Tourism and Hospitality Accounting Restaurant Management

The enterprise calculates VAT using the deduction method. In October/N, there are the following accounting documents: (Unit: VND)

1. Purchase of office supplies for immediate use for the office department worth 2,200,000 including 10% VAT, not yet paid to the seller.

2. Total cost of buying food at the supermarket paid by bank transfer at price excluding VAT is:

- Fresh food for restaurant processing 15,000,000

- Dry food imported into warehouse: 30,000,000

- Kitchen utensils for immediate use (allocated twice): 5,000,000

- Supplies for hotel rooms (allocated 3 times): 3,000,000

3. Summary of warehouse delivery notes

- Dry food for restaurant processing: 15,000,000

- Souvenirs for guests staying at the hotel: 2,000,000

- Soap, toothpaste, toothbrush... for room: 3,000,000

- Beverages for restaurant 5,000,000

4. Based on the advance payment table of the tourist car team, the payment for gasoline is

26,400,000 including 10% VAT, driver's allowance is 5,000,000.

5. Electricity and water bills payable for each department at prices excluding tax are:

- Room: 15,000,000

- Restaurant: 18,000,000

- Management department: 3,000,000

- VAT 10%.

6. The wages payable to employees during the period are:

- Hotel management department 35,000,000

- Restaurant department: 28,000,000

- Kitchen department: 15,000,000

- Reception + housekeeping: 12,000,000

- Fleet: 10,000,000

7. Deduct social insurance, health insurance, unemployment insurance according to prescribed rates

8. Depreciation of fixed assets in the month:

- House and equipment in hotel rooms: 30,000,000

- Fixed assets at restaurant department: 15,000,000

- Fixed assets used for the entire hotel: 10,000,000.

9. Export tools and equipment used for:

- Restaurant department 5,000,000 (allocated in 2 periods)

- Room department 6,000,000 (allocated in 3 periods)

- Hotel management department 2,000,000 (allocated for 1 period)

10. Other expenses incurred in the month paid in cash 13,200,000 including 10% VAT allocated to hotel management department 7,000,000; restaurant department 3,000,000; tourist vehicle department 2,000,000

Requirement: Record economic transactions, calculate total product cost of each department.

Lesson 3: At Xuan Mai Tourism - Hotel Company, there are the following figures related to business activities in October/N:

* Document 1: Beginning balance of some accounts:

- Account 111: 100,000,000

- Account 112: 300,000,000

- Account 152: 150,000,000

- Account 153: 30,000,000

* Document 2: Economic transactions arising during the month are as follows: 1/ Issue raw materials to the processing department worth 50,000,000

2/ Purchase raw materials from the market and deliver directly to the processing department, pre-tax value 25,000,000, VAT 10%, paid in cash.

3/ Issue some CCDC worth 3,000,000 for the processing department (this CCDC is allocated for 2 months); use for the restaurant department 5,000,000 (allocated for 2 months).

4/ Salaries to be paid to processing staff 15,000,000, restaurant staff

10,000,000 business management department 30,000,000

5/ Deduct KPCĐ; Social insurance, health insurance, unemployment insurance according to prescribed rates

6/Depreciation of fixed assets in the restaurant department 2,000,000; kitchen department 6,000,000, management department 3,000,000

7/ Electricity, water, and telephone costs paid in cash 8,800,000 including 10% VAT allocated to the restaurant department 2,500,000, the kitchen department 4,000,000, and the business management department 1,500,000.

8/ The company sells an unused equipment in the restaurant department. This equipment has an original price of 60,000,000, 80% depreciated, the selling price excluding tax is 15,000,000, VAT is 10%, the customer pays by bank transfer.

Requirement: Record economic transactions and calculate product cost of each part.

