1 - government accounting PDF

Title	1 - government accounting
Course	Applied Auditing
Institution	University of Cebu
Pages	1
File Size	28.6 KB
File Type	PDF
Total Downloads	211
Total Views	430

Preview

CLICK TO PREVIEW PDF

Summary

An NPO receives unconditional donations of P300,000 cash and equipment with fair value of P2,000,000 and carrying amount of P1,000,000. What is the journal entry to record the receipt of the donations? On January 1, 2021, an NPO Receives the following donations:  Cash of P3,000,000 to be used to ac...

Description

1. An NPO receives unconditional donations of P300,000 cash and equipment with fair value of P2,000,000 and carrying amount of P1,000,000. What is the journal entry to record the receipt of the donations? 2. On January 1, 2021, an NPO Receives the following donations:  

Cash of P3,000,000 to be used to acquire an equipment. Investment in equity securities with fair value of P1,000,000 to be held indefinitely. Only the investment income shall be used by the entity in its operations.

On December 31, 2021, the entity acquires an equipment for P3,000,000 and receives cash dividends of P50,000 from the equity securities. Requirement: Provide the journal entries 1. An NPO receives unconditional donations of P300,000 cash and equipment with fair value of P2,000,000 and carrying amount of P1,000,000. What is the journal entry to record the receipt of the donations? 2. On January 1, 2021, an NPO Receives the following donations:  

Cash of P3,000,000 to be used to acquire an equipment. Investment in equity securities with fair value of P1,000,000 to be held indefinitely. Only the investment income shall be used by the entity in its operations.

On December 31, 2021, the entity acquires an equipment for P3,000,000 and receives cash dividends of P50,000 from the equity securities. Requirement: Provide the journal entries...