Current Status of Accounting for Payments to Sellers (Suppliers) at Hoang Son Transport Trading Joint Stock Company

Based on the data in Ledger Account 131 (Table 2.4), the accountant prepares the 2012 Balance Sheet.

TABLE 2.16. BALANCE SHEET

Reporting unit : HOANG SON TRADING AND MATERIALS JOINT STOCK COMPANY

Address : 19A/311 Doan Xa, Dong Hai 1, Hai An, Hai Phong

BALANCE SHEET 01/01/2012 TO 31/12/2012

Unit: Vietnamese Dong

Number

Account Name	Beginning balance		Number of occurrences during the period		Closing balance
		Bow tie	Have	Bow tie	Have	In debt	Have
A	B	1	2	3	3	5	6
111	Cash	454,702,740		46,598,723,654	46.108.750.898	944,675,496
112	Bank deposit	176,717,807		109.112.333.11	109.274.784.05	14,266,869
131	Accounts receivable	10,269,693,485		55,467,327,902	60,736,102,276	5.000.919.111
133	VAT deductible			5,094,882,145	4,968,527,625	126,354,520
156	Goods	25,790,493,875		36,323,738,417	37.605.375.004	24,508,857,288
211	Fixed assets	13,237,454,484		0	0	13,237,454,484
214	Depreciation of fixed assets		6,589,297,715	0	861,622,178		7,450,919,893
242	Long term prepayment costs	1,656,159,316		0	0	1,656,159,316
311	Short term loan		27,999,813,222	45,037,239,899	45.033.457.015		27,996,030,338
331	Payable to Seller	15,000,000,000	8,557,742,481	46,295,511,466	43.167.096.253	15,000,000,000	5,429,327,268
3331	VAT payable		18,964,083	1,653 . 245,862	1,634,281,779		-
3334	Corporate Income Tax		2,112,202,999	2,454,195,047	382 . 126 . 496		40,134,448
338	Other taxes			3,000,000	3,000 . 000	-	-
334	Payable to workers			816,000,000	816,000,000	-	-
341	Long-term loans		5,873,805,550	1,081,305,556	-		4,792,499,994
411	Business capital		10,000,000,000	0	0	-	10,000,000,000

Maybe you are interested!

Current Status of Fixed Asset Accounting Organization at Sanofi-Aventis Vietnam Company Limited:
Current Accounting Status Determining Business Results At Thanh Son Company Limited.
Current status of production cost accounting and pricing of food and beverage products and services at DMZ Tourism Joint Stock Company - 11
Current status of material accounting at Viet Tri Viglacera Joint Stock Company - 11
Current Status of Cost Management Accounting from the Perspective of Social Responsibility in Hospitals

421

Retained earnings		5,433,395,657	1,800,000,000	1,146,379,487		4,779,775,143
511	Sales and supply revenue			55,749,589,869	55,749,589,869
5111	Sales revenue			48.678.900.456	48.678.900.456
5113	Service revenue			7,070,689,413	7,070,689,413
515	Financial revenue			4,034,232	4,034,232
632	Cost of goods sold			50,496,597,425	50,496,597,425
6321	Cost of goods purchased			37.605.375.004	37.605.375.004
6322	Cost of service			12,891,222,421	12,891,222,421
6322	Raw material cost			6,445,611,211	6,445,611,211
6322	Salary costs			816,000,000	816,000,000
6322	Depreciation expense			861,622,178	861,622,178
6322	Repair costs			1,611,402,803	1,611,402,803
6322	Cost of spare parts			1,611,402,803	1,611,402,803
6322	Outsourcing service costs			1,545,183,427	1,545,183,427
635	Financial costs			3,581,596,370	3,581,596,370
642	Business management costs			189,456,324	189,456,324	_
711	Other income			42,532,000	42,532,000
811	Other costs			0	0	_
821	Corporate income tax expense			382,126,496	382,126,496
911	Determine business results			55.796.156.101	55.796.156.101
	Add	66,585,221,707	66,585,221,707	537,941,503,715	537,941,503,715	60,488,687,084	60,488,687,084

Established, January 2, 2013

(Signature, full name)

TABLE MAKER

CHIEF ACCOUNTANT

(Signature, full name)

MANAGER

(Signature, full name)

(Data source: Accounting Department of Hoang Son Transport Trading Joint Stock Company)

Based on the data in the Customer Receivables Detail Summary Book (Form 2.15), the accountant prepares the Balance Sheet.

