KTTC 1 CLC Phạm Hà Phương

Task 1: MAKE JOURNAL ENTRY FOR THESE TRANSACTIONS

1. Withdrawal of cash at bank to pay on cash fund in the company: 100
million.
2. Cash sale: selling price: 500M, COGS: 300M.
3. Payment from customer: 300 mil
4. Buy a fixed asset worth 900tr. Paid by cash at bank.
5. Buy materials worth 260tr. Paid immediately by cash on hand 100.
6. Get cash on hand deposited into bank account: 200tr.
7. Customers pay debt by cash at bank: 300 million.
8. Payment to suppliers by cash at bank: 200 Mil.
9. The Owner contributed capital by car: 2 billion, house: 3 billion and cash
500mil.
10. Purchase some material, purchase price: 200.000 (excluding 10% VAT)
paid by cash at bank. The delivery cost from the seller to the warehouse
is: 10.000 (excluding 10% VAT) paid by cash on hand.
11. Selling finished goods, cost: 100.000, selling price: 150.000, 10% VAT,
the customer paid fully via bank (received Credit note). Delivery cost:
5000 (paid by cash on hand)
Task 2: MAKE JOURNAL ENTRY FOR THESE TRANSACTIONS

1. Selling finished goods to customer A, cost of goods sold: 120.000, selling price:
180.000 (excluding 10% VAT, the customer paid fully via bank (received Credit note).
2. Selling finished goods to customer G, COGS: 300.000, selling price: 480.000
(excluding 10% VAT, the customer will pay in the next month
3. Selling finished goods to customer K, COGS: 200.000, selling price: 330.000
(including 10% VAT, the customer paid immediately by cash on hand: 160.000
4. Company H purchases some material total purchase price: 180mil VND
(excluding 10% VAT). Company H paid all the invoice by cash at bank
5. Company H purchases on credit some tools and supplies. Total purchase price:
220mil VND (including 10% VAT).

Task 3: Company H applies the deductible VAT method and the perpetual inventory
system. Company H has the following transactions:
1. Selling finished goods, cost: 100.000, selling price: 150.000, 10% VAT, the customer
paid fully via bank (received Credit note). Delivery cost: 5000 (paid by cash on hand)
2. Selling finished goods: cost: 300.000, selling price: 400.000, 10% VAT, the customer
paid fully via bank. However, company has not received Credit note yet. Transpotation
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fee: 8.000 (paid by cash on hand)

3. Purchase some material, purchase price: 200.000 (excluding 10% VAT) paid by cash
at bank. The delivery cost from the seller to the warehouse is: 10.000 (excluding 10%
VAT) paid by cash on hand.
4. Purchase some tools and supplies, purchase price: 150.000 (excluding 10% VAT) paid
by cash at bank. The delivery cost from the seller to the warehouse is: 11.000 (including
10% VAT) paid by cash on hand.
5. Receiving material valued 165.000 including 10% VAT (Inventory receiving voucher
No. 0215, VAT invoice No. 01236). Company paid to the supplier via bank account
(Debit note received). Related transportation fee: 2.100 including 5% VAT, company H
paid the fee in cash.
6. Issuing some material for production purpose: 100.000; for selling purpose: 150.000
7. Issuing some tools and supplies (the air conditioner) for selling purpose: value 18mil
(The value of air conditioner is allocated in 3 times 3 accounting period)
8. Issuing some tools and supplies (table, chair, microwave) for production purpose:
value 10mil
(The value of air conditioner is allocated in ONCE 1 accounting period)
9. Selling finished goods, cost: 200.000, selling price: 250.000,exclude 10% VAT, the customer
paid fully via bank (received Credit note). Delivery cost: 5000 (paid by cash on hand)
10. Selling finished goods: cost: 400.000, selling price: 500.000 excluding 10% VAT, the customer
paid fully via bank. However, company has not received Credit note yet. Transpotation
fee: 8.000 (paid by cash on hand)
11. Purchase some material, purchase price: 500.000 (excluding 10% VAT) paid by cash
at bank. The delivery cost from the seller to the warehouse is: 10.000 (excluding 10%
VAT) paid by cash on hand.
12. Purchase some tools and supplies, purchase price: 200.000 (excluding 10% VAT)
paid by cash at bank. The delivery cost from the seller to the warehouse is: 11.000
(including 10% VAT) paid by cash on hand.

