Bài t p ch ậ ương 6

Status In progress

CHAPTER 6: Accounting for sale transactions and business results

Task 1: MK company applies FIFO method for calculating inventory cost and
perpetual inventory system. VAT method is perpetual and VAT rate is 10%

Transactions incurred in 12/N as follow: (Unit: 1,000 dong)

1. Beginning balance: 100,000 products A, cost: 100/unit

II.Transactions incurred in December:

1. Put in the warehouse 150,000 product A with total value of 15,750,000

2. Sold to company X: 50,000 product A. MK received Credit note from bank:

6,600,000 (including VAT rate 10%)

3. Sold to company K 40,000 products and received credit notes from bank with
value of 5,280,000 (Including VAT rate of 10%)

4. Sold on credit to company Z 30,000 product A. Z Co. accepted payment. (price

before VAT: 120)

5. Sold in cash for company H 60,000 product A at price of 120 (excluding of VAT).

6. H Co. only received 55,000 goods from company A, the remaining products were
returned to company A

7. The company received and put returned goods into warehouse. Bank transfer
has been made to customer.

8. Selling expenses incurred: 150,000

9. Administrative expenses incurred: 200,000

10. Financial income incurred: 300,000

11. Financial expenses incurred 150,000

12. Calculate business result in December year N.

Requirement: Calculate and make journal entries?

Task 2: Company HK produces only product A and applies perpetual inventory

system. VAT is deductible. In quarter II year N, the following information is available:

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 (Unit:1,000d)

1/ Direct material cost incurred: 500,000

2/ Direct labor cost incurred: 220,000

3/ Manufacturing overhead cost: 300,000

4/ Production result is as follows:

The number of finished goods: 1,900, in which:

Put into warehouse: 800 products

Sale directly (not from warehouse) to company T: 500 products, price: 1,000/unit
(excluding VAT), VAT rate: 10%. Company T has not yet made payment

Sent on consignment (directly from production process) to agent H: 600

products.

5/ Sent out from the warehouse to K Co.: 300 products, price before VAT:
1,000/products. The company received credit note from bank for this payment.
6/ Selling expenses incurred: 30,000

7/ Administrative expenses incurred: 100,000 (in which 30,000 is non-deductilbe exp)

8/ Financial expenses incurred: 50,000

9/ Financial income incurred: 150,000

10/ Calculate business result, corporate income tax and profit after tax in quarter II/N
Requirements:

1/ Calculate and make journal entries for the above transactions

2/ Prepare Income Statement of quarter II/N
Additional information:

Work in progress at the begin and the end of quarter: 130,000 and 161,000
respectively

Product A: amount: 200 products, price: 100,000

The company applies weighted average method for calculating cost of goods
sold/used. The company operates at normal capacity. Labor cost is higher than
normal cost: 10%

ả
Gi i

1. Direct material cost incurred: 500,000

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 Dr Acc 621 500.000
Cr Related Acc 500.000

2. Direct labor cost incurred: 220,000

Dr Acc 622 220.000

Cr Related Acc 220.000

3. Manufacturing overhead cost: 300,000

Dr Acc 627 300.000

Cr Related Acc 300.000

4. Production result is as follows:

The number of finished goods: 1,900; Put into warehouse: 800 products, Sale
directly (not from warehouse) to company T: 500 products, price: 1,000/unit
(excluding VAT), VAT rate: 10%. Company T has not yet made payment, Sent on
consignment (directly from production process) to agent H: 600 products.
220.000
Dr Acc 632 × 10=20.000(abnormal cost)
110
​

Cr Acc 622 20.000

Dr Acc 154 1.000.000

Cr Acc 621 500.000

Cr Acc 622 200.000

Cr Acc 627 300.000

Total cost of goods manufactured: 130.000+1.000.000-161.000=969.000
Unit cost: 510

Dr Acc 155 510x800= 408.000

Dr Acc 632 510*500= 255.000

Dr Acc 157 510*600=306.000

Cr Acc 154 969.000

Dr Acc 131 550.000

Cr Acc 3331 50.000

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 Cr Acc 511 500x1000=500.000

5. Sent out from the warehouse to K Co.: 300 products, price before VAT:
1,000/products. The company received credit note from bank for this
payment.