Lesson 4: At store M, there are two types of products, X and Y, that are specialized in manufacturing and supplying. During the period, the following documents were collected related to the processing of these two products:

1. Value of raw materials exported for product manufacturing includes:

- Main materials: product X: 32,000,000 VND, product Y: 25,000,000 VND

- Auxiliary materials: product X: 5,000,000 VND; product Y: 4,000,000 VND

2. Disposable production tools: 600,000 VND

3. Wages to be paid to direct production workers:

- Product X: 15,000,000 VND; Product Y: 12,000,000 VND

4. Salary to be paid to workshop staff: 5,000,000 VND

5. Deduct union fee, social insurance, health insurance; unemployment insurance according to prescribed rate

6. Depreciation of fixed assets used in the workshop 7,200,000 VND

7. Other expenses in cash total 630,000 VND including 5% VAT

8. At the end of the period, the accountant allocates general production costs according to the salary ratio of direct production workers.

9. During the month, 1000 products X and 500 products Y were completed and delivered to customers.

Requirements:. Record the economic transactions that arise. Calculate the cost of products X and Y. Know the general production costs allocated to the two products X and Y according to the direct worker's salary.

Lesson 5: At Dong Tam Trading Enterprise, there are the following documents;

* Beginning balance of some accounts

- Account 152: 18,000,000 VND

In which - Materials: 16,000,000 (4,000kg)

- NVLP 2,000,000 (2,000kg)

- Account 154: 800,000 VND

* Economic transactions (unit: VND)

1. Imported main materials 8,000kg x 3,800 VND/kg, VAT 10%, money not yet paid to seller. Transportation and unloading costs 1,600,000 VND, VAT 5%, paid in cash.

2. Buy 1,000 kg of auxiliary materials, unit price excluding tax 900 VND/kg, VAT 10%, cost before entering the warehouse to be paid in cash 100,000, VAT 5%.

3. Issue 7,000 kg of main materials for product manufacturing and 1,000 kg for workshop management department

4. Export auxiliary materials for product production 600 kg, for QLPX 400 kg.

5. Salary to be paid to workers directly producing products 40,000,000, Production Management Department 10,000,000

6. Deduct social insurance, health insurance, and union contributions according to the prescribed rate, including deductions from employee salaries.

7. Depreciation of fixed assets used in direct production department 6,000,000, quality control department 4,000,000

8. Other expenses incurred are paid in cash at the production workshop.

5,500,000 including 10% VAT.

9. Issue 1 CCDC worth 2,000,000 for production workshop

10. During the period of importing 1,000 finished products, materials are exported using the average method for the entire period of storage.

Requirement: Calculate product cost?

CHAPTER 7

SALES ACCOUNTING AND DETERMINING BUSINESS RESULTS IN TOURISM - HOTEL ENTERPRISES

Chapter code: MH10-07

Introduce:

This chapter will provide learners with the following main contents: Basic concepts in revenue accounting and determining business results; Documents and books used in revenue accounting and determining business results; Accounting methods for some major economic transactions on revenue and determining business results.

Target:

- Present the concept of sales revenue, conditions for revenue recognition

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- Identify costs related to sales and business management costs.

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- Know how to determine the business performance of the enterprise

- Present accounting methods for some major economic transactions regarding sales revenue, sales costs, business management costs and determine business results.

1. Sales accounting

Target:

- Present the concept of sales revenue and revenue deductions; conditions for revenue recognition.

- List the documents and accounting books used in revenue accounting and determining business results.

- Describe the structure of account 511

- State the accounting methods for some major economic transactions.

1.1. Basic concepts

Sales is the transfer of ownership of products or goods, together with most of the benefits or risks, to customers, and at the same time, the customer pays or accepts payment.

Sales activities in a business can be conducted in many different ways such as: Direct sales, contract delivery, sales through agents, etc.

Sales and service revenue: is the total amount of money received from transactions and revenue-generating activities such as selling products and goods, providing services to customers.

+ For goods and services subject to VAT under the deduction method, sales revenue and service provision is the selling price excluding VAT.

