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MUNICIPALITY X
Statement of Financial Performance

December 31, 2017
Note
Revenue
Tax Revenue 1 75,000.00
Shares, Grants, and Donations 2 200,000.00
Total Revenue 275,000.00
Current Operating Expenses

Personnel Services 3 11,030.00
Maintenance and Other Operating Expenses 4 56,543.20
Financial Expenses 5 9,000.00
Non Cash Expenses 6 122,400.00
Total Current Operating Expenses 198,973.20
Surplus (Deficit) From Current Operations 76,026.80
Financial Assistance and Subsidy 7 22,000.00

Losses 8 10,000.00
Donations 600,000.00
Surplus (Deficit) for the Period (511,973.20)

MUNICIPALITY X
Statement of Cash Flows
December 31, 2017
Cash Flows From Operating Activities

Net Income (511,973.20)
Depreciation 122,400.00
Increase in Office Supplies Inventory 1,000.00
Increase in Materials and Supplies Inventory 1,000.00
Increase in Accounts Payable 26,500.00
Increase in Due to BIR 1,100.00
Increase in Due to NGA's 1,000.00
Net Cash Flows Provided by Operating Activities (362,973.20)
Cash Flows From Investing Activities

Cash Receipt
Guaranty/Security Deposits/Retentions 4,100.00
Total 4,100.00
Cash Disbursements
Advances to Contractor 11,750.00
Purchase Office Equipment 3,000.00
Purchase IT Software 1,500.00
Payment for Construction of Building 7,000.00
Total 23,250.00
Net Cash Flows Provided by Investing Activities (19,150.00)
Cash Flows From Financing Activities

Cash Receipt
Loans-Domestic 400,000.00
Grant From NGA's 900,000.00
Foreign Grant 800,000.00
Total 2,100,000.00
Net Cash Flows Provided by Financing Activities 2,100,000.00
Net Changes in Cash and Cash Equivalents 1,717,876.80

Cash and Cash Equivalents, Beginning Balance 68,623.20
Cash and Cash Equivalents, December 31 1,786,500.00
MUNICIPALITY X
Statement of Changes in Net Assets/Equity
December 31, 2017
Balances, January 1, 2017 1,782,223.20

Grants From NGA's 900,000.00
Foreign Grants 800,000.00
Accumulated Surplus/Deficit (511,973.20)
Balances, December 31, 2017 2,970,250.00
MUNICIPALITY X
Statement of Financial Position
December 31, 2017
ASSETS
Note
Current Assets
Cash and Cash Equivalents 9 1,786,500.00
Inventories 10 2,000.00
Total Current Assets 1,788,500.00
Non Current Assets

Property, Plant and Equipment 11 1,612,950.00
Intangible Assets 12 1,500.00
Total Non Current Assets 1,614,450.00

TOTAL ASSETS 3,402,950.00
LIABILITIES AND EQUITY
Current Liabilities
Financial Liabilities 13 26,500.00
Interagency Payables 14 2,100.00
Trust Liabilities 15 4,100.00
Total Current Liabilities 32,700.00
Non-Current Liabilities
Long Term Financial Liability 16 400,000.00
Total Non-Current Liabilities 400,000.00
TOTAL LIABILITIES 432,700.00
Net Assets/Equity
Government Equity 2,970,250.00
TOTAL EQUITY 2,970,250.00
TOTAL LIABILITIES AND EQUITY 3,402,950.00

