- Purchase goods for warehouse, purchase price before tax: 120,000, trade discount is 1%, VAT tax rate is 10%.
- Shipping cost according to invoice 3,300 (special invoice type number 7) VAT of shipping service 10%.
9. On January 30, received debt notice No. 190 for short-term bank loan to pay for purchase on January 8 with 1% early payment discount.
Request :
- Prepare accounting entries for arising economic transactions.
- Determine the amount of VAT deductible at the end of the month.
Lesson 2
At commercial establishment X, which accounts for inventory using the regular declaration method and calculates VAT using the direct method, in February, the following economic transactions arise:
1. On January 6, invoice No. 1 purchased 1,100 units of product A with a unit price of VND 40,000/unit, trade discount of 3%, unpaid amount in advance
2,600,000 VND.
2. On February 8, purchased batch of invoice No. 2 for VND 230,000,000, paid by check (debit note No. 60). The goods received in the warehouse were missing some goods worth VND 4,200,000, immediately determined within the standard loss of VND 1,200,000. The rest was handled by the professional staff by compensation according to the purchase price.
3. On February 12, invoice No. 3 purchased 600 units of product B at a unit price of VND 420,000/unit. Payment has not been made yet. When the goods were brought into the warehouse, it was discovered that there were 20 extra units. It was immediately determined that the seller had transferred the excess, and it was imported into the warehouse according to invoice number (PNK No. 3). The excess goods were kept on behalf of the seller.
4. On February 13, received a debit note from the bank to transfer TGNH to pay for the purchase on February 6, with a 2% discount for early payment.
5. On February 14, 500 units of goods C were received from the seller without invoices. The unit imported them into the warehouse at a provisional price of 200,000 units (PNK No. 4).
6. February 15 advance payment report:
- Value of purchased goods in warehouse (PNK No. 5) 126,000,000 VND
- Transportation and unloading cost: 2,400,000 VND
7. On February 17, purchased a batch of goods according to invoice No. 8 with a value of 270,000,000 VND. Payment was made by check (debit note No. 100). Number of goods purchased:
- 1/3 sold directly, the lot was sold with a 12% margin.
- The remaining amount was transferred to the warehouse and discovered that some valuable goods were missing.
2,400,000 VND, cause not yet revealed. Unit has entered into warehouse according to actual received number (PNK No. 6).
8. On February 20, received invoice No. 10 from the seller for the shipment received on February 14 with a unit price of VND 190,000. The unit paid by bank transfer (debited).
9. On February 26, purchased invoice No. 15 worth 320,000,000 VND, unpaid. Number of purchased goods:
- Transfer of 1/4 agency base, 15% sales surplus, 5% commission, 10% VAT on agency services
- The remaining amount transferred to the warehouse is short 2,400,000 VND with unknown cause (PNK No. 7)
10. On February 28, cash was withdrawn to pay for the purchase of goods on February 26. The trade discount was 2% and the early payment discount was 1%.
11. Received goods purchased in the previous period, according to VAT invoice, value of goods before tax: 140,000,000 VND, VAT tax rate 10%. Actual value of goods in warehouse before tax price 142,000,000 VND (PNK No. 8), excess goods with unknown cause.
Request :
- Prepare accounting entries for arising economic transactions.
- Open accounting books in the form of a General Journal to record arising economic transactions.
Lesson 3
At enterprise X, inventory is accounted for using the regular declaration method and VAT is calculated using the deduction method. In 3 months, the following economic transactions occurred:
1. On March 1, sold a batch of goods with a warehouse price of 50,000,000 (PXK No. 70) VAT invoice 101:
- Selling price excluding tax: 60,000,000 VND
- VAT 10%: 6,000,000 VND
- Total payment: 66,000,000 VND Cash payment for goods, receipt number 20
1. On March 5, received a notice from company A stating that it had received the shipment of goods for sale according to VAT invoice No. 95 of the previous period and accepted payment, selling price excluding tax: 132,000,00 VND, VAT tax rate 10%. Actual price of the shipment is 120,000,000 VND.
