Accounting for Payments to Sellers at Van Vu Joint Stock Company

Example 4: On November 15, Vo Thi Sau Primary School paid for goods according to Contract 0000120

Form 4: Notice of receipt

Branch: QUANG NINH Tax code: 0100230800-004

VIETNAM TECHNOLOGY AND COMMERCIAL JOINT STOCK BANK

Model No.: 01GTKT2/004 Symbol: AA/16T Number: 15655017807835.01000

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NOTIFICATION FORM

Link 2 – Delivered to customer November 15, 2016

Address: 193 Le Loi, Yet Kieu Ward, Ha Long City, Quang Ninh

Tax code: 5700680624

Customer ID Number: 22436470

Customer name: VAN VU JSC

Account number: 19025685342060 Currency: VND Account type: PAYMENT GUI Accounting entry number:

Content

Amount
Vo Thi Sau Primary School pays for goods	8,580,000
Total amount	8,580,000

We would like to inform you that we have credited your account with the following details:

Amount in words: Eight million five hundred eighty thousand dong. Summary:

Voting

Control

Chief Accountant

Table 5: Excerpt from General Journal 2016

Unit: Van Vu Joint Stock Company

Address: 193 Le Loi, Yet Kieu Ward, Ha Long City, Quang Ninh

GENERAL LOG

2016

Form No. S03a-DNN

(Issued under Decision 48/2006/QD-BTC dated September 14, 2006 of the Minister of Finance)

Unit: Dong

NT

record

Document		Interpretation	TKĐU	Number of occurrences
SH	NT			IN DEBT	HAVE
	….....	…….	………………	……	…………..	………….
10/11	Contract 0000120	10/11	Sales to Vo Thi Sau Primary School have not yet collected payment	131	8,580,000
				511		7,800,000
				3331		780,000
	….....	…….	………………	……	…………..	………….
11/15	PBC	11/15	Vo Thi Sau Primary School pays for goods	112	8,580,000
				131		8,580,000
	….....	…….	………………	……	…………..	………….
11/30	Contract 0000126	11/30	Sales to Nui Beo coal company not yet collected	131	17,424,000
				511		15,840,000
				3331		1,584,000
	….....	…….	………………	……	…………..	………….
02/12	PBC	02/12	Nui Beo Coal Company pays for goods	112	17,424,000
				131		17,424,000
	….	.....	………	….	………	……
			Co-arising		398,591,378,475	398,591,378,475

December 31, 2016

Preparer Chief Accountant Director

(Sign, print full name) (Sign, print full name) (Sign, print full name )

Table 6: Excerpt from General Ledger Account 131

Van Vu Joint Stock Company

Address: 193 Le Loi, Yet Kieu ward. Ha Long city, Quang Ninh

Unit:

Form No.: S03b – DNN (Issued under Decision No.: 48/2006/QD-BTC September 14, 2006 by Minister of Finance)

LEDGER

Year:2016

Account Name: Accounts Receivable

Number: 131 Unit: Dong

NTGS

Document		Interpretation	SH TKĐU	Amount
Number	NT			In debt	Have
			Opening balance		503,487,256
…	…	…	………..	….	…….	…..
10/11	Contract 0000120	10/11	Sales to Vo Thi Sau Primary School have not yet collected payment	511	7,800,000
				3331	780,000
…	…	…	………..	….	…….	…..
11/15	PBC	11/15	Vo Primary School Thi Sau paid for the goods.	112		8,580,000
…	…	…	………..	….	…….	…..
11/30	Contract 0000126	11/30	Sold goods to Nui Beo coal company but not yet collected money	511	15,840,000
				3331	1,584,000
…	…	…	………..	….	…….	…..
02/12	PBC	02/12	Nui Beo Coal Company pays for goods	112		17,424,000
…	…	…	………..	….	…….	…..
			Plus SPS		305.887.056	247,969,623
			Closing balance		561,404,689

- This book has .... pages, numbered from page 01 to page ....

- Date of opening the book: ......

December 31, 2016

(Signature, Full Name)

Bookkeeper

Chief Accountant (Signature, Full Name)

Manager (Signature, full name, seal)

Van Vu Joint Stock Company

Address: 193 Le Loi, Yet Kieu Ward, Ha Long City, Quang Ninh

Unit:

Model No.: S13 – DNN (Issued under Decision No. 48/2006/QD-BTC dated September 14, 2006 of the Minister of Finance)