TABLE 2.17. BALANCE SHEET

Reporting unit : HOANG SON TRADING AND MATERIALS JOINT STOCK COMPANY

Address : 19A/311 Doan Xa, Dong Hai 1, Hai An, Hai Phong

BALANCE SHEET 01/01/2012 TO 31/12/2012

Unit: Vietnamese Dong

ASSET

Code	Theory bright	Year-end number	Beginning of year number
A	B	C	1	2
A- CURRENT ASSETS (100=110+120+130+140+16	100		45,595,073,284	51,691,607,907
I. Cash and cash equivalents	110	(III.01)	958,942,365	631,420,547
II. Short-term financial investments	120	(III.05)
1. Short-term financial investment	121
2. Provision for short-term financial investment depreciation	129
III. Short-term receivables	130		20,000,919,111	25,269,693,485
1.Customer receivables	131		5.000.919.111	10,269,693,485
2. Prepayment to the seller	132		15,000,000,000	15,000,000,000
3. Other receivables	138
4. Provision for short-term doubtful receivables	139
IV. Inventory	140		24,508,857,288	25,790,493,875
1. Inventory	141	(III.02)	24,508,857,288	25,790,493,875
2. Provision for inventory depreciation (*)	149
V. Other short-term assets	150		126,354,520
1. Deductible VAT	151		126,354,520
2. Taxes and other receivables from the House	152
3. Other current assets	158
B. LONG-TERM ASSETS (200=	200		7,442,693,907	8,304,316,085
I. Fixed assets	210	(III.03.04)	5,786,534,591	6,648,156,769
1.Original price	211		13,237,454,484	13,237,454,484
2. Accumulated depreciation value	212		(7,450,919,893)	(6,589,297,715)
3. Cost of unfinished basic construction	213
II. Investment real estate	220
1. Original price	221
2. Accumulated depreciation value	222
III. Long-term financial investments	230	(III.05)
1. Long-term financial investment	231
2. Provision for long-term financial investment depreciation	239
IV. Other long-term assets	240		1,656,159,316	1,656,159,316
1. Long-term receivables	241
2. Other long-term assets	248		1,656,159,316	1,656,159,316
3. Provision for long-term doubtful receivables	249
TOTAL ASSETS (250=100+200)	.250		53,037,767,191	59,995,923,992

CAPITAL SOURCES


A. LIABILITIES PAYABLE (300= 310+ 320)	300		38 . 257 . 992 . 048	44 . 562 . 528 . 335
I. Short-term debt	310		33 . 465 . 492 . 054	38 . 688 . 722 . 785
1. Short-term loans	311		27 . 996 . 030 . 338	27 . 999 . 813 . 222
2. Payable to seller	312		5 . 429 . 327 . 268	8 . 557 . 742 . 481
3. Buyer pays in advance	313		348,077,826	152,180,000
4. Taxes and payments to the State	314	(III.06)	40 . 134 . 448	2 . 131 . 167 . 082
5 Payable to employees	315
6. Costs payable	316
7. Other short-term payables	318
8. Short-term payables provision	319
II. Long-term debt	320		4,792,499,994	5,873,805,550
1. Long-term loans and debt	321		4 . 792 . 499 . 994	5 . 873 . 805 . 550
2. Unemployment compensation reserve fund	322
3. Other long-term payables	328
4. Long-term payables provision	329
B. OWNER'S EQUITY (400=410+430)	400		14,779,775,143	15,433,395,657
I. Equity	410	(III.07)	14,779,775,143	15,433,395,657
1. Owner's equity	411		10 . 000 . 000 . 000	10,000,000,000
2. Share capital surplus	412
3. Other owners' capital	413
4. Treasury stock(*)	414
5. Exchange rate difference	415
6. Equity funds	416
7. Undistributed profit after tax	417		4 . 779 . 775 . 143	5,433,395,657
II. Welfare reward fund	430
TOTAL CAPITAL (440=300+400)	440		53,037,767,191	59,995,923,992

OFF-BALANCE SHEET INDICATORS

INDICATORS

Year-end number	Beginning of year number
1. Outsourced assets
2. Materials and goods received for safekeeping and processing
3. Goods accepted for sale, consignment, and deposit
4. Bad debt has been handled
5. Foreign currencies