2. On March 10, a batch of goods was sold from the warehouse, the price of the goods sold was 70,000,000 VND (PXK 72). According to the VAT invoice: pre-tax selling price: 80,000,000 VND, VAT rate 10%, trade discount for customers 2%. Collected in cash
22,000,000 VND, the remaining debt is received by the buyer (receipt number 21)
3. On March 11, company A paid the unit via bank deposit, credit notice number 302 dated March 11, knowing that company A enjoyed an early payment discount of 1%.
4. On March 15, received retail invoice list from trader number 05:
- Sales: 38,500,000 VND
- VAT rate: 10%
Cash sales revenue 38,000,000 VND (receipt No. 22), warehouse price
28,000,000 VND. The amount of money the salesperson must compensate.
5. On March 20, received bank statement No. 303 dated March 20 for the amount paid by the agent (minus commission) knowing that the goods sent to the agent for sale on February 15 had been sold out (warehouse delivery note 08).
- Dealer price excluding tax: 150,000,000 VND
- Agent commission: 5% on pre-tax price
- VAT of goods 10%: 15,000,000 VND
- VAT of agency services 10%
- Warehouse price: 130,000,0000 VND
6. On March 22, company B prepaid 50,000,000 VND for goods in cash, receipt number 23.
7. On March 24, a batch of goods was sold to company C at a warehouse price of VND 110,000,000 (XK No. 81), VAT invoice No. 103.
- Selling price before tax: 140,000,000 VND, VAT rate 10%, 14,000,000
copper
Company C paid 25% of the shipment value in cash (receipt No. 24), the rest is on credit.
8. On March 25, deliver goods to company B to pay for the deposit on
March 22 VAT invoice number 104:
- Selling price before tax: 60,000,000 VND, VAT 10%: 6,000,000 VND
- Warehouse price 45,000,000 VND (PXK No. 82), the remaining amount is owed by company B.
9. On March 27, Company C paid the remaining amount in transaction (8) on March 24 via the bank (notice number 304, dated March 27). Knowing that Company C received a 1% discount for early payment.
10. On March 31, VAT deduction determines VAT payable or deductible.
Request :
1. Prepare accounting entries for arising economic transactions.
2. Reflect transactions in the general journal, sales journal, cash journal, treasury journal, account number 511, ledger account 3331.
Lesson 4
At enterprise X, inventory is accounted for using the periodic declaration method. In April, there are the following documents:
1. On April 1, purchased a shipment of goods according to VAT invoice number 10:
- Purchase price: 360,000,000 VND
- VAT 10%: 36,000,000 VND
The debt received for the above goods is handled as follows:
- 1/4 sold by third party with 10% margin, 10% VAT rate, buyer receives debt.
- 1/4 sold directly to company A, surplus 15%, shipping costs on behalf of the buyer in cash with total payment price 1,100,000 VND (special invoice, VAT rate 10%).
- 1/4 consignment for sale to agents, surplus 20%, agent commission 5%, VAT on goods and agent services 10%.
- 1/4 transferred to warehouse in full. Transportation cost paid in cash 1,980,000 VND, special invoice, VAT rate 10%, .
2. On April 5, received the shipment purchased according to the VAT invoice dated March 26:
- Purchase price before tax: 360,000,000 VND
- VAT 10%: 36,000,000 VND
- Total payment value: 396,000,000 VND
The consignor sells directly to company B with a 20% margin, VAT rate of 10, transportation costs according to VAT invoice price excluding tax of 500,000 VND, VAT rate of 10%, payment in cash, knowing that according to the contract, the seller must bear.
3. On April 8, borrowed short-term from the bank to pay off debt for goods purchased on April 1 (debt reported), knowing that the trade discount is 3%, the discount for early payment is 1%.
4. On April 10, received a bank statement regarding:
- Customers pay in cash on April 1st, receive a 2% early payment discount.
- Company A paid for the shipment sent for sale directly on April 1, VAT rate 10%.
