Accounting procedures for sales at gia phat vietnam trading co ltd

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Accounting procedures for sales at gia phat vietnam trading co ltd

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NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAMS BARCHELOR THESIS TOPIC ACCOUNTING PROCEDURES FOR SALES AT GIA PHAT VIETNAM TRADING CO , LTD Student Nguyen Hoang Minh Speciality Accounting[.]

NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAMS  BARCHELOR THESIS TOPIC: ACCOUNTING PROCEDURES FOR SALES AT GIA PHAT VIETNAM TRADING CO., LTD Student: Nguyen Hoang Minh Speciality: Accounting Class: Advance Accounting 58A Student’s ID:11163392 Supervisor: Dr Doan Thanh Nga HANOI, 2020 TABLE OF CONTENT INTRODUCTION CHAPTER FEATURES OF REVENUES AND EXPENSES, ORGANIZING AND MANAGING REVENUES AND EXPENSES AT GIA PHAT VIETNAM TRADING CO., LTD 1.1 Features of revenues and expenses at Gia Phat Viet Nam Trading Co., Ltd .3 1.1.1 General activities of Gia Phat Viet Nam Trading Co., Ltd 1.1.2 Market of Gia Phat Viet Nam Trading Co., Ltd .4 1.1.3 Sales method and bussiness process of Gia Phat Viet Nam Trading Co., Ltd5 1.1.4 Feature of expense at Gia Phat Viet Nam Trading Co., Ltd .9 1.2 Revenues and expenses management at Gia Phat Viet Nam Trading Co., Ltd 10 1.2.1 Organization and management structure at Gia Phat Viet Nam Trading Co., Ltd 10 1.2.2 Regime applied 11 1.2.4 Application of Accounts System .16 1.2.5 Application of Accounting Books System 16 CHAPTER CURRENT PRACTICE OF ACCOUNTING PROCEDURES FOR REVENUES, EXPENSES, AND INCOME SUMMARY AT GIA PHAT VIET NAM TRADING CO., LTD .18 2.1 Accounting for revenues 18 2.1.1 Accounting documents and procedures .18 2.1.2 Detailed accounting of revenue at Gia Phat Viet Nam Trading Co., Ltd 35 2.1.3 General accounting of turnover at Gia Phat Vietnam Trading Co., Ltd 38 2.2 Cost accounting 42 2.2.1 Accounting of cost of goods sold 42 2.2.1.2 Detailed accounting of COGS at Gia Phat Vietnam Trading Co., Ltd 53 2.2.3 General accounting of cost of goods sold at Gia Phat Vietnam Trading Co., Ltd 59 2.2.2 Accounting for sales expenses 62 CHAPTER IMPROVING ACCOUNTING PROCEDURES FOR REVENUES, EXPENSES, AND INCOME SUMMARY AT GIA PHAT VIETNAM TRADING CO., LTD 78 3.1 Assessing the current accounting procedures for revenues, expenses, and income summary at Gia Phat Vietnam Trading Co., Ltd 78 3.1.1 Strength .78 3.1.2 Weakness 80 3.2 Solutions to improve sales accounting at Gia Phat Vietnam Trading Co., Ltd 81 3.2.1 The need to complete the sales accounting at Gia Phat Vietnam Trading Co., Ltd 81 3.2.2 Principle of completion .82 3.2.3 Recommendations to complete the accounting of sales at Gia Phat Vietnam Trading Co., Ltd 82 3.2.4 Circumstances for implementing proposed solutions 84 CONCLUSION 87 ACKNOWLEDGEMENTS I would like to sincerely thank the support of the accounting staffs at Gia Phat Viet Nam Trading Co., Ltd- my internship organization helped me with this graduation report that was successfully implemented and achieved the expected results I would like to thank the teachers of the National Economics School, especially the teachers in the accounting department who have cultivated and provided the foundation of knowledge and skills during the time I studied at the school In particularly, I would like to express my deep gratitude to my instructor: Ms Doan Thanh Nga for her dedicated help, guidance, and valuable suggestions during the process of guiding me to complete my graduation internship report Although I have tried our best to collect and research, due to limited time, knowledge and experience, the report cannot avoid shortcomings I look forward to receiving the sincere contributions and advice from the teachers to make my graduation report more complete Thank you