Established, January 2, 2013

(Signature, full name)

TABLE MAKER

CHIEF ACCOUNTANT

(Signature, full name)

MANAGER

(Signature, full name)

(Data source: Accounting Department of Hoang Son Transport Trading Joint Stock Company)

2.3. Current status of accounting for payments to sellers (suppliers) at Hoang Son Transport Trading Joint Stock Company

2.3.1. Documents, accounts and books used in accounting for payments to sellers

2.3.1.1. Documents used

Economic contract on supply of goods

VAT invoice from supplier to company Freight invoice

Warehouse receipt

Advance payment request

Advance payment slip Payment voucher

Payment Order Notice

2.3.1.2. User account

To monitor the payment status with suppliers for the amount of purchased goods, the Company uses account 331 - Payables to sellers. This account is monitored in detail for each supplier and has the following structure:

Debit side:

- Amount paid to sellers of materials, goods, service providers, and construction contractors;

- Amount of advance payment to sellers, suppliers, construction contractors but materials, goods, services, completed construction products have not been received and handed over;

- The amount the seller agrees to reduce the price of goods or services delivered under the contract;

- Payment discounts and trade discounts approved by the seller for the business to deduct and the debt payable to the seller;

- Value of materials and goods that are missing or of poor quality upon inspection and return to the seller.

Creditor:

- Amounts payable to sellers of materials, goods, service providers and construction contractors;

- Adjust the difference between the provisional price being less than the actual price of the received materials, goods and services, when there is an invoice or official price notice. Credit balance: The amount still payable to the seller, supplier, construction contractor. Debit balance (if any) reflects the amount advanced to the seller or the amount paid in excess of the amount payable to the seller according to the details of each specific subject. When preparing the Balance Sheet, the detailed balance of each subject reflected in this account must be taken to record the 2 indicators on the "Assets" side and the "Capital Sources" side.

2.3.1.3. Usage books

- Payment details book with buyer account 331

- Payment summary table with buyer account 331

- Ledger account 331

- General journal

2.3.2. General accounting and payment details with sellers

Payables must be accounted for in detail for each payable entity, each payable content, tracking short-term payables, long-term payables in detail and recording each payment. Payable entities are suppliers who have economic relations with the enterprise regarding the purchase of goods and products, receiving the provision of services, including fixed assets and investment real estate.

Payment authorization

Supplier

Accounting Department

DIAGRAM 2.6. PROCESS OF TRANSFERRING PAYMENT DOCUMENTS TO SELLERS

Payment voucher

Debit Note

Bank

Supplier

Accounting Department

Transfer

For example:On January 4, 2013, purchased 11,355 liters of Diesel oil from Binh Phat Trading Joint Stock Company, the amount of VND 242,429,250 according to VAT invoice number 0001245 (VAT 10%), not yet paid.

FORM 2.18. VALUE ADDED TAX INVOICE NO. 0001245

BILL ADDED VALUE Copy 2: (Delivered to customer) January 4, 2012			Model No.: 01 GTKT3/001 Symbol: AA/11P Number: 0001245
Sales unit: Binh Phat Trading Joint Stock Company ………………………………………………………………………………………
Address: No. 220 Vu Chi Thang, Nghia Xa ward, Le Chan district, Hai Phong
Account Number:…………………………………………………………………………..
Phone: ……………………..Tax code: 0201137822
Buyer's name: …………………………………………………………… Unit name: Hoang Son Transport Trading Joint Stock Company…………………………. Address: No. 19A, alley 311, Doan Xa, Dong Hai 1 ward, Hai An district, Hai Phong Account number:………………………………………………………………………... Payment method: …….MS : 0200453511
STT	Name of goods and services	Single position	Quantity	Unit price	Total amount
A	B	C	1	2	3=1x2
1	Diesel Oil	Liter	11355	19,409.09	220,390,227



			Total cost of goods:		220,390,227
VAT rate: 10%....			Tax:		22,039,023
			Total payment		242,429,250
Amount in words: Two hundred forty-two million four hundred twenty-nine thousand two hundred and fifty copper…………………………..…………………………………………………………
Shopper		Chief Accountant		Unit Head
(Sign, print full name)		(Sign, print full name)		(Sign, seal, full name)

(Data source: Accounting Department of Hoang Son Transport Trading Joint Stock Company)

Comment