CHAPTER 2

Task 1
Company H applies deductible VAT method and perpetual inventory system. In June 2019,
there were following transactions incurred in this company (currency unit: 1.000 VND)
1. Selling products and collecting cash immediately: 22.000, including 10% VAT (Cash
receipt voucher No. 001, VAT invoice No. 12345).
SUB (100%): 20,000 → Cr 511 (revenue)
VAT (10%): 2,000 → Cr 3331 (vat)
TOT (110%): 22,000 → Dr 111 (cash on hand)

2. Transferring cash into bank account: 30.000 (Cash disbursement voucher No. 002),
the accountant had not received Credit note from bank yet.
Dr 113 (Cash in transit)
Cr 111

3. Selling a fixed asset then collecting cash: 63.000 (Cash receipt voucher No. 003),
including VAT: 3.150 (VAT invoice No. 01234). Related transportation fee paid in cash:
220, including 10% VAT (Cash disbursement voucher No. 004). Cost of this fixed asset:
600.000, accumulated depreciation: 550.000.

4. Transportation expense incurred when company sold products, this expense was paid
in cash: 1.000 (Cash disbursement voucher No. 005).
Dr 641 (Selling expense)
Cr 111

5. Dispatching cash in advance for employees to purchase inventories: 20.000 (Cash

disbursement voucher No. 006).
Dr 141 (Advances - Khoản tạm ứng)
Cr 111

6. Paying cash for office renting expense: 18.000 (Cash disbursement voucher No. 007)
Dr 642 (General administration expense - Chi phí quản lý doanh nghiệp)
Cr 111

7. Receiving Credit note from bank related to the 2nd transaction.

Dr 112
Cr 113

9. Purchasing material: 50.000 exclude VAT, VAT: 10% (VAT invoice No. 01235). All
material was received in warehouse (Inventory receipt voucher No. 0115). Company H made
payment to the supplier via bank account. Related transportation and installment expense
were paid in cash: 440 including 10% VAT.
10. Receiving financial income in cash: 20.000 (Cash receipt voucher No. 009)
Dr 111
Cr 515 (Financial income - Doanh thu hoạt động tài chính)

11. Dispatching cash fund to buy stationary and use it immediately in Accounting
Department: 1.320 (Cash disbursement voucher No. 010), including 10% VAT.
Dr 156 (Merchandise): 1200
Dr 133 (Deductible VAT): 120
Cr 111: 1320

12. Receiving interest for a deposit in cash at bank: 16.000.

Dr 112
Cr 515
13. Dispatching cash to clear bank loan’s interest: 3.000 (Cash disbursement voucher
No. 011).
Dr 635 (Financial expense)
Cr 111
14. Pay salary to employees: 20.000 (Debit Note No.12).
Dr 334 (Payables to employees)
Cr 112
Trong TH ghi nhận lương của tháng 1 nhưng tháng 2 mới trả:
Tháng 1: Dr Salary exp / Cr Salary payable
Tháng 2: Dr Salary payable / Cr Cash

15. At the end of this month, there was a surplus in cash fund found during cash count
process: 1.250. This amount had been still in investigation.
Dr 111
Cr 338(1) (Surplus of assets awaiting resolution)
Required: Make journal entries for above transactions.

Task 2
Company H applies deductible VAT method and perpetual inventory system. In June 2016,
Company H has following transactions (CU: 1.000 VND):
1. Receiving merchandise goods: 132.000 including 10% VAT (Inventory receipt voucher
No. 0215, VAT invoice No. 01236). Company paid to the supplier via bank account (Debit
note). Related transportation fee: 2.100 including 5% VAT, company H paid this fee on
behalf of the supplier in cash.
2. A customer made payment via bank: 200.000.
Dr 112
 Cr 511 131 (Revenue)

3. Company H contributed to joint – venture company T (góp vốn vào công ty liên
doanh) by cash at bank (Debit note): 300.000.
Dr 411 (Owner’s equity) 222 (Investment in joint ventures and association)
Cr 112

4. Selling securities: selling price 150.000, historical cost of securities 120.000, payment was
made via bank.
5. Liquidating a FA: historical cost: 600.000, useful life: 10 years. The FA had been used for
9 years and 6 months; selling price: 40.000, 5% VAT. Company received payment via bank.
6. Withdrawing cash in bank to pay in cash fund: 200.000 (received Debit note, Cash
receipt voucher No. 013).
Dr 111
Cr 112