sincerely! ABBREVIATIONS Abbreviation Explanation VAT Value added tax No Number COGS Cost of good sold AVCO Average cost Co., Ltd Limited Company VND Vietnam Dong LIST OF TABLES, LIST OF FIGURES Figure 1: Business process at Gia Phat Viet Nam Trading Co., Ltd Figure 2: The bookkeeping process follows the General Journal 12 Figure 3: List of vouchers/documents used at Gia Phat Vietnam Trading Co., Ltd14 Figure 4: Accounting entry orders with computerized accounting system 16 Figure 2.1: Sales accounting rotation process at Gia Phat Viet Nam Trading Co., Ltd .19 Figure 2.2 : Information when customers demand quotation .21 Figure 2.3: Quotation form of Gia Phat Viet Nam Trading Co., Ltd sent to PT Packaging Joint Stock Company 22 Figure 2.4: Sample orders at Gia Phat Viet Nam Trading Co., Ltd 23 Figure 2.5: Economic contract No 02/2018 / HDNT 25 Figure 2.6: Vat invoice No 0000710 30 Figure 2.7: Delivery Receipt Note 31 Figure 2.8: Sale invoice No.0000739 33 Figure 2.9: Delivery Receipt Note 34 Figure 2.10: Detailed book recording process of Sales of goods at Gia Phat Vietnam Trading Co Ltd 35 Figure 2.11: Recording process of Sales Summary at Gia Phat Vietnam Trading Co., Ltd .38 Figure 2.12: Principle contracts of Gia Phat Vietnam Trading Co., Ltd And Nam Thin Co., Ltd 43 Figure 2.13: Purchase invoice 46 Figure 2.14: Good delivey note for invoice 0000710 dated December 16, 2019 of Gia Phat Vietnam Trading Co., Ltd For PT Bao Joint Stock Company 47 Figure 15: Purchase invoice of Gia Phat Vietnam Trading Co., Ltd 49 Figure 16: Delivery note 51 Figure 2.17: Document rotation order of cost of goods sold at Gia Phat Vietnam Co., Ltd .52 Figure 2.18: Detailed recording process of Cost of goods sold at Gia Phat Vietnam Trading Co., Ltd 53 Figure 2.19: General recording process of Cost of goods sold at Gia Phat Vietnam Trade 59 Figure 2.20: Bookkeeping process Details of Selling expenses at Gia Phat Vietnam Trading Co., Ltd 72 Figure 2.21: Bookkeeping process Genral Book of Selling expenses at Gia Phat Vietnam Trading Co., Ltd 75 Table 1: Detailed book of account 511 at Gia Phat Vietnam Trading Co., Ltd Table 2.2: Summary of sales at Gia Phat Vietnam Trading Co., Ltd Table 3: General Journal of Gia Phat Vietnam Trading Co., Ltd Table 4: Ledger of Account 511 at Gia Phat Vietnam Trading Co., Ltd Table 5: Receipt of delivery of milk glue P115A dated December 16, 2019 Table 6: General Journal at Gia Phat Viet Nam Trading Co., Ltd Table 7: Ledger of account 632 at Gia Phat Vietnam Trading Co., Ltd Table 8: VAT invoice for freight Table 9: Attendance record for Sales staff in December 2019 Table 10: Salary table for employees of Sales Department in December 2019 Table 11: Salary payment schedule for Sales department, December 2019 Table 12: Extract of fixed asset depreciation spread sheet in the fourth quarter of 2019 Table 13: Detailed book account 6418 - expenses in other currencies Gia Phat Vietnam Trading Co., Ltd Table 14: Detailed book of account 6411 - Cost of Sales Department Gia Phat Vietnam Trading Co., Ltd Table 15: Detailed account book of account 6414– Deperiation expense of fixed assets Table 16: Summary book of details of selling expenses account Table 17: General Journal at Gia Phat Vietnam Trading Co., Ltd Table 18: Ledger Account 641 of Gia Phat Vietnam Trading Co., Ltd STATUTORY DECLARATION I herewith formally declare that I have written the submitted Barchelor Thesis independently I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper I clearly marked and separately listed all the literature and all other sources which I employed producing this academic work, either literally or in content Hanoi, 12/ 05/ 2019 Signature INTRODUCTION Our country is undertaking reforms of the economy according to the socialist-oriented market mechanism under