Inventory Held for Sale PDF

Inventories Inventory Held for Sale 14.2. Merchandise Inventory (1-04-01-010). This account is used to record the cost or other appropriate value of merchandise and o...

Inventories Inventory Held for Sale 14.2. Merchandise Inventory (1-04-01-010). This account is used to record the cost or other appropriate value of merchandise and other property which have been purchased or produced for sale. It includes but not limited to drugs and medicines, and finished products fabricated/manufactured/produced out of barangay's manufacturing operations which are intended for sale. Credit this account for sale, issuance or other modes of disposition of the above items. Inventory Held for Distribution 14.3. Welfare Goods for Distribution (1-04-02-010). This account is used to record the cost of goods for distribution to people affected by calamities/disasters/ground conflicts such as canned goods, noodles, mosquito nets, blankets, mats, kitchen utensils, flashlights and other similar items. Credit this account for issuance to end-users or transfers. 14.4. Drugs and Medicines for Distribution (1-04- 02-020). This account is used to record the cost of drugs and medicines purchased/received for distribution. Credit this account for issuance to end- users or transfers. 14.5. Other Supplies and Materials for Distribution (1-04-02-990). This account is used to record the cost of purchased/acquired inventories not falling under any of the specific inventory accounts held for https://www.coa.gov.ph/wp-content/uploads/ABC-Help/Financial_Management_Brgy/da1.2.htm 1/2/25, 9 52 PM Page 1 of 4 :  distribution. Credit this account for issuance to end- users or transfers. Inventory Held for Consumption 14.6. Office Supplies Inventory (1-04-03-010). This account is used to record the cost or value of purchased/acquired office supplies such as bond papers, inks, and small tangible items like staple wire removers, punchers, staplers, and other similar items for government operations. Credit this account for issuance to end-users, transfers, loss or other disposal. 14.7. Accountable Forms, Plates and Stickers Inventory (1-04-03-020). This account is used to record the cost of accountable forms acquired for government operation. It includes accountable forms with and without face value, such as official receipts, tickets, stickers, permit/license plates, and the like. Credit this account for issuance to end-users, transfers, loss or other disposal. 14.8. Construction Materials Inventory (1-04-03- 030). This account is used to record cost of construction materials purchased/acquired for stock and later issuance for the construction, fabrication, repair and rehabilitation of government facilities undertaken by administration. Credit this account for issuance to projects, transfers, loss or other disposal. 14.9. Other Supplies and Materials Inventory (1- 04-03-990). This account is used to record the cost of purchased/acquired supplies and materials not falling under any of the specific inventory accounts held for consumption. Credit this account for issuance, transfers, loss or other disposal. Prepayments 14.10. Advances to Contractors (1-05-01-010). This https://www.coa.gov.ph/wp-content/uploads/ABC-Help/Financial_Management_Brgy/da1.2.htm 1/2/25, 9 52 PM Page 2 of 4 :  account is used to record amount advanced to contractors as authorized by law. Credit this account for recoupment of advances. 14.11. Other Prepayments (1-05-01-990). This account is used to record the amount of prepayments not falling under any of the specific prepayment accounts. Credit this account for the expended amount. Investment Property 14.12. Investment Property - Land (1-06-01-010). This account is used to record the cost of land or part of a land held by the owner (or by the lessee under a finance lease) to earn rentals or for capital appreciation or both. Credit this account for disposal or reclassification to Property, Plant and Equipment account. 14.13. Accumulated Impairment Losses - Investment Property - Land (1-06-01-012). This account is credited for the loss in the future economic benefits or service potential of the investment property, Debit this account upon disposal of the asset and reversal of impairment loss. 14.14. Investment Property - Buildings (1-06-01- 020). This account is used to record the cost of building or part of a building held by the owner (or by the lessee under a finance lease) to earn rentals or for capital appreciation or both. Credit this account for disposal or reclassification to Property, Plant and Equipment account. 14.15. Accumulated Depreciation - Investment Property - Buildings (1-06-01-021). This account is credited for the allocation of cost of building held as investment property in accordance with the prescribed policy on depreciation. Debit this account upon disposal of the asset or reclassification to Property, https://www.coa.gov.ph/wp-content/uploads/ABC-Help/Financial_Management_Brgy/da1.2.htm 1/2/25, 9 52 PM Page 3 of 4 :  Plant and Equipment account. 14.16. Accumulated Impairment Losses - Investment Property - Buildings (1-06-01-022). This account is credited for the loss in the future economic benefits or service potential of the investment property, over and above depreciation, which is equivalent to the excess of the carrying amount of the asset over its recoverable service amount. Debit this account upon disposal of the asset, upon reclassification to other Property, Plant and Equipment account, transfers or reversal of impairment loss. Back | Next | Table of Contents | Home | https://www.coa.gov.ph/wp-content/uploads/ABC-Help/Financial_Management_Brgy/da1.2.htm 1/2/25, 9 52 PM Page 4 of 4 :