BUSINESS TRANSFORMER CHALLENGE

ROUND 1 – DATA COLLECTION

AN PHAT JOINT STOCK COMPANY

Hanoi, 30 October 2022

Time allowed: 120 minutes

This question paper is divided into two sections:
Section A – All questions MUST be attempted.
Section B – All questions MUST be attempted.
Chart of accounts is on page 13 (Appendix 2).
Opening balances are on page 14 (Appendix 3).
Guideline is on page 15 (Appendix 4).
Do NOT open this question paper until instructed by the supervisor.

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Guideline:
It is the responsibility of students to read the assignment format and submission
requirements carefully before starting the assignment.
After 11:30 am, organizers are going to deactivate all accounts of candidates. Candidates
cannot perform any activities in the AMIS platform. (At 11:15 am, the supervisor will give
notice to the candidates for preparation).
MUST FOLLOW:
During the competition, when you make double entries relating to fixed assets and tools and
equipment (prepaid expenses), please insert the ‘Asset ID’ and ‘Tools and equipment ID’ as
follow:
- Asset ID: TSCD-Ordinal number-SBD (E.g.: TSCD-01-BTC0001)

- Tools and equipment ID: CCDC- Ordinal number-SBD (E.g.: CCDC-02-BTC0001)

Objects with duplicate codes will NOT be saved by the system.

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General information
An Phat JSC (Company) is a joint stock company which focuses on trading and investing in
the real estate industry. On 5th May 2002, BPP Joint Stock Company, which is the precursor
of An Phat, was established with an initial registered charter capital of VND 300 billion.
In 2009, BPP Joint Stock Company changed name to An Phat Joint Stock Company (An Phat
JSC) and increased charter capital to VND 500 billion.
Other information about Company and its project please refer to APPENDIX 1.
All accounts to record transactions MUST be followed as APPENDIX 2.

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SECTION A – All questions MUST be attempted.
Required:
1/ Input opening balance into AMIS system (10 marks)
Using 5 excel files included in APPENDIX 3 to input in opening balance.
2/ In AMIS platform, make double entries for 10 transactions that has not recorded during the fiscal period (60 marks).
Assumed that you are an accountant of An Phat Joint Stock Company, please kindly record the transactions in table 1 for the financial year ended
on 31st December 2021 by using the AMIS platform. The company’s financial year starts on 1st January and ends on 31st December.
Table 1: Business transactions

Related documents
(Click here or scan the below QR code to
open Related document folder)
No Transaction

In April, An Phat sold a 2-year fitness ticket to Ms. Nguyen Thuy Dung (B0312). It's an (1.1) Gym membership contract
unlimited number of uses and will be allocated revenue monthly. The detailed value is (1.2) Payment receipt No. 00001042021
stated in the Gym membership contract [Ref: (1.1)]. Ms. Dung paid 100% after the
(1.3) Invoice No. 0000281
1 contract was signed by bank and information about this payment is stated in Payment
receipt [Ref: (1.2)] on 1st April 2021. The invoice [Ref: (1.3)] was also issued on the same
date.
(5 marks)

4
 Currently, An Phat is using the elevator maintenance service of Kim Long JSC. (2.1) Elevator maintenance contract
Quarterly, An Phat has to pay VND800 million (excluding 10% VAT) to Kim Long JSC. The (2.2) Invoice No. 0000004
Elevator maintenance contract [Ref: (2.1)] starts on 1st October 2021 and end on 31st (2.3) Payment request from Kim Long Joint
2 December 2021. Stock Company
In Q4.21, An Phat has received an invoice [Ref: (2.2)] and payment request [Ref: (2.3)]
from Kim Long JSC.
(5 marks)

On 1st June 2021, An Phat received a loan from Vietcombank [Ref: (3.1)] with a total (3.1) Bank receipt
amount of VND500 billion to supplement working capital according to the loan contract (3.2) Loan contract
3 [Ref: (3.2)].
(5 marks)

For the VND500 billion loan mentioned in 3rd transaction, the interest rate has been (3.2) Loan contract
charged at 3%/year following loan contract [Ref: (3.2)].
4
An Phat recorded interest expenses at the end of the year.
(5 marks)

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 The Future World project has 3 buildings, each building has 26 floors, each floor includes (5.1) Sale Contract No. 113/01/2020
20 apartments. TP/AP/CC
On 2nd January 2021, An Phat handed over apartment number A0803 to Mr. Nguyen Duc (5.2) Hand over minute of apartments
Ha. The details about square and price were clearly stated in sale contract [Ref: (5.1)]. relating to Contract No.113
Up to 31 December 2020, 70% of the apartment’s value has been received by the bank. (5.3) Invoice No. 0000001
5 25% paid by the bank on 1st January 2021 [Ref: (5.4)]
(5.4) Payment Receipt No 000101012021
An Phat issued a handover minute of apartments on 2nd January 2021 [Ref: (5.2)] and
(5.5) House ownership certificate
issued an invoice [Ref: (5.3)] on 28th January 2021. The house ownership certificate [Ref:
(5.5)] is handed over on the same day as the issued invoice.
(10 marks)