the management of the state As a result, the country's economy is undergoing great changes and new mechanisms have affirmed the great role of production, trade, and service activities In order to promote the indispensable role of private enterprises in the multi-sector commodity economy in accordance with the market management and regulation of the State, it requires enterprises not only to accumulate experience for enterprises themselves but also have to find a foothold in the market The increasingly integrated world has created for businesses more opportunities to develop, but besides that, many challenges come Every business has a top goal of maximizing profits, bringing the highest economic efficiency To achieve that, managers must take practical measures in their business strategies In such a situation, many enterprises that have not caught up with the development of the new period, so they have been eliminated, bankrupt and dissolved because of the fierce competition of the market Enterprises must calculate and innovate on products, apply new scientific and technical advances in not only their production but also their business activities In addition, the appropriate economic and financial management system will be a major factor affecting the success or failure of businesses Accounting is an extremely essential part that provides information about the financial situation, capital, assets, and their movements in the business As a result, managers can accurately and fully control the ongoing economic activities of the enterprise There is a certain distance between theory and practice, so the National Economics University has created favorable conditions for final year students to work with accounting work in operating businesses on the market through the end of the internship program As a student of Accounting, realizing the importance of accounting work in a current business situation, I chose to practice at Gia Phat Viet Nam Trading Co., Ltd.- one of the business trading companies, which is in the field of glue in Vietnam During my internship at the company, I was able to learn about the business situation, organizational structure of the company, especially the accounting work here This helps me gain practical knowledge about my major and have initial contacts with the accounting job which helps me to apply the knowledge learned in the classroom to reality in the business With the enthusiastic guidance of Dr Doan Thanh Nga, I have completed my Internship thesis My internships consist of the following main chapters: Chapter 1: - Characteristics and organization of sales management activities of Gia Phat Viet Nam Trading Co., Ltd Chapter 2: - Current situation of sales accounting at Gia Phat Viet Nam Trading Co., Ltd Chapter 3: - Completing the sales accounting at Gia Phat Viet Nam Trading Co., Ltd Finally, I would like to express my sincere thanks to my teacher Dr Doan Thanh Nga for helping and guiding me to complete the Integrated Internship Report In the process of making mistakes in knowledge, I look forward to receiving comments to draw experiences to better prepare for the upcoming internship Thank you sincerely! Student Nguyen Hoang Minh ... expenses at Gia Phat Vietnam Trading Co. , Ltd 75 Table 1: Detailed book of account 511 at Gia Phat Vietnam Trading Co. , Ltd Table 2.2: Summary of sales at Gia Phat Vietnam Trading Co. ,... improve sales accounting at Gia Phat Vietnam Trading Co. , Ltd 81 3.2.1 The need to complete the sales accounting at Gia Phat Vietnam Trading Co. , Ltd 81 3.2.2 Principle of completion... Detailed accounting of revenue at Gia Phat Viet Nam Trading Co. , Ltd 35 2.1.3 General accounting of turnover at Gia Phat Vietnam Trading Co. , Ltd 38 2.2 Cost accounting

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