Task 4: Company H applies the deductible VAT method and the perpetual inventory
system. In June 2016, transactions incurred as belows: (CU: 1.000 VND)
1. Receiving merchandise goods valued 132.000 including 10% VAT (Inventory

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receiving voucher No. 0215, VAT invoice No. 01236). Company paid to the supplier via
bank account (Debit note received). Related transportation fee: 2.100 including 5% VAT,
company H paid the fee in cash.
2. The customer Z made payment via bank: 200.000.
3. H Company paid: 100.000 via bank to supplier K, for the previous invoice.
4. Selling some finished goods: selling price 150.000, cost of stocks 120.000, the
payment was made via bank.
5. The owner of H invests: 500.000 by cash at bank
6. Withdrawing cash in bank to pay in the cash fund: 200.000 (Debit note received, Cash
receipt voucher No. 013).
7. Paying salary to employees in cash: 60.000
8. Receiving financial income (from the investment) in cash: 2.000.
9. Payment of utilities expenses in the Production Department in cash: 22.000 (include
10% VAT) (VAT invoice No. 01237).

Task 5: Company M applies the deductible VAT method and uses periodic
inventory system. In August 2016, there was document about material A as follows: (CU:
1.000 VND)
A. Opening balance of material A: 1.000 kg, cost: 20.000
B. Material A received in stock in August 2016:
- On 2nd Aug: Receiving 500 kg material A, unit cost: 20,5
- On 10th Aug: Receiving 1.000 kg material A, unit cost: 20
- On 16th Aug: Receiving 300 kg material A, unit cost: 20,2
- On 24th Aug: Receiving 800 kg material A, unit cost; 20,3
- On 29th Aug: Receiving 500 kg material A, unit cost: 20,4
C. Material A issued for production 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 cost of material A issued in August 2016 and the closing balance

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of material A at the end of August, when:

(1) Company M applies FIFO method
(2) Company M applies AVCO method.

Task 6: Company M applies the deductible VAT method and uses perpetual
inventory system. In September 2016, transactions incurred as follows: (CU: 1.000 VND)
On 5th Sep: purchasing material A from company Z on credit. VAT invoice No.
003478, dated 5th Sep 2016. According to the VAT invoice, the amount of material A
purchased: 1.100 kg, unit cost (excluded VAT): 300/1kg, VAT: 10%.
On 10th Sep: receiving Inventory receipt voucher No. 120, dated 9th Sep 2016.
According to the voucher, 1.000 kg material A was received in warehouse. Another
100kg was deficient. Deficiency quotas rate in transportation is 1%.
Required: Make journal entries for above transactions in 2 cases:
1. Deficiency was recovered by the transporter by cash at bank
2. Deficiency had been still in investigation at the end of period.

Task 7: Company H applies the deductible VAT method and the perpetual inventory
system. In June 2016, transactions incurred as belows: (CU: 1.000 VND)
Openning balance:
Acc 152: 3.500.000
- Material A: 2000kg, cost per unit 1.500
- Material B: 500 kg, cost per unit 1.000
1. The transaction as below
- 1/6: put to warehouse 5.000kg Matetrial A (price 1.500đ/kg), VAT 10% (credit
purchase), handling cost 300.000 (VAT 10%), paid by cash on hand.
- 5/6: put to warehouse 1.000kg Matetrial B (price 950/kg), price, paid by
cheque. Delivery cost: 150.000, VAT 10%, paid by cash on hand (payment
voucher 002)
- 12/6: Issuing 3.000kg Matetial A for production purpose, 500kg for selling
purpose
- 19/6: Issuing 700kg Matetrial B for production purpose, 300kg for selling
purpose

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- 22/6: Credit Purchasing 2.000kg Matetrial A (price: 2.000.000), VAT 10%.