Dr Acc 632 152.400

100.000 + 800 × 510
Cr Acc 155 x300=152.400
200 + 800
​

Revenue
Dr Acc 112 330.000

Cr Acc 3331 30.000

Cr Acc 511 300x1000= 300.000

6. Selling expenses incurred: 30,000

Dr Acc 641 30.000

Cr Related Acc 30.000

7. Administrative expenses incurred: 100,000 (in which 30,000 is non-

deductible exp)

Dr Acc 642 100.000

Cr Related Acc 100.000

8. Financial expenses incurred: 50,000

Dr Acc 635 50.000

Cr Related acc 50.000

9. Financial income incurred: 150,000

Dr Related Acc 150.000

Cr Acc 515 150.000

10. Transfer

Net revenue: 500.000(4) +300.000(5) =800.000

Transfer revenue
Dr Acc 511 800.000
Dr Acc 515 150.000
Cr Acc 911 950.000
( ) ( ) ( )

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 Total cost of goods sold: 20.000(4) +255.000(4) +152.400(5) =427.400
Transfer expenses
Dr Acc 911 607.400

Cr Acc 632 427.400

Cr Acc 641 30.000
Cr Acc 642 100.000
Cr Acc 635 50.000

Profit before tax: 950.000-607.400=342.600

Tax income=342.600+30.000=372.600
Assume that CIT rate is 20%
CIT payables: 372.600*20%=74.520

Dr Acc 8211 74.520

Cr Ac 3334 74.520

Dr Acc 911 74.520

Cr Acc 8211 74.520

Profit after tax: 372.600-74.520=298.080

Dr Acc 911 298.080
Cr Acc 421 298.080

Task 3: If the company applies periodic inventory system, show different transactions
from those in task 2. Knowing that:
The number of finished goods in warehouse at the end of quarter: 700 products, 500
products sent on consignment has not been sold.
Task 4: Company HK produces only product A and applies perpetual inventory
system. VAT is deductible. In quarter I year N, the following information is available:
(Unit:1,000d)

1. Declare and make payment for licence tax: 3,000

2. Shipping cost incurred in sale department 15,000 excluding 10% VAT. The cost
had not yet paid

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 Made bank transfer for purchasing some tools used in the company’s office: 65,000
excluding VAT

3. Purchase some material for fixing the company’s showroom with total value of
45,000. Payment was made by cash on hand.

4. Received debit notes for electricity, water and telephone bill.

a. Sale department: 3,500, VAT: 350

b. Administrative department: 2,500, VAT: 250

5. Public relationship expenses: 1,500 paid in cash

6. Made payment to buy tools for

a. Sale department: 800

b. Administrative department: 900

c. Manufacturing department: 400

7. Sent tools (using once) for sale department: 4.500

8. Customer workshop: 18,000 paid in cash

9. Rent cleaning services for the whole company in a day: 2,000 paid in cash

10. Agent notified that all goods sent on consignment had been sold already. The
company received total value of these goods after deducting commission fees.
Knowing that, total value of the goods: 880,000 including 10% VAT, commission
fee 5% on price before VAT. Cost of good sold: 600,000

11. Advertisement expenses 30,000 (before VAT) pay by cash at bank

12. Salary payables to employees

a. Sale department: 30,000

b. Administrative department: 25,000

13. Make payroll related compensation according to current regulations

14. Depreciation cost incurred in the month:

a. Sale department: 15,000

b. Administrative department: 25,000

Requirements:
(1). Make journal entries for the above transactions

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 (2). Which items should present D and administrative expenses on financial
statement?

