EQUITY

Government Equity

14.150. Government Equity (3-01-01-010). This account is used to record the cumulative results of normal and continuous operations of an agency including prior period adjustments, effect of changes in accounting policy and other capital adjustments. This account is used to close the Revenue and Expense Summary accounts.

14.151. Prior Years' Adjustments (3-01-01-020). This account is used to record prior period adjustments and effect of changes in accounting policy.

Intermediate Accounts

14.152. Revenue and Expense Summary (3-01-02-010). This is an intermediary account used to close in the agency books all the income accounts which the agencies are authorized to use and all expense accounts. This account is closed to Accumulated Surplus.





REVENUE AND EXPENSES

Revenue

Tax Revenue

Tax Revenue - Property

14.153. Real Property Tax (4-01-01-010). This account is used to record the share of the barangay from ad valorem tax imposed on real properties and their improvements collected by the city/municipality. Real property includes land, buildings, machinery, and other improvements affixed or attached to the real property.

Tax Revenue -Goods and Services

14.154. Business Tax (4-01-02-010). This account is used to record the taxes on persons or entities in the course of trade or business. This account shall be closed to the Revenue and Expense Summary account.

14.155. Share on the tax from sand, gravel and other quarry products (4-01-02-020). This account is used to record the share of the barangay from the taxes imposed by government units on sand, gravel, stones, earth and other quarry resources extracted from public lands or from beds or seas, lakes, rivers, streams, creeks and other public waters within the territorial jurisdiction of the barangay. This account shall be closed to the Revenue and Expense Summary account.



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