Note 1
Tax Revenue
Real Property Tax Income 75,000.00
Total 75,000.00
Note 2
Shares, Grants and Donations
Internal Revenue Allotment 200,000.00
Total 200,000.00
Note 3
Personnel Services
Salaries and Wages 10,000.00
PERA 1,000.00
Life and Retirement Contributions Premium 10.00
PAG IBIG Contributions Premium 10.00
PHILHEALTH Contributions Premium 10.00
Total 11,030.00
Note 4
Personnel Services
Travelling 5,500.00
Training and Seminar 1,000.00
Scholarship 7,000.00
Electricity 2,000.00
Telephone 3,000.00
Rent 36,000.00
Office Supplies 2,028.80
Postage and Stamp Courier 14.40
Total 56,543.20
Note 5
Financial Expenses
Interest 4,000.00
Bank Charges 5,000.00
Total 9,000.00
Note 6
Non-Cash Expenses
Depreciation - Building 50,400.00
Depreciation - Info and Comm Tech Equipme 57,600.00
Depreciation - Office Equipment 14,400.00
Total 122,400.00
Note 7
Financial Assistance and Subsidy
Subsidy From National Government 22,000.00
Total 22,000.00
Note 8
Losses
Loss of Assets 10,000.00
Total 10,000.00
Note 9
Cash Agency/Treasury Deposit 500.00
Cash Agency/Treasury Deposit, Trust 20,000.00
Cash in Bank - Local Currency Account 1,766,000.00
Petty Cash Fund 10,000.00
Cash Disbursing Officer (10,000.00)
Total Cash and Cash Equivalents 1,786,500.00
Note 10
Office Inventories 1,000.00
Other Materials and Supplies Inventory 1,000.00
Total 2,000.00
Note 11
Buildings 993,600.00
Accumulated Depeciation - Building (50,400.00)
Office Equipment 147,000.00
Accumulated Depeciation - Office Equipment (14,400.00)
Info and Comm Tech Equipment 576,000.00
Accumulated Depreciation - Info and Comm Tech Equipment (57,600.00)
Construction In Progress - Building 7,000.00
Total PPE 1,612,950.00
Note 12
Intangible Asset
IT Software 1,500.00
Total 1,500.00
Note 13
Financial Liabilities
Accounts Payable 26,500.00
Total 26,500.00
Note 14
InterAgency Payable
Due to BIR 1,100.00
Due to NGA's 1,000.00
Total 2,100.00
Note 15
Trust Liabilities
Guaranty/Security Deposits Payable 4,100.00
Total 4,100.00
Note 16
Non - Current Financial Liabilities
Loans Payable - Domestic 400,000.00
Total 400,000.00
Note 1
Tax Revenue
Total 75,000.00
Note 2
Shares, Grants and Donations
Total 200,000.00
Note 3
Personnel Services
PERA 1,000.00
PAG IBIG Contributions Premium 10.00
Total 11,030.00
Note 4
Maintenance and Other Operating Expenses
Travelling 5,500.00
Telephone 3,000.00
Rent 36,000.00
Office Supplies 2,028.80
Total 56,543.20
Note 5
Financial Expenses
Interest 4,000.00
Total 9,000.00
Note 6
Non-Cash Expenses
Depreciation - Building 50,400.00
Depreciation - Info and Comm Tech Equipment 57,600.00
Depreciation - Office Equipment 14,400.00
Tota 122,400.00
Note 7
Financial Assistance and Subsidy
Total 22,000.00
Note 8
Losses
Total 10,000.00
Note 9
Cash and Cash Equivalents
Cash Agency/Treasury Deposit 500.00
Cash Agency/Treasury Deposit, Trust 20,000.00
Cash in Bank - Local Currency Account 1,766,000.00
Cash Disbursing Officer (10,000.00)
Total Cash and Cash Equivalents 1,786,500.00
Note 10
Inventories
Office Inventories 1,000.00
Total 2,000.00
Note 11
Property Plant and Equipment
Buildings 993,600.00
Accumulated Depeciation - Building (50,400.00)
Accumulated Depeciation - Office Equipment (14,400.00)
Info and Comm Tech Equipment 576,000.00
Accumulated Depreciation - Info and Comm Tech Equipment (57,600.00)
Construction In Progress - Building 7,000.00
Total 1,612,950.00
Note 12
Intangible Asset
Total 1,500.00
Note 13
Financial Liabilities
Total 26,500.00
Note 14
InterAgency Payable
Due to BIR 1,100.00
Total 2,100.00
Note 15
Trust Liabilities
Total 4,100.00
Note 16
Non - Current Financial Liabilities
Loans Payable - Domestic 400,000.00
Total 400,000.00
MUNICIPALITY X
Pre-Closing Trial Balance
December 31, 2017
Accounts Debit Credit

