ILLUSTRATIVE ENTRIES
TRUST RECEIPTS - INTER-AGENCY TRANSFERRED FUNDS
REMITTED TO THE NATIONAL TREASURY
BTr BOOKS BIR BOOKS
Transactions Account Account
Account Title Debit Credit Account Title Debit Credit
Code Code
ASSUMPTION: RESEARCH AND DEVELOPMENT WITH PPE COMPONENT
Per MOA, PPE will be donated to the IA after the project completion (beyond one year project)
Assumption:
Beg. Balance
Cash in Bank Local Currency,
Savings Account 10102030 500,000
Accumulated Surplus/(Deficit) 30101010 500,000
457
Annex M
458
Annex M
CLOSING ENTRIES
10) Closing of Revenue and Accumulated Surplus/(Deficit) 30101010 450,000 Revenue and Expense Summary 30301010 17,411
Expense Summary account Revenue and Expense Summary 30301010 450,000 Accumulated Surplus/(Deficit) 30101010 17,411
To recognize closing of Revenue and To recognize closing of Revenue and
Expense Summary account Expense Summary account
459
Annex M
YEAR 2 TRANSACTIONS
12) Payment of research expenses 25,000 BTR - Trust Fund
Cash - Modified Disbursement
System (MDS), Trust 10104060 25,000
Cash in Bank Local Currency,
Current Account 10102020 25,000 25,000
Cash in Bank - Local
Currency, Savings Account 10102030 25,000
To recognize negotiated
MDS checks.
460