Journal Entry

2 Dec 2020
Accounting Rules on Construction in Progress (CIP) Account

Accounting Rules on Construction in Progress (CIP) Account

[ad_1] Question: Good morning. May tanong po ako regarding Construction in-progress (CIP) account. Ano pong documentary requirements ang kailangan to support transfer of CIP to appropriate asset account? Yung long outstanding CIP account (dormant or non-moving balances) pwde po ba syang irequest for write-off? And last po, pwde po ba kayo mag share ng LGU best practice para maiwasan yung paglobo ng CIP Account or ma address yung dormant CIP account? Thanks po. Answers | Comments [ad_2] More forums concerning CIP: https://gabotaf.com/search_gcse/?q=Cip Post Views: 942

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30 Sep 2020

Adjusting Entry for Tax Refund

Question: Gabotaf good morning! Ask ko po sana if anong correct journal entry kapag sobra yung naset up na Cash-TRA account kaysa sa actual taxes remitted? For example, for March ang naset up na TRA is 300k, pero yung na-remit lang talaga is 280k, due to refund to employee na nagresign. (set up of TRA: Dr. Cash – TRA, Cr. Subsidy from National government). Irereverse lang po ba ito for the difference? Thanks! Answers | Comments Post Views: 683

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6 Sep 2020

When to use the Account Accumulated Surplus/Deficit-Prior Period Adjustments and the Account Accumulated Surplus/Deficit-Adjustment of Net Revenue directly in Net Assets/Equity?

[ad_1] Question: Good day! May I ask po when to use the account Accumulated Surplus/Deficit-Prior Period Adjustments and the account Accumulated Surplus/Deficit-Adjustment of Net Revenue directly in Net Assets/Equity? Is there any regulation po on the use of these accounts? Thank you po. Answers | Comments [ad_2] View Comments/Answers in our Facebook Page Post Views: 1,014

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