Cash-Treasury/Agency Deposit 500.00
Cash-Treasury/Agency Deposit, Trust 20,000.00
cash in Bank-Local Currency Account 1,766,000.00
Cash-Disbursing Officer 10,000.00
Office Supplies Inventory 1,000.00
Accumulated Depreciation-Office Equipment 14,400.00
Info. And Comm. Tech Equipment 576,000.00
Accumulated Depreciation-Info. And Comm. Tech. Equipment 57,600.00
Building 993,600.00
Accumulated Depreciation-Building 50,400.00
Construction in Progress-Building 7,000.00
Due to BIR 1,100.00
Loans Payable-Domestic 400,000.00
Subsidy from National Government 22,000.00
PERA 1,000.00
PAG-IBIG Contributions Premium 10.00
Travelling 5,500.00
Telephone 3,000.00
Rent Expense 36,000.00
Office Supplies Expense 2,028.80
Interest Expense 5,000.00
Depreciation-Office Equipment 14,400.00
Depreciation-Info. And Comm. Tech. Equipment 57,600.00
Depreciation-Building 50,400.00
TOTAL 4,344,323.20 4,344,323.20
CLOSING ENTRIES:
Revenue and Expense Summary 20,000.00
To close Subsidy from National Government accoun t.

To close revenue account.

PERA 1,000.00
PAG-IBIG Contributions Premium 10.00
Travelling 5,500.00
Telephone 3,000.00
Rent Expense 36,000.00
Office Supplies Expense 2,028.80
Interest Expense 5,000.00
Depreciation-Office Equipment 14,400.00
Depreciation-Info. And Comm. Tech. Equipment 57,600.00
Depreciation-Building 50,400.00
To close expense accounts.

Accumulated Surplus/Deficit 511,973.20
MUNICIPALITY X
Post-Closing Trial Balance
December 31, 2017
Accounts Debit Credit

Cash-Treasury/Agency Deposit 500.00
Cash-Treasury/Agency Deposit, Trust 20,000.00
cash in Bank-Local Currency Account 1,766,000.00
Cash-Disbursing Officer 10,000.00
Office Supplies Inventory 1,000.00
Accumulated Depreciation-Office Equipment 14,400.00
Info. And Comm. Tech Equipment 576,000.00
Accumulated Depreciation-Info. And Comm. Tech. Equipment 57,600.00
Building 993,600.00
Accumulated Depreciation-Building 50,400.00
Construction in Progress-Building 7,000.00
Due to BIR 1,100.00
Loans Payable-Domestic 400,000.00
Accumulated Surplus/Deficit 511,973.20
TOTAL 4,047,323.20 4,047,323.20

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MUNICIPALITY X

Statement of Financial Performance

Total Revenue 275,000.00

Current Operating Expenses

Total Current Operating Expenses 198,973.20

Surplus (Deficit) From Current Operations 76,026.80

Financial Assistance and Subsidy 7 22,000.00

Surplus (Deficit) for the Period (511,973.20)

Cash Flows From Operating Activities

Cash Flows From Investing Activities

Net Cash Flows Provided by Investing Activities (19,150.00)

Cash Flows From Financing Activities

Net Cash Flows Provided by Financing Activities 2,100,000.00

Net Changes in Cash and Cash Equivalents 1,717,876.80

Balances, January 1, 2017 1,782,223.20

Total Current Assets 1,788,500.00

Non Current Assets

Total Non Current Assets 1,614,450.00

LIABILITIES AND EQUITY

Total Current Liabilities 32,700.00

Total Non-Current Liabilities 400,000.00

TOTAL LIABILITIES 432,700.00

TOTAL LIABILITIES AND EQUITY 3,402,950.00

Total PPE 1,612,950.00

Total Cash and Cash Equivalents 1,786,500.00

Accounts Debit Credit

Real Property Tax Income 75,000.00

Revenue and Expense Summary 808,973.20

Revenue and Expense Summary 511,973.20

Accounts Debit Credit

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