ả
Gi i

1. Declare and make payment for licence tax: 3,000

Dr Acc 642 3.000

Cr Acc 111/112 3.000

2. Shipping cost incurred in sale department 15,000 excluding 10% VAT. The
cost had not yet paid

Made bank transfer for purchasing some tools used in the company’s office:
65,000 excluding VAT
Dr Acc 641 15.000
Dr Acc 133 1.500
Cr Acc 331 16.500

Dr Acc 642 65.000

Dr Acc 133 6.500

Cr Acc 112 71.500

3. Purchase some material for fixing the company’s showroom with total value
of 45,000. Payment was made by cash on hand (VAT?)

Dr Acc 152 45.000

Cr Acc 111 45.000

4. Received debit notes for electricity, water and telephone bill.

a. Sale department: 3,500, VAT: 350

b. Administrative department: 2,500, VAT: 250

Dr Acc 641 3.500

Dr Acc 642 2.500
Dr Acc 133 600
Cr Acc 112 6.600

5. Public relationship expenses: 1,500 paid in cash

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 Dr Acc 641 1.500
Cr Acc 111 1.500

6. Made payment to buy tools for

a. Sale department: 800

b. Administrative department: 900

c. Manufacturing department: 400

Dr Acc 641 800

Dr Acc 642 900
Dr Acc 627 400
Cr Acc 111/112 2.100

7. Sent tools (using once) for sale department: 4.500

Dr Acc 641 4.500

Cr Acc 153 4.500

8. Customer workshop: 18,000 paid in cash

Dr Acc 641 18.000

Cr Acc 111 18.000

9. Rent cleaning services for the whole company in a day: 2,000 paid in cash

Dr Acc 642 2.000

Cr Acc 111 2.000

10. Agent notified that all goods sent on consignment had been sold already.
The company received total value of these goods after deducting
commission fees. Knowing that, total value of the goods: 880,000 including
10% VAT, commission fee 5% on price before VAT. Cost of good sold:
600,000

Dr Acc 641 40.000=5%*800.000

Dr Acc 111/112/131 840.000
Cr Acc 3331 80.000
Cr Acc 511 800.000

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 Dr Acc 632 600.000
Cr Acc 157 600.000

11. Advertisement expenses 30,000 (before VAT) pay by cash at bank

Dr Acc 641 30.000

Dr Acc 133 3.000
Cr Acc 111 33.000

12. Salary payables to employees

a. Sale department: 30,000

b. Administrative department: 25,000

Dr Acc 641 30.000

Dr Acc 642 25.000
Cr Acc 334 55.000

13. Make payroll related compensation according to current regulations

Task 5: The following information is available in T company: (Unit:1,000d)

1. Sale on credit to company C some products with COGS: 500,000, price before
VAT: 750,000 VAT 10%. Payment term: 15 days

a. Dr Acc 131 825.000

Cr Acc 3331 75.000
Cr Acc 511 750.000

b. Dr Acc 632 500.000

Cr Acc 155 500.000

2. Company C made ½ of the above liability by cash at bank

Dr Acc 112 412.500
Cr Acc 131 412.500

3. Company C made remaining payment and entitled to payment discount.

Company T received credit note from bank
Dr Acc 112 412.500
Cr Acc 131 412.5000
( )

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 4. Total revenue earned: 750.000(1) 

5. Selling expenses incurred:

Staff salary and related compensation: 5,500,000

Depreciation cost: 20,000,000
Dr Acc 641 25.500.000
Cr Acc 334, 338 5.500.000
Cr Acc 214 20.000.000

6. Prepaid expenses allocation for

Sale department: 20,000

Administrative department 15,000 (in which 2,000 is non deductible expenses for CIT
calculation purpose)
Manufacturing overhead: 12,000
Dr Acc 641 20.000
Dr Acc 642 15.000
Dr Acc 627 12.000
Cr Acc 242 46.000

7. Administrative expenses incurred: 950,000

8. Financial expenses: 100,000

9. Financial income: …..

10. Other expenses:…..

11. Other income:…..

12. Calculated business result

Requirements:

1. Make journal entries

2. Prepare Income Statement

(Fill in …. so the company would make profit. Knowing that CIT rate = 20%)

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