7. Paying salary to employees in cash: 60.000

Dr 334 (Payables to employees)
Cr 111

8. Receiving financial income in cash: 2.000.

Dr 111
Cr 515 (Financial income)

9. Making payment of utilization for Production Department in cash: 22.000 (include

10% VAT) (VAT invoice No. 01237).
Dr 627(7) (Outside services): 20.000
Dr 133(1) (Deductible VAT of goods and services): 2000
Cr 111: 22.000

10. Making payment of a debt for the supplier via bank: 300.000.
Dr 331 (A/P)
Cr 112

11. Selling products: value: 200.000, selling price: 250.000, 10% VAT, the customer
paid fully via bank (received Credit note).
Sub: 250.000
VAT: 25.000
Total: 275.000
 Dr 632 (COGS) / Cr 155 (Finished goods): 200.000
Dr 112: 275.000
Cr 511: 250.000
Cr 3331: 25.000

12. Selling products: value: 400.000, selling price: 500.000, 10% VAT, the customer
paid fully via bank. However, company has not received Credit note yet.
no entries?

13. Reconciling bank statement (Đối chiếu sao kê ngân hàng) to debit balance of account
Cash at bank, there was a shortage of 2.000, the shortage reason has been still under
investigation.
Dr 138(8) (Other receivables)
Cr 112(1)
Vì các giao dịch cash at bank đều có các chứng từ rõ ràng nên chắc chắn sẽ tìm được
nguyên nhân nên thay vì xếp vào awaiting resolution thì xếp vào other
receivables/payables

Required: Make journal entries for above transactions.

Task 3
Company M applies deductible VAT method and perpetual inventory system. In August
2016, there was document about material A as follow (CU: 1.000 VND)
A. Opening inventory for material A: 1.000 kg, value: 20.000
B. Material A received in stock in August 2016:
- On 2nd Aug: Receiving 500 kg material A, actual unit cost: 20,5
- On 10th Aug: Receiving 1.000 kg material A, actual unit cost: 20
- On 16th Aug: Receiving 300 kg material A, actual unit cost: 20,2
- On 24th Aug: Receiving 800 kg material A, actual unit cost; 20,3
- On 29th Aug: Receiving 500 kg material A, actual unit cost: 20,4
C. Material A issued for producing purpose in August 2016:
- On 5th Aug: Issuing 400 kg material A
- On 8th Aug: Issuing 800 kg material A
- On 12th Aug: Issuing 500 kg material A
- On 20th Aug: Issuing 800 kg material A
- On 28th Aug: Issuing 500 kg material A
Required: Calculate the actual cost of material A issued in August 2016 and the closing
balance of material A at the end of August, in cases:
(1) Company M applies FIFO method
(2) Company M applies weighted average at ending inventory method.
Task 4
Using the document about material A given in task 3, however, in this task, the company
applies periodic inventory system and FIFO method.
Required: Calculate the actual cost of material A issued in August 2016 and the closing
balance of material A at the end of August. Assume that there were 1.000 kg material A at the
end of August (according to the stock take report)

Task 5
Company Y applies: (1) deductible VAT method; (2) perpetual inventory system and (3)
FIFO method in measuring issuing cost of inventories. There are following document in this
company in January, 2020 as follows (currency unit: 1.000 VND):
A. Opening balance of:
(1) Acc 151: 50.000 CU (500 kg material X)
(2) Acc 152: 463.500 CU (4.500 kg material X)
(3) Acc 153: 85.000 CU (425 tools Z). Cost of tool Z is related to 1 month. Cost of tool Z is
allocated in 1 month
B. There are following transactions incurred in January, 2020:
(1) On 5th Jan: Receiving all material X on transit at the beginning of Jan and storing them in
the warehouse.
Đợi đến cuối tháng mà chưa có receipt note thì ghi 151
Dr 152: 50.000 : 500 = 100
Cr 151: 50.000 : 500 = 100
(2) On 7th Jan: Issuing 2.600 kg material X for production purpose.
Dr
Cr 156
(3) On 8th Jan: Purchasing 300 kg material X from supplier A on credit: 30.300 exclude
10% VAT. Transportation fee paid by cash on hand to delivery company: 660, include
10% VAT. All material was received in the warehouse.
Sub: 30.300 → Dr 152 (X) 600 → Dr 152 (X)
VAT: 3.030 → Dr 1331 60 → Dr 1331
Total: 33.330 → Cr 331 (A) 660 → Cr 111
Dr 152: 30.900
Dr 1331: 3.090
Cr 331: 33.330
Cr 111: 660
Cost of 300kg
(4) On 10th Jan: Issuing 135 tools Z to Production Department. Issuing 20 tools Z to Sale
Department.
(5.1) On 11th Jan: Issuing 1.500 kg material X for production purpose. Issuing 50 kg material
X to Sale Department.
(5.2) On 11th Jan: Issuing 1.000 kg material X to invest in joint venture company. The Board
of joint venture company evaluated these materials at 100.000.
(6) On 13th Jan: Purchasing 6.000 kg material X from supplier A on credit, unit cost:
100/kg, exclude 10% VAT. Company Y enjoyed 1% trade discount for this purchase.
Transportation fee paid by cash on hand to delivery company: 1.200, exclude 10%
VAT. All material was received in the warehouse.
Sub: 600.000 * 99% = 594.000 → Dr 152 1200 → Dr 152
VAT: 59.400 → Dr 1331 120 → Dr 1331
Total: 653.400 → Cr 331 1320 → Cr 111

