LIABILITIES

Financial Liabilities

Payables

14.132. Accounts Payable (2-01-01-010). This account is used to record receipt of goods or services on account in the normal course of trade and business operation. Debit this account for payment or settlement of liabilities.

14.133. Due to Officers and Employees (2-01-01-020). This account is used to record incurrence of liability to officers and employees for salaries, benefits and other emoluments including authorized expenses advanced by the officers and employees. Debit this account for settlement or payment to officers and employees.

14.134. Interest Payable (2-01-01-030). This account is used to record accrual of interest on loans/bonds or other indebtedness, whether short-term or long-term. Debit this account for payment of the interest.

14.135. Operating Lease Payable (2-01-01-040). This account is used to record incurrence of a liability arising from operating lease contract. Debit this account for the payment of lease.

rovisions

14.136. Operating Lease Payable (2-01-02-010). This account is used to record incurrence of a liability arising from operating lease contract. Debit this account for the payment of lease.

Bills/Bonds/Loans Payable

14.137. Loans Payable - Domestic (2-01-03-010). This account is used to record receipt of loan proceeds (cash or non-cash) from local creditors, including those assumed by the NG from GFIs. Debit this account for payments of loan amortization.

Inter-Agency Payables

14.138. Due to BIR (2-02-01-010). This account is used to record withholding of taxes from officers/employees and other entities. Debit this account for remittance of the taxes withheld to the BIR.

14.139. Due to GSIS (2-02-01-020). This account is used to record the withholding of employees' premium payments and other payables for remittance to the Government Service Insurance System (GSIS). Debit this account for the remittance of withheld amount.

Subsidiary Ledgers:

01 - Life and Retirement Premium
02 - ECC
03 - Salary Loan
04 - Policy Loan



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