A municipality of the province of Rizal had the following transactions for the year 2021: Recorded the estimated receivables on real property tax, P100M and special education tax, P50M based on the Real Property Tax Account Register/Taxpayer's Index Card. Distribution of real property tax: Municipality-40%; Province-35%; Barangay-25%. Distribution of special education tax: 50% for provincial board; 50% for municipality. Collected receivables on real property tax, P50M and special education tax, P25M. Garbage fees collected, P500,000. Deposited total collections for real property tax, special education tax and garbage fees. Remitted the share due to province and barangays for real property tax collected. Remitted the share due to province for special education tax collected. Recorded the Authority to Debit Account (ADA) from the Bureau of Treasury for its share from internal revenue collections or IRA, P50M. • Received the credit advice from the bank for IRA, P30M • Received service income and business income: Permit Fees, P150,000 Hospital Fees, P350,000 Receipts from Slaughter House Operations, P200,000 Receipts from Cemetery Operations, P100,000 Deposited the amount collected for service and business income

A municipality of the province of Rizal had the following transactions for the year 2021: Recorded the estimated receivables on real property tax, P100M and special education tax, P50M based on the Real Property Tax Account Register/Taxpayer's Index Card. Distribution of real property tax: Municipality-40%; Province-35%; Barangay-25%. Distribution of special education tax: 50% for provincial board; 50% for municipality. Collected receivables on real property tax, P50M and special education tax, P25M. Garbage fees collected, P500,000. Deposited total collections for real property tax, special education tax and garbage fees. Remitted the share due to province and barangays for real property tax collected. Remitted the share due to province for special education tax collected. Recorded the Authority to Debit Account (ADA) from the Bureau of Treasury for its share from internal revenue collections or IRA, P50M. • Received the credit advice from the bank for IRA, P30M • Received service income and business income: Permit Fees, P150,000 Hospital Fees, P350,000 Receipts from Slaughter House Operations, P200,000 Receipts from Cemetery Operations, P100,000 Deposited the amount collected for service and business income

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 45P

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