Dr 152: 595.200
Dr 1331: 59.520
Cr 331: 653.400
Cr 111: 1320

(7) On 17th Jan: Making payment to company A for transaction (3) and (6). Due to early
payment, company Y enjoyed 2% settlement discount, therefore, company Y kept this
discount amount and only paid the remaining amount to company A via bank.
Dr 331 (supplier A) = 33.330 + 653.400 = 686.730
Cr 515: 686.730 * 2% = 13.734,6
Cr 112: 686.730 - 13.734,6 = 672.995,4

(8) On 31st Jan: Performing stock take and finding out that there was a shortage of 50 kg
material X. Shortage reasons have been still under investigation.
Requirements:
(a) Making journal entries for about transactions.
(b) Preparing T accounts for Acc 151, 152, 153.

Task 6
Company Y applies: (1) deductible VAT method; (2) periodic inventory system and (3)
weighted average method at ending inventory (or cumulative weighted average method) in
measuring issuing cost of inventories. There are following document in this company in
January, 2020 as follows (currency unit: 1.000 VND):
A. Opening balance of:
(1) Acc 151: 50.000 CU (500 kg material X)
(2) Acc 152: 463.500 CU (4.500 kg material X)
(3) Acc 153: 85.000 CU (425 tools Z). Cost of tool Z is related to 1 month.
B. There are following transactions incurred in January, 2020:
(1) On 5th Jan: Receiving all material X on transit at the beginning of Jan and storing them in
the warehouse.
(2) On 7th Jan: Issuing 2.600 kg material X for production.
(3) On 8th Jan: Purchasing 300 kg material X from supplier A on credit: 30.300 exclude 10%
VAT. Transportation fee paid by cash on hand: 660, include 10% VAT. All material was
received in the warehouse.
(4) On 10th Jan: Issuing 135 tools Z for production purpose. Issuing 20 tools Z for Sale
Department.
(5) On 11th Jan: Issuing 1.500 kg material X for production. Issuing 50 kg material X to Sale
Department.
(6) On 13th Jan: Purchasing 6.000 kg material X from supplier A on credit, unit cost: 100/kg,
exclude 10% VAT. Company Y enjoyed 1% trade discount for this purchase. Transportation
fee paid by cash on hand: 1.200, exclude 10% VAT. All material was received in the
warehouse.
(7) On 17th Jan: Making payment to company A for transaction (3) and (6). Due to early
payment, company Y enjoyed 2% settlement discount, therefore, company Y kept this
discount amount and only paid the remaining amount to company A via bank.
(8) On 31st Jan: According to the stock take report, there were 7.200 kg material X and 250
tools Z in the warehouse. Assuming all material X issued was used for production purpose,
90% of tools Z issued was used for production purpose and the remaining 10% was used at
Sale Department.
Requirements:
(a) Making journal entries for about transactions.
(b) Preparing T accounts for Acc 611.