Transpotation cost paid by cash on hand (including VAT 10%): 220.000.
There is trade discount (5% of total amount in invoice)
Yêu cầu: calculate and make the journal entry (follow FIFO method)

Task 8: Company H applies the deductible VAT method and the periodic inventory
system. In June 2016, transactions incurred as belows: (CU: 1.000 VND)
Openning balance:
Acc 152: 3.500.000
- Material A: 2000kg, cost per unit 1.500
- Material B: 500 kg, cost per unit 1.000
1. The transaction as below
- 1/6: put to warehouse 5.000kg Matetrial A (price 1.500đ/kg), VAT 10% (credit
purchase), handling cost 300.000 (VAT 10%), paid by cash on hand.
- 5/6: put to warehouse 1.000kg Matetrial B (price 950/kg), price, paid by
cheque. Delivery cost: 150.000, VAT 10%, paid by cash on hand (payment
voucher 002)
- 12/6: Issuing 3.000kg Matetial A for production purpose, 500kg for selling
purpose
- 19/6: Issuing 700kg Matetrial B for production purpose, 300kg for selling
purpose
- 22/6: Credit Purchasing 2.000kg Matetrial A (price: 2.000.000), VAT 10%.
Transpotation cost paid by cash on hand (including VAT 10%): 220.000.
There is trade discount (5% of total amount in invoice)
Closing balance (tạm thời bỏ qua, chỉ dùng với bài của PERIODIC METHOD)
Acc 152:
- Material A: 5500kg, total value: 7,660,000
- Material B: 500 kg, cost per unit 1,100
Yêu cầu: calculate and make the journal entry

Task 9: Company M applies the deductible VAT method and uses perpetual inventory system. In
September 2016, transactions incurred as follows: (CU: 1.000 VND)

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On 9th Sep: purchasing material A from company Z on credit. VAT invoice No. 003478,
dated 5th Sep 2016. According to the VAT invoice, the amount of material A purchased: 1.000
kg, unit cost (excluded VAT): 200/1kg, VAT: 10%.
On 18th Sep: receiving Inventory receipt voucher No. 120, dated 15th Sep 2016.
According to the voucher, 950 kg material A was received in warehouse. Deficiency quotas rate
in transportation is 1%.
Required: Make journal entries for above transactions in 3 cases:
1. Deficiency was recovered by the employee by deducting his salary
2. Deficiency was recovered by the transporter by cash at bank
3. Deficiency had been still in investigation at the end of period. (no reason)

Task 10: Company H applies the deductible VAT method and the PERPETUAL inventory
system. In June 2016, transactions incurred as belows: (CU: 1.000 VND)
Openning balance:
Acc 152: 3.500.000
Material A: 2000kg, cost per unit 1.500
Material B: 500 kg, cost per unit 1.000
1. The transaction as below
- 1/6: put to warehouse 5.000kg Matetrial A (price 1.500đ/kg excluding 10% VAT) (credit
purchase), handling cost 300.000 (VAT 10%), paid by cash on hand.
- 5/6: put to warehouse 1.000kg Matetrial B (price 950/kg excluding 10% VAT) paid by cheque.
Delivery cost: 150.000 excluding 10% VAT, paid by cash on hand (payment voucher 002)
- 12/6: Issuing 3.000kg Matetial A for production purpose, 500kg for selling purpose
- 19/6: Issuing 700kg Matetrial B for production purpose, 300kg for selling purpose
- 22/6: Credit purchasing 2.000kg Matetrial A (price: 2.000.000), VAT 10%. Transpotation cost
paid by cash on hand (including VAT 10%): 220.000. There is trade discount (5% of total amount
in invoice)
Yêu cầu: calculate and make the journal entry. Follow FIFO method

Task 11: Company H applies the deductible VAT method and the PERIODIC
inventory system. In June 2016, transactions incurred as belows: (CU: 1.000 VND)
Openning balance:

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Material A: 2.000kg, cost per unit 1.500

