Account Name Account Debit Credit
Code
Road Networks 1-07-03-010 6,699,125.51
Water Supply System 1-07-03-040 1,988,213.14
Buildings 1-07-04-010 1,095,241.44
Government Equity 3-01-01-010 9,782,580.09
5.13.2.2. To record the corresponding depreciation expenses for the
current and prior years:
Account Name Account Debit Credit
Code
Prior Period Adjustment 3-01-01-020 7,794,223.89
Accumulated Depreciation
– Road Networks 1-07-03-011 5,281,133.79
Accumulated Depreciation 1-07-03-041
1,888,802.48
– Water Supply System
Accumulated Depreciation 1-07-04-011
624,287.62
– Buildings
5.15. We further recommended and Management agreed that the Municipal
Accountant and the Municipal Engineer regularly monitor the Municipality’s
CIP accounts to ensure the timely transfer of completed projects to the
appropriate PPE accounts.
5.16. Lastly, we recommended and Management agreed that the Municipal
Accountant direct the personnel in charge to prepare individual subsidiary
ledgers for each project to ensure proper recording and monitoring.
Real Property Tax and Special Education Tax Receivables
6. The balances of the Real Property Tax (RPT) Receivable and Special Education Tax
(SET) Receivable accounts as of December 31, 2024, between the records of the
Municipal Accounting Office (MAO) and the Municipal Treasurer’s Office (MTO)
showed a difference of ₱20,915,996.80 due to the non-reconciliation of their records
and the non-recording of the RPT and SET receivables in accordance with Chapter
3, Section 20, Volume I, consequently, the RPT/SET Receivable and Deferred
Income accounts, as presented in the financial statements, are deemed unreliable.
6.1. Chapter 3, Section 20, Volume I of the Manual on the New Government
Accounting System (NGAS) provides that:
“Real Property Tax Receivables/Special Education Tax Receivables
shall be established at the beginning of the year based on Real
Property Tax Account Register/Taxpayer’s index card. At the
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