Bài thi môn financial accounting

MINISTRY OF FINANCE ACADEMY OF FINANCE Code: 09/2021 FINANCIAL ACCOUNTING Time allowed: days Question On Mach 31st 2020, Starlight Co aquired a truck for delivering goods at X1 (excluding 10% VAT) Transportaion and installation expenses were paid by cash on hand X2 Testing espenses were paid by cash in bank X3 Finished goods made in testing process put in the warehouse was X4 This truck was financed by a long - term loan with an interest rate of 12%/year for the period from 1/1/N to 31/12/N and put into use on November 1st 2020 Required: Fill in the blank with reasonable data Give any necessary assumptions for recording and preparing financial statements relating this transaction Make entries of this transaction List necessary documents and accounting books relating to this this transaction Question Trust Co manufactures canned food, applies perpetual inventory system and deductible VAT method The following information is available in the year N: BALANCE SHEET At 31/12/N-1 (CU: 1.000 VND) ARTICLE A ASSETS I SHORT – TERM ASSETS Cash Short – term receivables Prepayment to supplier Inventory II LONG – TERM ASSETS Tangible fixed assets + Historical cost + Accumulated depreciation B LIABILITIES AND OWNER’S EQUITY I LIABILITIES Current liabilities + Payable to suppliers + Advances from customers II OWNER'S EQUITY Capital Retained earnings BEGINNING BALANCE ENDING BALANCE 82.200.000 40.700.000 X1 29.000.000 5.000.000 ? 41.500.000 40.500.000 75.500.000 (35.000.000) 82.200.000 15.140.000 15.140.000 14.000.000 2.140.000 66.060.000 60.060.000 6.000.000 2nd January, Liquidated an equipment used in the Administrative department Historical cost: X2, accumulated depreciation: X3 Revenue from liquidation was not paid : 200.000 3rd January, issued 6000 kg material A for manufacturing canned food 10th January, purchased on credit material A at total price X4 (excluded 10% VAT) transportation expense was paid in cash on hand: 60.000 The amount of material A purchased: 2.200 kg 28th Februay, purchased on credit a manufacturing equipment at total price X5 (excluded 10% VAT), transportation expense and related testing expense was paid in cash: 200.000 The equipment was used on 1st March Estimated useful life: years The payment of the equipment must be made after year Total salary payables paid by cash: 4.000.000, in which: payables to direct labor: 1.000,000, to factory management personnel: 200,000, sales staff: 1.200,000, general administrative staffs: 1.600,000 Total depreciation cost incurred in the year: 1.440.000 (excluded the depreciation cost of the fixed asset purchased in January) In which: Depreciation cost for production department: 960,000, for sale department: 280,000, for administration department: 200,000 Cash paid for outside service expenses: 1.500,000 In which, the expenses incurred in production department: 300,000, in sale department: 700,000, in administrative department: 500,000 In this year, 2.000 finished goods were sent to warehouse There is no work-in-progress at the beginning and end of the year On the 20th December, sold on credit 1.800 finished goods to Sun Co Price before VAT: X6/unit 10 On the 25th December, received 20 returned products Required: Complete missing information and make any necessary assumption (beginning account balance, ending account balance, accounting policies…) to make journal entries for the above transactions (including depreciation entries, clossing entries, if any) Calculate profit after CIT and make double entries for this process Knowing that CIT rate: 20% Prepare Balance Sheet and Income Statement for the year N Make comment on Trust’s financial position In case one transaction was omitted, identify the impact of omitted entries on Balance Sheet and Income Statement (each student chooses the omitted transaction according to his/her number in the list) =========The End ========= 33-Nguyễn Hải Hà-CQ56/21.01LT1 Họ tên: Nguyễn Hải Hà Khóa/ Lớp tín chỉ: CQ56/21.1LT1 STT: 33 Ngày thi: 02/10/2021 Mã sinh viên: 1873403010288 Niên chế: CQ 56/21.07 ID phòng thi: 521 058 1213 Giờ thi: 15h15 BÀI THI MÔN: FINANCIAL ACCOUNTING Hình thức thi: Bài tập lớn Mã đề thi: Đề số 9/2021 Thời gian thi: ngày BÀI LÀM QUESTION 1: Fill in the blank with reasonable data X1 = 2.500.000 X3 = 20.000 X2 = 12.500 X4 = 35.000 Give any necessary assumptions for recording and preparing financial statements relating this transaction Make entries of this transaction Assume: - Company applies perpetual inventory system and deductible VAT method - The manufacturing equipment is depreciated by Straight-line method and has no residual value Estimated useful life: years - Accounting period: Year - Interest paid by cash in bank at the end of each year Make journal entries: 31/3/2020 Record the purchased a manufacturing equipment by a long - term loan: Dr 2411: 2.500.000 Dr 1332: 250.000 Cr 341: 2.500.000 + 