Material B: 500 kg, cost per unit 1.000
The transaction as below:
- 1/6: put to warehouse 5.000kg Matetrial A (price 1.500đ/kg excluding 10%
VAT), (credit purchase), handling cost 300.000 (VAT 10%), paid by cash on hand.
- 5/6: put to warehouse 1.000kg Matetrial B (price 950/kg excluding 10% VAT), paid by cheque.
Delivery cost: 150.000, VAT 10%, paid by cash on hand (payment voucher 002)
- 12/6: Issuing 3.000kg Matetial A for production purpose, 500kg for selling purpose
- 19/6: Issuing 700kg Matetrial B for production purpose, 300kg for selling purpose
- 22/6: Credit purchasing 2.000kg Matetrial A (price: 2.000.000), VAT 10%. Transpotation cost
paid by cash on hand (including VAT 10%): 220.000. There is trade discount (5% of total amount
in invoice)
Closing balance
Material A: 5500kg, total value: 7,560,000
Material B: 500 kg, cost per unit 1,100
Yêu cầu: calculate and make the journal entry

Task 12: Company ABC, applies deductible VAT method, and perpetual inventory system. Has the
following transactions:
1.Selling finished goods, cost: 100.000, selling price: 150.000, 10% VAT, the customer paid fully via
bank (received Credit note). Delivery cost: 5000 (paid by cash on hand)

2. Sale on credit some finished goods to customer ZH. COGS: 300.000, selling price: 400.000,
excluding 10% VAT. Transpotation fee: 8.000 (paid by cash on hand)

3.Customer ZH paid to company ABC via bank, after deducting 5% amount based on total invoice
(settlement discount)
4. Purchase on credit some material, purchase price: 200.000 (excluding 10% VAT). The delivery
cost from the seller to the warehouse is: 10.000 (excluding 10% VAT) paid by cash on hand.
5. In the next 3 days, company ABC paid to supplier (in transaction 4) fully by cash on hand, after
deducting 10% amount based on total invoice.

6. Purchase some tools and supplies, purchase price: 150.000 (excluding 10% VAT) paid by cash
at bank. The delivery cost from the seller to the warehouse is: 11.000 (including 10% VAT) paid by
cash on hand.

7. Issuing some material for production purpose: 100.000; for selling purpose: 150.000

8. Issuing some tools and supplies (the air conditioner) for selling purpose: value 18
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(The value of air conditioner is allocated in 3 times 3 accounting period)

Task 13: Company T, applies deductible VAT method, periodic inventory system and FIFO method.
Has the following transactions:

1. Openning balance of these account:

Acc 152: 250.000 Including:

- Material A: 200.000 (Quantity:1000kg),

- Material B: 50.000 (QUantity:2.000kg)

Acc 153: 100.000 – tools and supplies X (Quantity: 500 units), (it's allocated once)

Acc 151: 250.000 (VAT invoice num 000332 ngày 20 April N Company M about tools and
supplies in transit. Quantity: 1.000 units)

2. During the month, Company T has some transaction:

a. Inventory receipt note number N001 (2 May N): Put into warehouse some material A. It
was purchased on 1 May N (VAT invoice num 000231 from supplier K) Quantity X1 kg,
Purchase price: X2 (excluding: 10% VAT). Purchase on credit
b. VAT invoice num 003460 on 2 May N from supplier L. Purchasing material B: Quantity
1.000kg, purchase price: X3 (excluding: 10% VAT), purchase on credit
c. Inventory receipt note number N002 on 5 May N (VAT invoice num 003460). Quantity
1.000kg.

d. Inventory receipt note N003 on 6 May N: Put into warehouse some tools and supplies
X (VAT invoice num 000332 on 20 April from supplier M). Quantity 1.000 units
e. Debit note number A5372 on 30 May N: payment total payable to supplier K for
purchasing in the month.
3. Closing balance of acc 152. Based on counting at the end of month
Material A: 500kg x 210/kg
Material B: 1000kg x 27/kg
Tools and supplies X = 0.

