Account
Total
Title Number
Inventory Held for Consumption
Office Supplies Inventory 10404010 20,283,137.61
Accountable Forms, Plates and Stickers 10404020 9,164,280.64
Drugs and Medicines Inventory 10404060 132,552,543.25
Medical, Dental and Laboratory Supplies Inventory 10404070 182,923,046.88
Fuel, Oil and Lubricants Inventory 10404080 85,183,843.79
Agricultural and Marine Supplies Inventory 10404090 31,377,617.09
Construction Materials Inventory 10404130 3,085,034.01
Other Supplies and Materials Inventory 10404990 20,681,125.70
Total ₱557,966,849.17
3.5 However, upon reviewing the agency’s compliance with the aforementioned
IPSAS and Circular, the following deficiencies have been identified:
Non-maintenance of Supplies Ledger Cards
3.6 Section 114 of the NGAS Manual, Volume 1, requires the Provincial Accountant
to maintain perpetual inventory records, including Supplies Ledger Cards (SLC)
for each commodity or stock. These ledger cards should contain the details of
the property in the inventory control account in the general ledger.
3.7 Verification with the assigned accounting personnel revealed that the SLCs were
neither prepared nor maintained by the Accounting Office. Only the subsidiary
ledgers (SLs) for inventory accounts are used to record acquisitions, issuances,
and disposals of inventories. However, the SLs lack essential details such as
descriptions, quantities of receipts, issuances, and other necessary information
related to the inventory items.
3.8 The maintenance of SLCs is important as it provides a detailed and accurate
record of each commodity or stock in the perpetual inventory system. These
ledger cards not only track the quantities and values of inventory items but also
support proper accounting controls, ensuring the accuracy and reliability of
financial reporting.
Dormant inventory account balances amounting to ₱22,200,675.08.
3.9 Upon examination and analysis of the entries in the SLs of the inventory
accounts, we found that the accounts include inventoriable items amounting to
₱22,200,675.08, which have remained outstanding and non-moving for ten
years or more from the date of recording in the books, as shown in the aging
schedule below:
10 years to 20 More than 20
Account Name Total
years years
Welfare Goods for Distribution ₱ - ₱ - ₱ -
Drugs and Medicines for Distribution - - -
Textbooks and Inst. Materials for Distribution - - -
Other Supplies and Materials for Distribution - - -
Office Supplies Inventory 312,594.66 554,121.83 866,716.49
Accountable Forms, Plates and Stickers - - -
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