11. August 31 - Received the 2" progress billing from Valerie Corporation amounting to P1,500,000.00 for the construction of the office building. 12. September 10 - Paid Valerie Corporation for the 2 bill amounting to P1,031,250.00. Deducted are the following: Withholding tax: 93,750 VAT (5%) - 66,964.29 PPE EWT (2%) -26,785.71 Mobilization Fee (6 75,000/3) 225,000 Retention Fee (1,500,000 x 10%) 150,000 13. November 30 - Received the final billing and Project Completion from Valerie Corporation for the construction of the office building amounting to P1,500,000.00. 14. December 10 - Paid Valerie Corporation for the final bill amounting to P1,031,250.00. Deducted are the following: Withholding tax: 93,750 VAT (5%) - 66,964.29 EWT (2%)-26,785.71 Mobilization Fee (675,000/3) 225,000 Retention Fee (1,500,000 x 10%) 150,000 15. The following are the estimated useful life of the PPE: Name of PPE Estimated Useful Life - No of years Computer Server Computer Desktop Vault Air Conditioning Unit Floor Polisher Copying Machine Building 30Using the data in the transactions below: 1. Compute and determine the initial cost of PPE. 2. Using the UACS Code prepare the accounting entries to record the transactions. 3. Prepare Purchase Order (PO) to procure Office Equipment and Information and Communication Technology (ICT) Equipment from JD Enterprise and Procurement Services. 4. Record the receipt of PPE in the following prescribe forms: a. Inspection and Acceptance Report (LAR) b. Property Card (PC) c. PPE Ledger Card (PPELC) 5. Prepare Property Acknowledgement Receipt (PAR for the issuance of PPE to the end-user. 6. Post the construction costs in the Construction in Progress Ledger Card (CIPLC) 7. Appoint a representative from your group to present your answer. Transactions: 1. March 31 - Purchased land to ZJ Corporation amounting P1,000,000.00 2. April 15 - Paid ZJ Corporation amounting to P950,000.00 net of withholding tax of P50,000. 3. April 30 - Paid mobilization fee to Valerie Corporation amounting to P675,000,00 to construct a building with a contract price of P4,500,000.00. 4. June 10- Francisco Cruz the Property Custodian prepare IAR No. 0001-07-15 for the receipt of the following Office Equipment from Procurement Services under Invoice No. 04321 dated June 8, 2015: Qty. Unit Stock No. Description Amount pc DOI Vault 25,000 PC 002 Air-conditioning Unit (3 HP Koppel) 35,000 pc 103 Floor Polisher (Heavy duty) 30,000 NN pc 004 Copying Machine (Konica Minolta-buzhub 600) 100 000 Total 190.0005. June 11 - The Property Custodian prepare LAR No. 0002-07-15 for the receipt of the following ICT Equipment from JD Enterprise under Invoice No. 01234 dated June 9, 2015: Qty. Unit Stock No. Description Amount PC 321 Computer Server 150,000 set 213 Computer Desktop (Acer) at P50,000 each 200.000 Total 350.000 6. June 25 - Paid JD Enterprise amounting to P331,250.00 net of withholding tax of P18,750.00 for the ICT Equipment. 7. June 25 - Paid Procurement Services amounting to P179,821.43 net of withholding tax of P10,178.57 for the Office Equipment. 8. June 30 - Received the 1" progress billing from Valerie Corporation amounting to P1,500,000.00 for the construction of the office building 9. July 2 - Francisco Cruz prepared PAR to the following employees for the issuance of PPE: Name of Employee Position Office Name of PPE Amount PAR No. Property No. Mhay Santos Secretary GAAS Computer Server 150,000 0001-07-15 ICTE-001 Jenifer David Secretary Man'S Computer Desktop 50,000 0002-07-15 1 ICTE-002 Bryan Mercado Assist. Director Man'S Computer Desktop 50,000 0003-07-15 ICTE-003 Anna B. Cruz Director GAAS Vault 25.000 0004-07-15 OE-001 Sabrina Hernandez Secretary STO Air Conditioning Unit 35,000 0005-07-15 OE-002 Sheryl Cua Admin Officer IV PolS Floor Polisher 30,000 0006-07-15 OE-003 Jenifer David Secretary Man'S Copying Machine 50,000 0007-07-15 OE-004 10. July 10 - Paid Valerie Corporation for the 1" bill amounting to P1,031,250.00. Deducted are the following: Withholding tax: 93,750 VAT (5%) - 66,964.29 EWT (2%)-26,785.71 Mobilization Fee (675,000/3) 225.000 Retention Fee (1,500,000 x 10%) 150.000CONSTRUCTION IN PROGRESS LEDGER CARD (CIPLC) INSTRUCTIONS A The CIPLC shall be kept in the Accounting Division Unit for each project, The Accounting Staff in charge in maintaining the CIPLC shall record promptly the construction costs and other information about the asset constructed, It shall be maintained per fund cluster B. This ledger shall be accomplished as follows: 1. Entity Name - name of the agency/entity Fund Cluster - the fland cluster mame code in accordance with the UACS Construction In Progress - specific type of the asset constructed per the Revised Chart of Accounts Name of Project - complete name of the project Contract Period - period with which the project will be completed (alart to completion) GL Account Code - General Ledger Account Code as used in the journals 7. SL Account Code - Subsidiary Ledger Account Code H. Contractor/ Address - name, TIN and the address of the contractor Project Cost - total cost of the project/contract 10. Date - date of the source documents All. Reference - the reference document such as JEV, DV, cic. 12. Particulars - information or details pertaining to the transaction 13. Costs (Direct Materials, Direct Labor, Overhead, Consultancy, etc.)- costs being debited to the account 14. Total - total cost of the project as of a specific date B. At the end of each month, the subsidiary ledger balance shall be reconciled with the corresponding controlling account. C. Transactions shall be posted promptly based from the source documents.PROPERTY ACKNOWLEDGMENT RECEIPT Entity Name : Fund Cluster: PAR No.: Property Date Quantity Unit Description Number Acquired AmountPROPERTY CARD Entity Name : Fund Cluster: Property, Plant and Equipment : Property Number: Description : Reference/ Receipt Issue/Transfer/ Disposal Balance Date PAR No. Qty. Qty. Office/Officer Qty. Amount RemarksPROPERTY, PLANT AND EQUIPMENT LEDGER CARD Entity Name : Fund Cluster : Object Account Code: Property, Plant and Equipment: Estimated Useful Life: Rate of Depreciation: Description: Receipt Accumulated Impairment Issues/Transfers/ Adjusted Repair History Date Reference Qty. Cost |Cost Depreciation Losses Adjustment's Cost Repair AmountCONSTRUCTION IN PROGRESS LEDGER CARD Entity Name: Fund Cluster : Construction In Progress : GL Account Code : SL Account Code: Name of Project : Contractor : TIN: Contract Period : to Address : Project Cost:: COSTS Direct Direct Date Reference Particulars Materials Labor Overhead Consultancy Others TotalPROPERTY ACKNOWLEDGMENT RECEIPT (PAR) INSTRUCTIONS A. Thy PAR shall be used in the Supply and or Property Division Unit in record the issue of PPE to end-user, It shall be maintained by fund cluster. It shall be renewed every three years or every time there is a change in custodianahip/user of the properly. B. This form shall be accomplished as follows: Entity Name - name of the agencyentity Fund Cluster - the fund cluster namefoods in accordance with the UACS PAR Ne - number assigned by the Supply and'er Property Custodian for control purposes which shall be as follows: Serial macher (one maries for each your) 4. Quantity - number of unit's issued to the employee or user of the property Unit - mit of measurement wach as picer, act Fic. h. Downipilon - brief description or details of the property including serial member, if any 7. Property Number - number assigned by the Supply and'or Property Division Unit to the property bocivil Date Acquired - requisition date of the property 9. Amount - Requisition cost of the property C. The PAR shall be prepared in two copies distributed as follows: Original - Supply and/or Property Division Unit for file Copy - Recipient or user of the property D. The recipient of end user of the property shall acknowledge receipt of the property by signing the "Received by" portion and also indicate the dale of receipt of the property, The designated Supply and or Property Custodian shall sign the "Named by" portion and indicate the date of issue of the property.PROPERTY CARD (PC) INSTRUCTIONS A. The