Require:
1. Tự cho số liệu X1, X2, X3
2. Calculating value of ISSUING MATERIAL AND TOOLS AND SUPPLIES
3. Make journal entry, knowing that total material and tools and supplies used for production
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purpose.

Task 14: In Januray N, Rose Company had the following information: (Unit: VND)

1. Salary payable in January N:

Direct employees: 40,000,000
Selling staffs: 2,000,000
Administrative staffs: 10,000,000
2. Payroll related compensation was calculated according to prevail regulations. (chính là ghi nhận
các khoản bảo hiểm: CẢ PHẦN DOANH NGHIỆP TỰ ĐÓNG, VÀ PHẦN NHÂN VIÊN ĐÓNG
NHƯNG NHỜ DOANH NGHIỆP TRÍCH LƯƠNG ĐÓNG HỘ)
3. Debit note No. 34 dated 31/1/2016: made payment to social insurance authorities (included
payment on behalf of employees)
4. Payment note No.65 dated 31/1/N: Made payment for employees' health insurance
5. Deducted payroll related compensation from employees' salary
6. Debit note No.35 dated 31/1/N: made payment to employees after deducting all payroll related
compensation
Requirements: Caluclate and make journal entires for the above transactions?
Knowing that: The company calculates payroll related compensations according to current
regulations

Exercise 4 In June N, TM company had the following information. Beginning balance of some
accounts were as follow: (Unit: 1,000d)

Acc 334: 30.000

Acc 338: 12.000
Acc 3382: 2.000

Acc 3383: 6.000

Acc 3384: 2.000

Acc 3386: 2.000

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II. Transactions incurred in June year N:

1. Debit note No.90 dated 1/6/N make payment to authorities regarding social insurance:

6.000, health insurance: 2.000; unemployment insurance: 2.000 and put into cash account 30.000
2. Payment note No.112 dated 2/6/N Made salary payment to employees for previous period:
30.000

3. Calculated salary payable incurred in the month

- For direct labor: 600.000

- For factory staff: equal to 5% on total direct labors salary

- For sale staffs: 20.000

- For administrative staffs equal to 3% on total direct labors' salary

4. Made payroll related compensation as regulated
5. Debit note No.92 dated 30/6/N: made payment to related authorities

6. The following items should be deducted from employees' payable:

- Advance: 10.000

- Compensation: 5.000
- Personal income tax: 12.500
7. Received notes No.103 dated 30/6/N: transferred 700,000 from bank account to cash account
9. (1) Made payment to employees: 60% salary payable after deducting related items (thanh toán
60% lương phải trả sau khi trừ đi các khoản giảm trừ) (lấy bên Cr 334 – Dr 334 từ đầu tới giờ sẽ
biết hiện tại phải trả lương bao nhiêu => bài nói thanh toán 60% ở ý này)
(2) in which 10,000 was withheld due to employee’s absence (nhân viên vắng mặt)
Payment for withheld amount in previous month: 3000 (trå lương cho người vắng mặt từ kì trước)
Requirement: Make journal entries (Dr Cr)
Knowning that: Salary for payroll related compensation calculation equal to actual payment to
employees. The company calculates payroll related compensation according to current regulations.

Task 15: Company M purchases 1 fixed asset, the expenses incurred are as follows: (unit: 1000
VND)
Purchase price: 2,500,000 (excluding VAT 10%; unpaid to seller)
Cash discount recceived: 10,000
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Transportation cost is 20,000

Site preparation cost: 60,000
Direct consultation (professional) cost when buying machine: 100,000
Estimated maintenance cost after 5 years: 120,000 (The above fees have been paid by
cash on hand)
Record of delivery of fixed assets on 1st September N; handing over fixed assets to
production department, fixed assets invested by development investment fund.
Request:
1. Determining the historical cost of fixed assets and record (make journal entry) for fixed asset
purchase transaction?
2. Assuming that on 1 June/ N + 4, disposal of fixed asset with the selling price including 10%
VAT of 440,000. Determine the net book value of the fixed asset (Carrying amount) up to the
selling date and make the journal entry for that transaction
Know that: The above fixed assets are depreciated in accordance with the straight-line method,
with an estimated useful life of 5 years. Residual value= 0

