Organization of Corporate Income Tax Expense Accounting at Hai Long Logistics Company Limited:

Table 2.30

MINUTES OF SALE OF FIXED ASSETS

September 12, 2011

- Pursuant to Decision No. 18 dated September 12, 2011 of Hai Long Logistics Company Limited on the transfer and sale of fixed assets

I. Fixed Asset Liquidation Board includes:

* Liquidating party (Party A)

- Mr. Pham Hung Son Position: Director

- Ms. Bui Thi Ngoc Ha Position: Accountant

* Buyer (Party B)

Mr. Nguyen Van Minh Position: Deputy Director

Mr. Nguyen Tien Dat Position: Sales staff

II. Conduct liquidation of fixed assets

- Name, code, specification (class) of fixed asset: Trailer..........................................

- Fixed asset number: license plate 16R-1984..........................................................

-Country of manufacture (construction): USA................................................................................

- Year of manufacture: 2007..........................................................................................................

- Year of use: 2009...................................................................................................

- Original price of fixed assets: 38,895,328......................................................

- Depreciation value deducted up to the time of sale: VND 12,965,060 ..........................

- Remaining value of fixed assets: VND 25,930,268 ......................................................

III. Conclusion of the Fixed Asset Liquidation Board: Trailers are still in normal use IV> Results of fixed asset liquidation

- Fixed asset liquidation costs:..0.......................(in words).......................................

- Recovery value: . 20,363,636 .......(in words): twenty million three hundred sixty-three thousand six hundred thirty-six dong

- Recorded decrease in fixed assets book on September 12, 2011

Representative of Party A

(Signature, full name)

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Table 2.31

Reference number: 350CT07103010001

NOTIFICATION FORM

September 12, 2011

HAI PHONG BRANCH

Subsystem code: RT Tax code: 0102744865

Dear: HAI LONG LOGISTICS COMPANY LIMITED

Address: NO. 427, DA NANG

HAI AN DISTRICT, HAI PHONG

We would like to inform you that we have credited your account number: 00013599001 Credit amount: VND22,400,000

Valid date: 12/09/2011

Content: IBPS – TC:L38200038. Collection of money for liquidation of fixed assets

Approve

Hai Long Logistics Company Limited (Issued under Decision No. 48/2006/QD-BTC Address: Room 106, Petroleum Engineering Department, No. 427 Da Nang, Hai An, Hp, September 14, 2006 of the Minister of Finance)

GENERAL LOG

2011

Unit: VND

Date of entry

December 31, 2011

(Sign, print full name)

(Source: Company Accounting Department)

Table 2.33

Hai Long Logistics Company Limited (Issued under Decision No. 48/2006/QD-BTC Address: Room 106, Petroleum Engineering Department, No. 427 Da Nang, Hai An, Hp September 14, 2006 of the Minister of Finance)

LEDGER

Account Name: Other Income Number: 711

Year: 2011 Unit: VND

Date of entry

December 31, 2011

(Source: Company Accounting Department)

Table 2.34

Hai Long Logistics Company Limited (Issued under Decision No. 48/2006/QD-BTC Address: Room 106, Petroleum Engineering Department, No. 427 Da Nang, Hai An, Hp September 14, 2006 of the Minister of Finance)

LEDGER

Account Name: Other Expenses Number: 811

Year: 2011 Unit: VND

Date of entry

December 31, 2011

(Source: Company Accounting Department)

2.2.5. Organization of accounting for corporate income tax expenses at Hai Long Logistics Company Limited:

Corporate income tax is an annual mandatory tax that businesses must pay to the state budget.

At Hai Long Logistics Company Limited, Corporate Income Tax is calculated as follows:

Corporate income tax expense = Taxable income * Corporate income tax rate

Example 6:

On April 29, 2011, the enterprise paid provisional corporate income tax for the first quarter of 2011. Based on the accounting voucher, the accountant wrote a payment voucher and made the following entries:

Debit account 821: 10,252,920

Credit account 3334: 10,252,920

Debit account 3334: 10,252,920

Credit account 1111: 10,252,920

Example 6:

On April 29, 2011, the enterprise paid provisional corporate income tax for the first quarter of 2011. Based on the accounting voucher, the accountant wrote a payment voucher and made the following entries:

Debit account 821: 10,252,920

Credit account 3334: 10,252,920

Debit account 3334: 10,252,920

Credit account 1111: 10,252,920

Table 2.36