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Discuss the general procedures of cash collections

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Question - The Department of Budget and Management's payroll for the month of January 2022, comprises the following: salaries and wages - regular pay P480,000, PERA P20,000; and personal as follows: withholding taxes P15,000, GSIS Life and Retirement Premium P45,000, PHILHEALTH Premium P2,000, PAG-IBIG premium P8,000. Accordingly, payday is on the 16th of the month and 30th of the same month and an amount of P430,000 was advanced by the agency's disbursing officer. Moreover, the following were the Government shares: GSIS Life and Retirement Premiums P60,000, Employees compensation contribution P2,000, PAG-IBIG Premiums P4,000, PHILHEALTH Premiums P2,000.

Required - Foregoing considered, discuss all necessary entries assuming remittances were made to respective agencies at the end of January 31, 2022. Compute the following: Net Pay, Total Personal Share, Government Share and Total remittances.

Theories:

1. Discuss the general procedures of cash collections.

2. Enumerate and explain the different types of collections as to authority to use.

Reference no: EM133150518

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