Task 16: BMJ Company, has 1 entertainment room for activities of employees outside working
hours. On 01/01 / N, the company purchased outside 1 audio-visual equipment installed in the
above entertainment room.
Record of fixed asset delivery on 1st Jan N: handing over 1 audio-visual
equipment above to the entertainment room. Equipment purchased from
supplier A: Purchase price without VAT of 200,000, VAT 10% (unpaid) transportation costs are
paid by cash at bank 10,000; expenses for equipment testing and installing, in cash, of 2,000
Equipment purchased by the company's welfare fund
The company expects the useful life of asset to be 8 years, calculating the depreciation by
straight-line basis.
Request:
1. Calculating to determine the historical cost and make journal entry for purchasing transaction?
2. 31st Dec/N, how does the accountant record information about the fixed asset in Balance
sheet?

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3. 1st July/ N+4, the company sells the above equipment, with the VAT- exclusive selling price of
120,000 and 10% VAT. Expenses for the sale activities are spent in cash 4,000. How does
accounting record the transaction?

Task 17: A company produces only product A, applies perpertual accounting systems
and deductible VAT method.
The following information incurred in the month (unit: 1,000d):
1. Work in progress (Openning bal of acc154) was calculated in accordance with direct material
cost incurred 180,000.
2. Purchased on credit material at price before VAT 1,800,000. VAT rate 10%.
The material was received and put into warehouse.
3. Actual cost of material used for production process 2,100,000.
4. Direct labor cost 260,000.
5. Manufacturing overhead cost 320,000 (in which variable cost 120,000; fixed
cost 200,000).
6. Unused material at the end of month: 200,000. This unused material was still at
production process.
7. During the month: there were 1,000 finished products, in which 700 products
were put into the warehouse, the remaining were sent on consignment to company C
8. 200 work in progresses (Closing bal of acc154) were calculated according to
direct material cost incurred: 300,000.
Requirements:
1. Make journal entries for the above transactions
2. Calculate cost of finish goods
Knowning that actual capacity equal to 80% normal ones.

Task 18: Transactions incurred in Hoang Ha company in January 2016: (CU: 1.000 VND).
1. On 1st Jan: Handing over a production equipment to the factory. This equipment was
purchased from the supplier on credit at 500.000, (excluded 10% VAT). Related transportation
expense was paid in cash: 20.000. Related testing expense: 25.000 (in which, material cost:
15.000, salary payment: 6.000, other expenses: 4.000). The company received scrap value from
the testing period, then transferred these products to the warehouse, valued at: 16.000.

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2. On 1st Jan: Handing over a production factory to Production Department. Historical cost:
2.280.000. Estimated useful life: 18 years.
3. Purchasing an equipment for production purpose. Fixed assets delivery and receipt notes (The
Minute of Assets Hanover) No. 02 dated 3/1/2016 with related documents:
VAT invoice No. 002348 dated 2/1/2016 from the supplier Truong Hai:
Sub total: 1.200.000
10% VAT: 120.000
Total payment: 1.320.000
Debit note No. 10 dated 2/1/2016 from Vietcombank: payment of transportation expense:
21.000 (VAT invoice No. 006438 dated 2/1/2016 from Thành Hưng transportation
company, VAT: 5%)
Payment of installment and testing expenses: 25.000
This equipment was funded by Bank loans from Loan contract No. 34 dated 1/1/2016.
Estimated useful life: 15 years.
4. The Minute of Assets Hanover No. 03 dated 6/1/2016: Receiving of investment from Khanh An
company: a truck which was revaluated at 600.000. This truck has been used in Sales
Department. Estimated useful life: 10 years
5. The Minute of Assets Hanover No. 04 dated 7/1/2016: Purchasing a computer system on
credit for the administrative purpose. According to VAT invoice No.004793 dated 7/1/2016 from
Tran Anh company:
Listed price: 48.000
10% VAT: 4.800
Total payment: 52.800
Estimated useful life: 5 years.
Required:
1. Make journal entries for above transactions
2. Record the above transactions on Journal
- Assumption that all FA have no disposal value
- Hoàng Hà company pays VAT using credit-invoice method.

