Exercise 1:

Company X applies accrual basis in preparting financial statement, accounting period is

quarterly. (Currency unit: million VND)
I/ the information shown below are assets and equity of Company X as at 1⁄1/N:
Cash on hand 200 Short-term loan from Bank P 500
Cast at bank 6.400 Short-term loan from Bank Q 400
Receivable from customer A 150 Capital 11.500
Receivable from customer N 50 Tools and supplies 80
Receivable from customer B 50 Buildings 2.500
Payable to supplier X 200 Motor vehicles 700
Payable to supplier V 400 Other fixed assets 200
Advance to employee M 50 Raw materials 120
Mechandises K 1.000kg 2.900 Accumulated depreciation of fixed 400
assets

II/ Transactions incurred in Quarter I/N as follows:

1. Purchase mechandises K, quantity of 2.000 kg, paid by cash at bank: 6,000
2. Transportation cost (from supplier to Xˆs warehouse). payment is made by clearing
advances: 40
3. Receive and store merchandise K
4. Issue merchandise K for sales, quantity: 1.500 kg (use Weighted Average Cost to
calculate the cost of issued mechandises).
5. Selling price of merchandise K is 5.600, cash at bank received: 3.500, remaining amount
is on credit and receivable in next period.
6. Delivery cost, payable to transporter: 30
7. Salary payable to marketing employees: 90, administrative employees:150
8. Depreciation of fixed assets for the period: 60, in which:
- Depreciation for selling component: 20
- Depreciation for administrative component: 40
9. Issue tools and supplies used for administrative purposes: 10
10. Issue materials for packaging: 20
Required:
1. Identify the financial position of Company X as at 1/1/N.
2. Perform calculation and accounting entries to record the transactions incurred in the
Period.
3. Reflect transactions into T accounts and related accounting books. closing account and carry
forward the accounts.
4. Prepare the trial balances
5. Prepare Statement of Profit or Loss for Quarter I/N.
Exercise 2:
I/ Physical counts of K, a trading company, as at 31⁄12/W show the results as belows:
(currency unit: million VND)
1. Physical counts results
- Cash on hand: 200
- Cash at bank: 800
- Short-term Investment in securities: 500
- Long-term Investment in bonds: 200
- Merchandises: 2.000
In which: Merchandise A: quantity: 30,000kg, amount: 1,500
Merchandise B: Quantity: 10,000kg, amount: 500
- Tangible fixed assets:
+ Stores: 1,000
+ Office building: 500
+ Motor vehicle: 800
- Intangible fixed assets
+ Long-term land use rights: 2.000
2. Receivable/payable reconciliations (confirmation) documents:
- Account Receivable (Trade): 70 (credit term: Jan/N~1)
In which: Receivable from customer A: 50
Receivable from customer B: 20
- Account Payable (Trade): 220 (credit term: Jan/N+1)
In which: Payable to supplier X: 100
Payable to supplier Y: 120
- Advances to employees: 10
- Short-term loans: 600
- Long-term loans: 2.200
- Tax payable to State Treasury: 30
3. Other documents:
- Capital: 4330
- Retained profit: 250
II/Transactions incurred in Jan/V+1 are as follows:
1. Transfer money from bank account to cash on hand: 30.
2. Purchase a van (using for delivery of goods), which is payable to supplier X: 420
3. Pay salary to employees (cash on hand): 50
4. Making short-term loans to pay supplier X: 100
5. Receipts fom customer A for due amount of previous period (cash at bank): 50
6. Owner contributes additional capital in cash (cash on hand): 500
7. Retained profits used to increase capital: 200
8. Advances to employees for business trip (cash on hand): 15
9. Mua cô phiều đầu tư ngắn hạn bằng tiền gửi ngân hàng: 200
10. Retained profit is allocated to Bonus and Welfare Fund: 10
11. Payment to supplier Y (cash on hand): 120
12. Merchandise is purchased and received, paid by cash at bank: 50
13. Receipt from customer B for due amount of previous period (cash on hand): 20
14. Purchase tangible fixed assets financed by long-term loan: 300
15. Payment to settle short-term loan (cash at bank): 100: payment to State Treasury: 30
Required:
1/ Based on the above documents, determine asset, liabilities and equity of Company K as at
1/1/N+1?
2/ Identify opening T accounts as at 1/1/N+1 of Company K?
3/ Identify effects of each transaction on accounting subjects of Company K?
4/ Identify accounting documents, T-accounts used to reflect each of the above transactions?
5/ Record accounting entries for transactions incurred in Jan/N+1 of Company K