According to the designation, the project has 3 areas: schools, apartments, and other (6.1) Construction material contract
constructions with corresponding construction proportions of 15%, 35% and 50%. No.03/2019/HDMB
On 1st January 2021, the An Phat Company terminated a Construction material contract (6.2) Invoice No. 0000009
[Ref: (6.1)] for construction materials valued at VND300 billion (excluding 10% VAT). All (6.3) Hand over minute relating to Contract
6
supporting documents were provided [Ref: (6.2), (6.3)], and no payment had been No 03/2019/HĐMB dated 01/01/2021
made. These expenses should be capitalized in 2021 as CIP and noted that all revenues
related to education are tax-free.
(7 marks)

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 On 1st July 2021, the company installed a new fire protection system under contract of (7.1) Contract of Fire Protection equipment
Fire Protection equipment [Ref: (7.1)]. The value of this system is VND20 billion [Ref: No 06/2021AP/HTH
(7.2), (7.3)] and has a useful life of 4 years. The depreciation cost of this system is (7.2) Invoice No. 0000011
calculated using the straight-line method. The company had not paid to the supplier
7 (7.3) Hand over minute of Fire protection
[Ref: (7.4)].
system
At the end of 2022, depreciation expenses should be recorded as general production
(7.4) Payment request based on Contract
costs (Account 627).
No. 06/2021 AP/HTH date 08/ 06/ 2021
(7 marks)

On 1st May 2021, An Phat bought a 4-seat car for a director. It was valued at VND1.5 (8.1) Invoice No. 0000012
billion (excluding 10% VAT) [Ref: (8.1), (8.2)] and used for both personal and business (8.2) Hand over minute
8 purposes. The vehicle registration license [Ref: (8.3)] was issued in the name of the
(8.3) Vehicle registration declaration.
chairman.
(5 marks)

To serve customers traveling within the urban area, on 1st February 2021 the company (9.1) Contract of electric vehicles No HD
purchased 20 electric vehicles under Contract of electric vehicles [Ref: (9.1)]. Each car 02/2021 AP-LB
has a value of VND29 million (price excludes VAT by 10%) [Ref: (9.2), (9.3)]. (9.2) Invoice No. 0000020
9
These electric vehicles have a useful life of 3 years and are depreciated using the (9.3) Hand over minute of electric vehicles
straight-line method. Allocation expenses should be recorded at the end of the year.
(6 marks)

On 15th September 2021, An Phat advanced VND2 billion to Mr. Nguyen Duc Thai (The (10.1) Advance request
10 Chairman) for business purposes [Ref: (10.1), (10.2)]. (10.2) Payment receipt No 00011502021.
(5 marks)

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Section B – 5 adjusted double entries identified after the accounting period and MUST be attempted.
Required:
1/ Make double entries for 5 transactions in AMIS platform (25 marks)
Assume that you are an accountant of An Phat Joint Stock Company. In 2022, some errors related to financial year ended in 2021 were identified
as table 2, and you have to make adjusted entries to correct these errors for the financial year ended on 31st December 2021 by using the AMIS
platform.
The following statements relate to mistakes incurred:
Table 2: Errors identified

Related documents
(Click here or scan the below QR code to
open Related document folder)
No Transaction

On 3rd January 2022, an AP accountant identifies that she missed an air condition (1.1) Payment request from Intech
maintenance invoice dated 28th December 2021, valued at VND450 million (excluding Investment and Technology JSC.
10% VAT) [Ref: (1.1), (1.2)] follow the Air condition maintenance contract [Ref: (1.3)] (1.2) Invoice
1 th
The hand-over minute and liquidation agreement [Ref: (1.4), (1.5)] were signed on 28 (1.3) Air condition maintenance contract
December 2021.
(1.4) Hand-over minute
(5 marks)
(1.5) Liquidation agreement

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 On 4th January 2022, while reviewing the apartment list [Ref: (2.1)], chief accountant (2.1) Apartment list
found that apartment number A0803 had been double recorded (this apartment was
handed over on 2nd January 2021).
2
The total value VND2.7 billion (exclude 10% VAT) and trade receivable is double
recorded for the owner.
(5 marks)

After checking the customer list [Ref: (3.1)], chief accountant found that the remaining (3.1) Customer list
trade receivable on 31st December 2021 of Mr. Nguyen Ngoc Tan had been recorded for
3 Mr. Nguyen Duc Ha, valued at VND30 million.
(5 marks)

In July 2021, An Phat has recorded a fire protection system with a total amount of N/A
VND20 billion over 4 years. Actually, this system has a 5-year useful life. Depreciation
4 from July to December has been recorded at the end of the year 2021 as transaction 7
in Section A.
(5 marks)

CIT should be reviewed at a 20% rate. N/A

5
(5 marks)

2/ Performing closing entries and identify profit or loss (5 marks)