Task 19: A company produces only product A, applies perpertual accounting systems and

deductible VAT method. The following information incurred in the month (unit: 1.000d)
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1. Work in progress was calculated in accordance with direct material cost incurred 180.000.
2. Purchased on credit material at price before VAT 1.800.000. VAT rate 10%. The material
was received and put into warehouse.
3. Actual cost of material used for production process 2.100.000.
4. Direct labor cost 260.000.
5. Manufacturing overhead cost 320.000 (in which variable cost 120.000; fixed cost
200.000).
6. Unused material at the end of month: 200.000. This unused material was still at
production process.
7. During the month: there were 1.000 finished products, in which 700 products were put into
the warehouse, the remaining were sent on consignment to company C
8. 200 work in progresses were calculated according to direct material cost incurred:
300.000.
Requirements:
1. Make journal entries for the above transactions
2. Calculate cost of finish goods
Knowning that actual capacity equal to 80% normal ones.

Task 20: NGOC LAN company produces product A. The company applies deductible VAT method at
VAT rate of 10% and perpetual inventory system.The following information is available (Unit: 1,000d)
Balance at 30/09/N:
Acc. 154: 280,000
Acc. 155: 600,000 (amount: 75 products) Acc.157:0
A. Transactions incurred in quarter IV are as follows:
Content Amount
1. Direct material cost (under normal cost) 2.400.000
2. Direct labor cost (under normal cost) 1.176.000
3. Manufacturing overhead cost 590.000
In which: - Variable cost (normal capacity) 260.000
- Fixed cost 330.000

4. In quarter 4/N, there were 500 finished products, in which: 300 products were put into warehouse
and 200 products were sent on consignments.
5. Sold in cash 302 products and donated 20 products
6. At the end of quarter, 70% of goods sent on consignment were sold by cash at
bank after deducting commission fee at 2% on revenue (VAT rate: 10%)
7. Put into warehouse 5 returned goods. The company transferred money for the returned goods to
customers
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8. Selling expenses incurred: 350,000

9. Administrative expenses incurred: 410,000

Requirements:
a) Calculate cost of goods sold and make journal entries (including closing entries and business
result entries)
b) Prepare Income Statement Quarter 4/N

Additional information:
The company applies weighted average method for calculating cost of goods sold.
Normal capacity: 625 products/quarter
Ending inventory 58 products
Ending balance of Acc. 154: 255,000
Price: 13,000/product A (Excluding VAT 10%)
Assume that Profit before VAT = Taxable income. CIT rate 20%
There were not other expenses and income incurred.

Task 21: Company A applies periodic accounting system and deductible VAT method
In the month, the following information was available (unit: 1.000dong):
1. Work in progress was calculated according to direct material cost incurred 180.000.
2. Openning balance of material at the warehouse: 1.100.000.
3. Material purchased outside was put into warehouse. Price before VAT 1.800.000; VAT rate 10%.
4. Direct labor cost 260.000
5. Manufacturing overhead cost 320.000 (In which: variable cost 120,000; fixed cost 200.000)
6. At the end of month, cost of ending inventory 1.000.000.
7. 1.000 finished goods A were produced within the month. In which: 700 products were sent to
warehouse, the remaining was sold to Co. C.
8. 200 work in progresses were calculated according to cost of material incurred 300.000.
Requirement: Make journal entries

Task 22: Transactions incurred in Hoang Ha company in January 2016:

1. On 1st Jan: Handing over a production equipment to the factory. This equipment
was purchased from the supplier on credit at 500.000, (excluded 10% VAT); Related transportation
expense was paid in cash: 20.000; Related testing expense: 25.000 (in which, material cost:
15.000, salary payment: 6.000, other expenses: 4.000).
The company received scrap value from the testing period, then transferred these products to the
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warehouse, valued at: 16.000.

