation is based on responsibility center such as every ministry, departments, and agencies agencies Journal Record Dr Revenue Allocation Dr Cr Expenditure 10/17/13 Cr Fund Balance RM 100,000,000 RM RM 98,000,000 syed soffian/SOA/2013 syed soffian/SOA/2013 RM 2,000,000 28 Details Allocations c. Classification of Allocation (Revenue & Expenditure) based on Account Code TC 8, 1986 Account Code 60000 Item Debit Credit Tax Revenue 75,000,000 70000 Others Revenue 25,000,000 10000 Allocation – Salary 88,000,000 20000 Allocation – Supplies 10,000,000 Fund Balance 2,000,000 d. Recording the Transaction and Event through Journal Dr Tax Receivable RM 75,000,000 Cr Tax Revenue RM 75,000,000 e. Revenue Collection Dr Cash RM 50,000,000 syed soffian/SOA/2013 syed soffian/SOA/2013 Cr Tax Receivable RM 50,000,000 10/17/13 29 f. Payment of Salary Dr Salary RM 50,000,000 Cr Cash RM 50,000,000 g. Collection of others Revenue in cash basis i) Dr Cash RM 25,000,000 Cr Other Revenue RM 25,000,000 ii) Dr Cash RM25,000,000 Cr Tax Receivable RM25,000,000 h. Procurement of Supplies – during allocation that based on budget Dr Supplies Allocation/commitment RM 10,000,000 Cr Reserve for Commitment of Supplies RM 10,000,000 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 30 Cont…. When the expense occurred – Close the Commitment account Dr Reserve Commitment of Supplies Cr Supplies Allocation/cm RM 10,000,000 RM 10,000,000 Record the Expenses Dr Supplies RM 10,000,000 Cr Payable Voucher RM 10,000,000 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 31 j. When the voucher disbursed Dr Payable Voucher Cr Cash RM 10,000,000 RM 10,000,000 k. Adjustment Record Assume that accounting period ended 31 Dec. 2008 and Accrued Salary is RM 38,000,000 but payment date is on 1 Jan 2009 due to long holiday. Under modified cash basis, although the amount of 38,000,000 is not yet paid, it has to be recognize. So it needs to be adjusted, otherwise the fund will show the extra of 38,000,000. Dr Salary RM 38,000,000 Cr Salary Payable Dr Salary Payable Cr Cash 10/17/13 RM 38,000,000 RM 38,000,000 RM 38,000,000 syed soffian/SOA/2013 syed soffian/SOA/2013 32 L. Posting Record To transfer the record for every transactions, it has to be summarized to specified or relevant accounts. I. E. Every Journal records that consist of cash element will be post to cash account, then will be update with cash balance at the end of accounting period. Transaction e, f, g and j Cash Account T...
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