CUSTOMER RECEIVABLE DETAIL BOOK

Account: 131

Subject: VO THI SAU PRIMARY SCHOOL

2016 Unit: Dong

NTGS

Document		Interpretation	TKĐU	C/K term	Number of occurrences		Balance
Number	NT				In debt	Have	In debt	Have
			Registration number					8,020,000
…	…	…	…	…	…	…	…	…
5/23	Contract 0000068	5/23	Cash on Delivery	511		4,581,000		11,165,000
				3331		458,100		11,623,100
30/5	PBC	30/5	Collect payment by bank transfer	112			5,039,100	6,584,000
10/11	Contract 0000120	10/11	Cash on Delivery	511		7,800,000		14,384,000
				3331		780,000		15,164,000
11/15	PBC	11/15	Collect payment by bank transfer	112			8,580,000	6,584,000
...	.....	.....	.......	.....		....	...	....
			Add the generated numbers			30,254,689	20,152,859
			SDCK					18,121,830

December 31, 2016

Bookkeeper

Chief Accountant	Manager
(Signature, Full Name)	(Signature, Full Name)	(Signature, full name, seal)

Van Vu Joint Stock Company

Address: 193 Le Loi, Yet Kieu Ward, Ha Long City, Quang Ninh

Unit:

Model No.: S13 – DNN (Issued under Decision No. 48/2006/QD-BTC dated September 14, 2006 of the Minister of Finance)

CUSTOMER RECEIVABLE DETAIL BOOK

Account: 131

Subject: BEO MOUNTAIN COAL COMPANY 2016

Unit: Dong

NTGS

Document		Interpretation	TKĐU	C/K term	Number of occurrences		Balance
Number	NT				In debt	Have	In debt	Have
			Registration number					17,578,368
			………					……
20/09	Contract 0000115	20/09	Cash on Delivery	511		8,748,230		32,234,230
				3331		874,823		33,109,053
28/09	PBC	28/09	Collect payment by bank transfer	112			9,596,053	23,513,000
11/30	Contract 0000126	11/30	Cash on Delivery	511		15,840,000		39,353,000
				3331		1,584,000		40,937,000
02/12	PBC	02/12	Collect payment by bank transfer	112			17,424,000	23,513,000
			………					……
			Add the generated numbers			35,487,590	39,458,263
			SDCK					13,607,695

December 31, 2016

Bookkeeper

Chief Accountant	Manager
(Signature, Full Name)	(Signature, Full Name)	(Signature, full name, seal)

Unit: Van Vu Joint Stock Company

Address: 193 Le Loi, Yet Kieu ward, Ha Long city, Quang Ninh

CUSTOMER RECEIVABLES SUMMARY TABLE

Account: Accounts receivable

2016 Unit: Dong

Customer Code

Customer name	Opening balance		Number of occurrences during the period		Closing balance
	In debt	Have	In debt	Have	In debt	Have
	………..
ANKHANG	An Khang Joint Stock Company	0		42,000,000	42,000,000	0
VOTHISAU	Vo Thi Sau Primary School	8,020,000		30,254,689	20,152,859	18,121,830
ANCUONG	An Cuong Company Limited	0		57,356,000	57,356,000	0
NUIBEO	Nui Beo Coal Company	17,578,368		35,487,590	39,458,263	13,607,695
	……..
	Add	503,487,256		305.887.056	247,969,623	561,404,689

December 31, 2016

Bookkeeper Chief Accountant Director

(Signature, full name) (Signature, full name) (Signature, full name, seal)

2.2.2. Accounting for payment to seller at Van Vu Joint Stock Company

Documents used :

 Sales contract

 VAT invoice

 Bank debt notice

 Payment authorization

Account used : Account 331 – Payable to seller

General journal

Payables Summary

Balance sheet of arising numbers

Financial report

Ledger account 331

Payables to Sellers Detail Ledger

Books used : general journal, ledger account 331, detailed accounts payable book, summary accounts payable table.

Accounting documents

Diagram 2.5 : Accounting process for payment to sellers at Van Vu Joint Stock Company

Note: Daily note

Periodic recording

Check, compare

- Daily, based on the checked accounting documents, record them in the General Journal and the detailed accounts payable book. Then, based on the data recorded in the General Journal, record them in the General Ledger Account 331. At the end of the period, from the detailed account account 331, create a summary of accounts payable to sellers. At the same time, check and compare the data between the general ledger account 331 and the summary of accounts payable to sellers.

- After checking and comparing the data recorded in the General Ledger Account 331 and the summary table of payables to sellers, at the end of the period, prepare the balance sheet of arising numbers. Based on the data in the General Ledger Account 331, the summary table of payables to sellers and the balance sheet of arising numbers, prepare the Financial Statements.

Example 1: On November 4, the company bought 300 cartons of TH true milk 110ml. The unit price is 225,000 VND/carton (excluding VAT) from Minh Vuong Joint Stock Company which has not been paid yet.

Registration: Debit account 156: 67,500,000

Debit account 133: 6,750,000

Credit account 331: 74,250,000