5. Determine the reason for the shortage of imported goods, the pre-tax price is 10,000,000 VND, VAT rate is 10%, assign responsibility to the officer escorting the goods to compensate according to the payment price to the seller.
6. On April 20, received a notice from company B stating that the goods had been received in full and payment was accepted.
7. On April 25, the dealer paid for the shipment received for sale on April 1 in cash (minus commission).
8. On April 30, deduct input VAT and determine VAT payable.
Request :
Prepare accounting entries reflecting the above economic transactions in two cases: the unit pays tax using the direct method on VAT and the deduction method.
Lesson 5
At enterprise X, which accounts for inventory using the regular declaration method and calculates VAT using the deduction method, a number of transactions arise during the month (Unit: VND):
1. Exported a batch of goods for sale with export price of 70,000,000, VAT invoice: Pre-tax sale price: 80,000,000, VAT: 8,000,000
In exchange for a shipment of goods with a pre-tax value of 75,000,000, VAT rate of 5%, fully imported goods, warehouse receipt number 5.
2. Customer pays 99,000,0000 in cash knowing that the discount received for early payment is 1%.
3. Exporting a batch of goods for installment sale, VAT invoice:
- Selling price excluding tax: 55,000,000
- Installment price: 58,000,000
- VAT 10% 5,500,000
- Cash received at the time of sale 18,000,000 has been deposited in the fund, installment period 6 months, sales surplus 10%
4. Send a batch of goods to company M for sale, VAT invoice
- Selling price of goods before tax: 280,000,000
- Packaging price excluding tax: 5,600,000
- VAT on goods and packaging 10%: 28,560,000
- Total payment: 314,160,000
- Shipping cost excluding tax 1,500,000, VAT tax rate 10%, paid in cash (according to contract, seller pays). Knowing that the consumption surplus of the shipment is 12%
5. Retail statement of the trader
- Goods A: taxable sales 22,000,000, VAT tax rate 10%,
- Goods B: taxable sales 42,000,000, VAT rate 5%
- Goods C: taxable sales 110,000,000, VAT tax rate 10%,
Knowing the warehouse price of goods A: 18,000,000, goods B: 35,000,000, goods C: 80,000,000. The sales revenue collected in cash is fully deposited in the fund, the cashier has deposited it into the bank but there is no credit notice yet.
6. Received a notice from company M stating that upon inspection, some goods with a value of 16,800,000 VND excluding tax were found to be missing, determined to be due to the seller's under-export and accepted based on the actual payment received.
7. Export goods to company N for sale, according to VAT invoice
230,000,000 | |
- VAT of goods 10%: | 23,000,000 |
- Total payment: | 253,000,000 |
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- Shipping costs paid on behalf of the buyer 3,300,000 in cash (special invoice, VAT rate 10%). Knowing that the consumption surplus of the shipment is 15%.
8. Accept to sell 500 units of product E as an agent:
- Price before tax: 100,000/piece
- Agent commission 3%
- VAT on goods and agency services 10%
9. Received the bank notice of payment for the consignment of goods for sale in transaction (7).
10. Received a notice from company N stating that upon checking the goods, it was discovered that some goods worth 34,500,000 VND before tax were returned with incorrect specifications and some goods worth 10,000,000 VND before tax were of poor quality and required a 20% discount. The unit accepted and returned them to the customer in cash.
11. Returned goods in transaction (10), transportation cost according to VAT invoice price excluding tax 1,000,000, VAT tax rate 10%, paid in cash.
12. Sales report of sales staff: 300 units of goods E sold with cash and full fund (unit deducts commission immediately).
13. Pay the delivery agent for the goods E sold using bank deposits, with a debit notice.
14. Deduct input VAT of 30,000,000. The remaining VAT payable by the unit has been paid by bank transfer (debit notification has been issued).
Request :
1. Prepare entries reflecting the above economic transactions.
2. Determine net revenue.
Lesson 6
TVT Company calculates VAT using the deduction method, accounts for inventory using the regular declaration method with documents in April/N as follows (Unit:
1,000 VND).