PC shall be maintained in the Supply and'er Property Division Unit for each class of PPE. The Supply and or Property Custodian shall record promptly the acquisition (based on the LAR and other supporting documents), issue transfer disposal and the description information about the asset. It shall be maintained by fund cluster. B. This form shall be accomplished as follows I. Entity Name - name of the agencyentity 2. Fund Cluster - the fund cluster name code in accordance with the UACS 3. Property, Plant and Equipment - type of fixed asset (Le. photocopying machine, filing cabinet, etc.) 4. Description -description of the PPE (ic., brand, size, color, serial no., etc.) Property Number - number assigned by the Supply and or Property Division Unit to the property 6. Date - date of acquisition issue transfer disposal 7. Reference/PAR No. - number designed to the reference document or Property Acknowledgment Receipt (PAR) used as basis in recording the receipt, issue, transfer or disposal of PPE 8. Receipt-Qty - quantity of PPE received based on source documents 9. Issue/Transfer/Disposal-Qry - quantity of PPE issued to end-uses, transferred to other NGAs of disposed, etc. 10. Issue/Transfer/Disposal-Office Officer - name of agency entity and or accountable person receiving the issued or transferred PPE Il. Balance-Qty - difference between the quantity of the PPE on hand less the issued, transferred, or disposed items, if any 12 Amount - amount of PPE received based on source documents 13. Remarks - important information, observation or comment about the PPE being received, based, transferred or disposed C. Transactions shall be posted from the source documents. D. The report on the physical count of the PPE shall be reconciled with the PCs every year and any discrepancies should be immediately verified and adjusted.PROPERTY, PLANT AND EQUIPMENT LEDGER CARD (PPELC) INSTRUCTIONS A. The PPELC shall be kept in the Accounting Division Unit for each class of PPE. The Accounting Staff in charge in maintaining the PPELC shall record promptly the soquisition, description, custody, A estimated life, depreciation, impairment, ique transfer disposal, repair history and other information about the property. It shall be maintained by fund cluster D. This ledger shall be accomplished as follows: 1. Entity Name - name of the agency/entity 2, Fund Cluster - the fand cluster name code in accordance with the UACS Property, Plant and Equipment - type of PPE (Le. photocopying machine, filing cabinet, clo.) 4. Description - description of the PPE (Le. brand, siet, color, cle.) Object Account Code - object account code in accordance with the RCA 6. Estimated Useful Life - citimated useful life of PPE 7. Rate of Depreciation - rate of depreciation per month to be recorded in the books of accounts starting on the ]" month following the date of acquisition delivery. It shall be computed using the straight-line method of depreciation. 5. Date - date of the source document 9, Reference - reference documents wood as the bases in recording the transactions such as JEV 10. Receipt-Qty/Unit Cost/Total Cost - the quantity, unit cost and total cost of the PIE received 11. Accumulated Depreciation - the amount of depreciation charged to the PPE 12. Accumulated Impairment Losses - the amount of impairment losses charged to the PPE 13. Issues/Transfers/Adjustment's - the cost of the asset issued, transferred to other NGAs, disposed, or the amount of adjustment's made through JEV 14. Adjusted Cost - the difference between the foul cost of the asset less the accumulated depreciation, accumulated impairment losses, and issues transfers's djustments, if any 15. Repair History-Nature of Repair Amount - the nature of repair (specify nature of minor or major repair, i.e., change tire, rewiring, engine overhaul, clc ) and the cost of repair C. Transactions shall be posted from the source documents. D. The PPELC shall be reconciled with the report on the physical count of the PPE, PC and the control accounts. Any discrepancies shall be immediately verified and adjusted