Task 7
Company Y applies: (1) deductible VAT method; (2) perpetual inventory system and (3)
FIFO method in measuring issuing cost of inventories. There are following document in this
company in January, 2020 as follows (currency unit: 1.000 VND):
A. Opening balance of:
(1) Acc 151: 50.000 CU (500 kg material X)
(2) Acc 152: 463.500 CU (4.500 kg material X)
(3) Acc 153: 85.000 CU (425 tools Z). Cost of tool Z is related to 3 months. Cost of tool Z is
allocated in 3 months.
B. There are following transactions incurred in January, 2020:
(1) On 5th Jan: Purchasing material X from supplier A on credit.
According to invoice No. 1234567, dated 5th Jan 2020: purchased quantity: 2.200 kg,
unit cost: 100/kg exclude 10% VAT.
Sub:
VAT:
Total:
 According to Inventory Receipt Note No. 39, dated 7 th Jan 2020: receiving quantity to
the warehouse: 2.190 kg
Deficiency quote (Định mức hao hụt: đối với những hàng hoá không đếm được (xăng
dầu,… trong quá trình vận chuyển sẽ bị hao hụt đôi chút) is 1%.
Dr 152: 2.200 x 100 = 220.000
Dr 1331: 22.000 (hao hụt do bản thân hàng hoá)
Cr 331: 242.000
(2) On 8th Jan: Purchasing 100 kg material X from supplier A on credit: 10.500, exclude 10%
VAT. Accountants received invoice, but did not receive Inventory
(3) On 10th Jan: Receiving Inventory Receipt Note No. 40 for material in transaction (2). All
material was fully received in the warehouse.
(4) On 11th Jan: Issuing 150 tools Z for production.
(5) On 12th Jan: Issuing 6.000 kg material X for production.
(6) On 14th Jan: Purchasing material X from supplier A on credit.
According to invoice No. 1234567, dated 14th Jan 2020: purchased quantity: 2.200 kg,
unit cost: 100/kg exclude 10% VAT.
Sub: 2.200 x 100 = 220.000
VAT: 22.000
Total: 242.000
According to Inventory Receipt Note No. 41, dated 15 th Jan 2020: receiving quantity
to the warehouse: 2.100 kg
Deficiency quote is 1%. The deficient amount that is over the deficiency quote was
compensated by delivery company by cash on hand.
Dr 152: (2.100 + 22).100 = 221.200
Dr 1331: 22.120 (Nếu chưa biết bắt đền ai thì hưởng toàn bộ thuế là 24.200)
Dr 111: 78 x 110 = 8580 (Nếu chưa biết bắt đền ai thì cho vào Dr 632 / Cr 1381)
Cr 331: 242.000

Có inventory receipt note rồi những chưa có invoice: 7,8,9

(7) On 29th Jan: Purchasing 100 kg material X from supplier A on credit. Accountants
received Inventory Receipt Note No. 42 confirming all material was received in the
warehouse. Accountants did not receive invoice
Dr 152 (Có Inventory receipt rồi)
Cr 331
(8) On 31st Jan: Accountants did not receive invoice for transaction (7) yet. Contract price for
material X was 100/kg exclude 10% VAT.
Dr 152: 100 x 100 = 10.000
Cr 331: 100
(9) On 2nd Feb: Receiving invoice from transaction (7): sub amount: 9.900, VAT: 990, total
amount: 10.890.
Dr 152/ Cr 331: (10.000) / (100) → Sửa sai cho transaction (8)
Dr 152: 9.900
Dr 133: 990
Cr 111: 10.890
Requirements:
Making journal entries for about transactions.

Example of the allocation of cost of tools:

- On 1/12/19: issuing 1 tool Z for Production Dep., unit cost: 24.000.000, cost of tool Z is
allocated in 6 months.
1, Dr 242 / Cr 153: 24.000.000
2, Dr 627 / Cr 242: 4.000.000

- On 1/4/20, this tool is broken.

Dr 627 / Cr 242: 8.000.000

- On 1/4/20, this tool is broken. Compensation by cash on hand: 1.000.000. Receiving this
broken tool in warehouse, residual value: 50.000
Dr 111: 1.000.000
Dr 152: 50.000
Dr 627: 6.950.000
Cr 242: 8.000.000

Example of investing materials in joint venture companies

On 12/4/2019: issuing 100 materials X to invest in joint venture company. Cost of 100
materials X issued: 100. The Board of joint venture company evaluated these materials at
110.
Dr 222: 110
Cr 152: 100
Cr 711: 10

On 12/4/2019: issuing 100 materials X to invest in joint venture company. Cost of 100
materials X issued: 100. The Board of joint venture company evaluated these materials at 95.
Dr 222: 95
Dr 811: 5
Cr 152 (X): 100