In April of year N, the following economic transactions occurred:
1. On April 2, the purchasing company imported a batch of goods for export, the purchase price stated on the invoice excluding 10% VAT was 360,000. The goods were paid by bank transfer in VND after deducting the payment discount of 0.8%. The transportation cost paid in cash was VND 8,800, including 10% VAT.
2. On April 5, the company transferred the shipment dated April 2 to complete export procedures with an FOB price of 32,000 USD. The outsourced transportation cost paid in cash was VND 7,700, including VAT at a rate of 10%. The actual exchange rate on the day was 20.05/USD.
3. On April 12, the company completed customs procedures for the shipment dated April 5, with an export tax rate of 5% and an export VAT rate of 0%. The actual exchange rate on the day was 20.1/USD, and the customs-regulated tax rate was 20.95/USD.
4. On April 14, the company paid export tax by transferring Vietnamese Dong.
5. On April 18, the company completed the delivery of goods to the importer onto the international means of transport. The exchange rate stated on the 0% VAT invoice issued by the company is 20.15/USD. The unloading cost paid in cash is 2,500.
6. On April 25, the importer paid the company for the goods by bank transfer 32,000, the actual exchange rate on the day was 20.18/USD.
7. On April 28, the company sold 32,000 USD and collected VND to deposit into the fund. The foreign exchange rate is 20.05/USD.
Request :
1. Record and reflect in the accounts the economic transactions that arise.
2. Perform the transfer entries to determine business results, knowing that the selling expenses and business management expenses (not including the above economic transactions) are 18,700 and 26,800 respectively.
Lesson 7
Accounting for export entrustment activities at the export entrustment unit, during the period, the following economic transactions occurred: (Unit: 1,000 VND)
1. Import finished products at actual cost of 500,000
2. Deliver goods to the consignee, value of goods delivered 400,000
3. The export consignment revenue has determined the consumption value of the export shipment is 640,000.
4. The sales department reported a broken tool or equipment in the 5th period, knowing that this tool or equipment is of the 6-period allocation type, the initial value is 12,000, the scrap sold for cash is 1,000.
5. The salary to be paid to the sales department staff is 30,000 and the salary to be paid to the business management department is 10,000.
6. Deduct social insurance, health insurance, union funds, and unemployment insurance at the prescribed rate of 34.5%.
7. Depreciation of equipment used in the sales department is 6,000 and management equipment used in the corporate office department is 4,000.
8. Outsourced services not yet paid to customers according to invoices including 10% VAT are 8,800, allocated to the business department is 6,000,000 VND and the business management department is 2,000.
9. Export tax payable per export shipment is 32,000.
10. The entrusted unit sends documents and notice that it has paid the export tax amount of 32,000.
11. The bank fee that the entrusted unit has paid on behalf of the enterprise is 3,000, VAT is 10%.
12. The export commission fee payable to the consignee is 6,600, including 10% VAT.
13. Offset receivables for exported goods and payables to export consignees.
14. Notice of receipt of remaining export commission sales proceeds after debt offset.
Requirement : Record economic transactions.
Lesson 8
At the enterprise, there is the following data related to the enterprise's export entrustment process as follows:
1. Receive a shipment worth 900,000,000 VND for export consignment.
2. Transfer the Customs declaration confirming that the consignment for export has been exported to the consignor and receive a VAT invoice with a tax rate of 0% delivered by the consignor with a selling price of 90,000 USD. Special consumption tax rate is 20%, export tax rate is 5%. Transaction exchange rate is 21,000 VND.
3. Pay on behalf of the expenses related to the consignment export shipment with a total amount of 49,500,000 VND in cash (including 10% VAT).
4. Deliver VAT invoice for export commission fee to the export commissioner with total payment amount of VND 31,482,000 (including 10% VAT).
5. The bank reports the payment amount from the buyer. Transaction exchange rate
21,000 VND/USD.
6. Pay special consumption tax and export tax to the State Budget through the bank.
7. The parties to the export trust contract shall reconcile debts and offset between receivables and payables.
8. Transfer payment to the export consignee.
Request:Provisions for economic transactions.