Guideline: You can follow this guideline to perform the closing entries and book closing.
Closing entries: Link
Book closing: Link (Focus on part 2.1 – except sections 4, 5, 6).
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 APPENDIX 1
1. General information
From 2010 to 2020, the company had many successful projects:
• In 2011, An Phat put into operation the Global City (Hanoi), which is a high-end urban
complex with more than 15,000 apartments.
• In 2013, the company put into operation the Rosewood City (Hanoi) – a 198.5-hectare
luxury urban project.
• In 2015, the company put into operation the Studio City (Ho Chi Minh city) which adopted
the French eco-friendly architectural style. This project includes 18,000 apartments and
becomes one of the largest high-end urban complexes in Vietnam.
In 2018, the company increased charter capital to VND568 billion and became one of the Top3
companies with the largest market capitalization in Vietnam at the time. Because of the rapid
growth in the scale and the number of personnel (more than 2,000 employees as of 2018),
the Board of Directors decided to move the head office to a building at 54 Le Thanh Nghi,
Hanoi.
Vision
An Phat JSC is the No.1 real estate development and management company in Vietnam,
recognized for its superior scale, execution speed and service quality, leading the market to
sustainable growth, with the vision of becoming a world-class enterprise.
Mission
The mission of An Phat JSC is “To pioneer an ideal living experience in Vietnam’s urban
locations, featuring professionally planned residential complexes in harmony with nature,
integrated facilities and a green environment, together forming a new lifestyle for the
Vietnamese people.”.
Company structure
The members of the Board of Directors of An Phat company during the year are:

Chairman: Mr. Nguyen Duc Thai

Member: Mr. Vu Quang Bang

Member: Mr. Nguyen Quang Dung

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An extract from the organization chart
An Phat JSC considers transparency and efficiency as the guidelines for its corporate
governance model. The Board of Directors is also well aware of how these criteria ensure
benefits for shareholders and sustainable development for the company.
All of An Phat’s activities are arranged according to appropriate functions with specific
responsibilities in the value chain.
The extract from the organization chart is as follow:

Shareholders

General director

Internal Human resources Project Sales &

Finance
control & Administration management Marketing

Project Construction
Fund Designation
development management

2. Accounting system
In 2016, because of the complexity of accounting transactions, the company decided to
launch the AMIS platform. This is one of the best accounting software developed by MISA
Joint Stock Company.
MISA AMIS is an all-in-one business management platform targeting 4 key aspects of
business: Accounting – Finance, marketing – sales, human resource management and
administration management. This platform is broken down into core modules. Not only does
this provide a firm foundation on which to build a fully dynamic business model, it also allows
for a highly flexible approach to suit multiple unique business requirements.

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3. Future World - Project information

In 2016, An Phat JSC commenced the construction of Future World – a luxury urban complex
project in Hung Yen province.
The Future World is a world-class megacity which is also a city of nature, life and people. It
has an inspiring appearance and an exciting vibe, and it is prepared for unimaginable yet
realizable experiences.
The company estimated 4 years to complete the project and the next 5 years to sell it to
customers (from 2020).
At the end of the year 2019, the company reviewed the entire project and calculated the
COGS per 1m2 to be 8,500,000 VND.
The following information related to this project:
Scale of Future World:
- Total project area: 500ha
- Construction density: approx. 19%
Mega landscape with large-scale utilities:
- Central lake: 34,5ha
- Gym Park with more than 700 training devices and BBQ Parks with hundreds of BBQ lots
Development type:
- 3* types of high-end and luxury apartments: The Sun, The Moon and The Star
- Shop villa/Shophouse
- Shopping mall
- Kindergarten, University, …

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 APPENDIX 2
This is Chart of accounts, which is used for tracking number and name of all accounts active
in An Phat’s AMIS platform.
This document can be used during the competition.

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 APPENDIX 3
Candidates download the following excel files and input in AMIS platform:
1. Số dư tài khoản: Follow this link or scan the below QR code to get this file.

2. [112] Số dư tài khoản ngân hàng: Follow this link or scan the below QR code to get this
file.

3. [131] Công nợ khách hàng: Follow this link or scan the below QR code to get this file.

4. [331] Công nợ nhà cung cấp: Follow this link or scan the below QR code to get this file.

5. [141] Công nợ nhân viên: Follow this link or scan the below QR code to get this file.

Note: Guideline 1 - Inputting opening balances

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 APPENDIX 4
You can look up some bellow guideline to perform in AMIS platform:

Content Guideline

Question 1: Inputting opening balances in Guideline 1 - Inputting opening balances

systems by using 5 excel files mentioned in
Appendix 3.

Question 2 and question 3: In AMIS Guideline 2 – Entries on AMIS and Guideline

platform, making double entries. 3 - Double entries

Question 4: Performing closing entries and Guideline 4 – Closing entries

identify profit or loss

Question 4: Book closing and finish your Guideline 5 - Book closing and Book opening
exam.

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