+ For goods and services subject to VAT under the direct method or not subject to VAT, sales revenue and service provision is the total payment price.

Net revenue is the difference between sales revenue and sales deductions.

Net sales = Total sales - trade discounts, sales allowances and sales returns

+ Trade discount: is the amount of money that a business reduces the listed price for customers who buy in large quantities.

+ Sales discount is the amount of money that the business (seller) deducts for the buyer in case the goods sold are of poor quality, not up to standard, or out of fashion.

+ Returned goods: Are the products and goods that the business has determined to be consumed, but are returned by customers and refused to pay.

+ Payment discount: Is the amount of money the seller deducts for the buyer because the buyer pays for the purchase before the contract deadline.

Conditions for recognizing sales revenue: Sales revenue is recognized when the following 5 conditions are simultaneously satisfied:

+ The enterprise has transferred the majority of risks and benefits associated with ownership of the product or goods to the buyer;

+ The enterprise no longer holds management rights or control rights over the goods;

+ Revenue is determined relatively certainly;

+ The enterprise has obtained or will obtain economic benefits from the sales transaction;

+ Identify costs associated with sales transactions.

1.2. Accounting documents and accounts used

a) Accounting documents

- Warehouse delivery note

- VAT invoice (Form 01-GTKT-3LL)

- Regular sales invoice (Form 02-GTTT-3LL)

- Payment table for agents and consignees (Form 01-BH)

- Counter card (Form 02-BH)

- Receipt; payment voucher

- Payment documents such as: transfer checks, payment checks, collection orders, debit notes, credit notes, bank statements, etc.

- Inventory documents…

b) User account

Account 511 - Sales and service revenue: Reflects the actual sales revenue of the enterprise during an accounting period of production and business activities.

Structure of the TK:

Debit account 511 - Sales revenue and service provision Credit

- Amount of special consumption tax, export tax, or VAT payable by direct method (if any)

- Trade discounts carried forward at the end of the period;

- Discount on semi-finished goods transferred at the end of the period;

- Returned goods transferred at the end of the period;

- Net revenue transfer

Enter account 911 to determine business results.

- Revenue from sales of products, goods and provision of services of the enterprise during the accounting period.

Account 511 has no balance and is detailed into 4 sub-accounts:

+ Account 5111: Revenue from sales of goods

+ Account 5112: Revenue from sales of finished products

+ Account 5113: Service revenue

+ Account 5114: Subsidy and subsidy revenue.

Debit account 3331 - VAT payable Credit

- Input VAT amount has been deducted

- The amount of VAT deducted from the amount of VAT payable

- VAT amount of returned goods sold

- VAT paid to the state budget

- Output VAT payable on consumed goods and services.

- VAT payable on revenue from financial activities and other activities.

- VAT payable on imported goods.

SD: VAT payable

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- In addition, accountants use a number of other related accounts such as: Account 111; Account 112; !K 131; Account 632 ...

1.3. Accounting methods for some major economic transactions

<NV1> When a customer makes a prepayment for a purchase, based on relevant documents, record:

Debit account 111, 112: Amount received in advance.

Credit account 131: Customer receivables (details by each subject)

<NV2> When completing the provision of services to customers and the customer pays or accepts payment, based on the VAT invoice and accounting documents, record:

- Reflects cost of goods sold

Debit account 632: Actual value of capital issued from warehouse

Credit account 154: Production and business expenses (details for each activity)

Or there is account 631: Production cost (If the enterprise applies the KĐK method)

- Reflecting sales revenue:

+ If the enterprise applies VAT calculation according to the deduction method, Debit accounts 111, 112, 113, 131: Total payment price

Credit account 511 - Selling price excluding VAT

Credit account 3331 - Output VAT payable

+ If applying VAT calculation by direct method: Debit account 111, 112, 113, 131: Total payment price

Credit account 511: Sales revenue and service provision.