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.
14.152. 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.
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.
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