2. On 1st Jan: Handing over a production factory to Production Department. Historical cost:
2.280.000. Estimated useful life: 18 years.

3. Purchasing an equipment for production purpose. Fixed assets delivery and receipt notes (The
Minute of Assets Hanover) No. 02 dated 3/1/2016 with related documents: VAT invoice No. 002348
dated 2/1/2016 from the supplier Truong Hai:
Sub total: 1.200.000
10% VAT: 120.000
Total payment: 1.320.000
Debit note No. 10 dated 2/1/2016 from Vietcombank:
Payment of transportation expense: 21.000 (VAT invoice No. 006438 dated 2/1/2016 from Thành
Hưng transportation company, VAT: 5%)
Payment of installment and testing expenses: 25.000
This equipment was funded by Bank loans from Loan contract No. 34 dated 1/1/2016. Estimated
useful life: 15 years.

4. The Minute of Assets Hanover No. 03 dated 6/1/2016: Receiving of investment from Khanh An
company: a truck which was revaluated at 600.000. This truck has been used in Sales Department.
Estimated useful life: 10 years

The Minute of Assets Hanover No. 04 dated 7/1/2016: Purchasing a computer system on credit for
the administrative purpose. According to VAT invoice No. 004793 dated 7/1/2016 from Tran Anh
company:

Listed price: 48.000

10% VAT: 4.800

Total payment: 52.800
Estimated useful life: 5 years.

6. According to Decision No. 01 dated 8/1/2016 of the Director: transfering an investment real estate
into an office asset. Historical cost: 3.600.000, accumulated depreciation: 1.200.000. Estimated
useful life: 12 years.

Required:

1. Make journal entries for above transactions EAM II

2. Record the above transactions on Journal

Assumption that all FA have no disposal value

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Hoàng Hà company pays VAT using credit-invoice method.

Task 23: Company KH only produces product A. The company applies deductible VAT method
(VAT rate: 10%) and perpetual inventory system (Acc154). In quarter I/N, the following
information is available (Unit: 1.000d)
I. Beginning balance: Acc155 106.000 (amount: 20 products)
II. Transactions incurred in quarter 1/N were as follows:
1. Sent material for production purpose: 620.000, for factory management: 100.000
2. Sent tools for production process 7.000, for sale department: 5.000 (assume that these tools
were allocated once)
3. Disposed a fixed asset used in administrative department, initial cost: 300.000, accumulated
depreciation: 250.000. Disposal price before VAT 30.000, VAT 10%. The disposal value was
paid by cash at bank. Disposal expenses incurred: 2.000
4. Total salary payables: 740.000. In which: payables to direct labor: 500.000, to
factory management personnel: 100.000, sale staff: 60.000, general administrative staffs: 80.000
5. Total depreciation cost incurred in the period: 360.000. In which: Depreciation cost for
production department: 240.000, for sale department: 70.000, for administration department:
50.000
6. Cash paid for outside service expenses: 56.000. In which, the expenses incurred in
production department: 32.000, in sale department: 10.000, in administrative department: 14.000
7. In the period, there were 500 finished goods, in which: the number of goods put into warehouse
300 products and sent on consignment: 200 products. Knowing that, agrred commission fee: 2%
on revenue
8. Sale in cash 150 products
9. At the end of quarter, 1/2 of goods sent on consignment were sold. The company
received value of those goods after deducting commission fees
10. Received 10 returned products. The company repaid to customer by cash.
Requirement:
1. Fulfill X1; X2 to Company makes profit
2. Calculate cost of finished goods.
3. Make journal entries for the above transactions (kết chuyển 911)
4. Prepare income statement for quarter I/N
Additional information:
Beginning balance and ending balance of work in progress (acc154): X1 and X2,
respectively
Cost of goods sold/used is calculated by AVCO method.
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Price before VAT of product A: 4000/product, VAT rate: 10%

Assume that Profit before tax = Taxable income, VAT rate 20%

Task 24: 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)
I. 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 H, 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 25: Company HK produces only product A and applies perpetual inventory
system. VAT is deductible. In quarter II year N, the following information is available:
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:

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