250.000 = 2.750.000 Record the transportaion and installation expenses: Dr 2411: 12.500 Cr 111: 12.500 Record the Testing espenses: Dr 2411: 20.000 Cr 112: 20.000 Record finished goods made in testing process put in the warehouse: Dr 155: 35.000 Cr 2411: 35.000 Cost of manufacturing equipment = 2.500.000 + 12.500 + 20.000 – 35.000 = 2.497.500 Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 Record increase tangible fixed assets: Dr 211: 2.497.500 Cr 2411: 2.497.500 31/12/2020 Record long-term loan interest: Dr 635: 2.750.000 ×12% 12 × = 165.000 Cr 112: 165.000 Depreciation = 2.497.500 ×12 × = 83.250 Record the depreciation cost incurred Dr 6274: 83.250 Cr 214: 83.250 Financial Statement: need ledgers of account 211, 111, 112, 133, 155, 6274, 214, 241, 635 List necessary documents and accounting books relating to this this transaction - Fixed assets delivery and receipt minute - VAT invoice - Payment Voucher - Debit Note - Calculation and allocation of fixed assets depreciation - Ledgers of account 211, 111, 112, 155, 6274, 214 - Stock received docket QUESTION 2: Complete missing information and make any necessary assumption to make journal entries for the above transactions: Trust Co manufactures canned food, applies perpetual inventory system and deductible VAT method The following information is available in the year N: BALANCE SHEET At 31/12/N-1 ARTICLE A ASSETS I SHORT – TERM ASSETS Cash Short-term receivables Prepayment to supplier Inventory II LONG – TERM ASSETS Tangible fixed assets (CU: 1.000 VND) BEGINNING ENDING BALANCE BALANCE 82.200.000 40.700.000 5.800.000 29.000.000 5.000.000 900.000 41.500.000 40.500.000 Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 + Historical cost 76.500.000 + Accumulated depreciation (35.000.000) B LIABILITIES AND OWNER’S EQUITY 82.200.000 I LIABILITIES 16.140.000 Current liabilities 16.140.000 + Payable to suppliers 14.000.000 + Advances from customers 2.140.000 II OWNER'S EQUITY 66.060.000 Capital 60.060.000 Retained earnings 6.000.000 Assume: - The transportation expense and related testing expense for manufacturing equipment bought on 28th February, Salary of Year N, Outside service expenses in year N paid by cash on hand - Company’s cash includes only Cash on hand - The manufacturing equipment bought on 28th February is depreciated by Straight-line method and has no residual value - The beginning material A of Year N: 7.000 kg material A with total value of 700.000 - At the beginning, company’s inventories includes only materials Company has no beginning finished goods Give information: X1 = 5.800.000 X4 = 209.000 X2 = 650.000 X5 = 1.600.000 X3 = 500.000 X6 = 5.200 Make journal entries: (Unit: 1.000VND) DATE DESCRIPTION MAKE JOURNAL ENTRIES Carrying amount of equipment: 650.000-500.000 =150.000 Dr 214: 500.000 2nd January (1) Remove the equipment from the ledger Dr 811: 150.000 Cr 211: 650.000 (2) Record the revenue from the sale of Dr 131: 200.000 equipment 3rd January 10th January Cr 711: 200.000 (3) Record the issue of material A for Dr 621: 600.000 manufacturing canned food (4) Record the purchase material A on credit Cr 152: (700.000/7.000) x 6.000 = 600.000 Dr 152: 209.000 Dr 1331: 20.900 Cr 331: 229.900 Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 (5) Record the transportation expense of Dr 152: 60.000 material A Cr 111: 60.000 (6) Record the purchased a manufacturing equipment on credit 28th February testing Dr 1332: 160.000 Cr 331: 1.760.000 (7) Record transportation expense and related Dr 211: 1.600.000 expense for this Dr 211: 200.000 Cr 111: 200.000 manufacturing equipment Cost of manufacturing equipment = 1.600.000 + 200.000 = 1.800.000 Dr 622: 1.000.000 (8) Record the salary payables paid by cash Dr 6271: 200.000 Dr 641: 1.200.000 Dr 642: 1.600.000 Cr 111: 4.000.000 Annual depreciation of new manufacturing equipment = 1.800.000/5 years = 360.000  Depreciation of new manufacturing equipment in Year N = 360.000 x (10/12) = 300.000 Dr 6274: 960.000+ 300.000 = 1.260.000 (9) Record the depreciation cost incurred Dr 641: 280.000 in Year N Dr 642: 200.000 Cr 214: 1.740.000 Dr 6277: 300.000 (10) Record outside service expenses Dr 641: 700.000 Dr 642: 500.000 Cr 111: 1.500.000 Dr 154: 3.360.000 (11) Transferring Sum of production cost: Cr 621: 600.000 Cr 622: 1.000.000 Cr 627: 200.000+1.260.000+300.000 = 1.760.000 Cost of goods manufactured = + 3.360.000 = 3.360.000  Unit cost = 3.360.000/2.000 = 1.680/unit (12) Record the finished goods sent to the Dr 155: 3.360.000 warehouse Cr 154: 3.360.000 Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 (13) Record the revenue from sale of th 20 December finished goods (14) Record the cost of goods sold (15) Record the returned products 25th December Dr 131: 10.296.000 Cr 511: 5.200 x 1.800 = 9.360.000 Cr 3331: 936.000 Dr 632: 3.024.000 Cr 155: 1.680 x 1.800 = 3.024.000 Dr 155: 1.680 x 20 = 33.600 Cr 632: 33.600 Dr 5212: 5.200 x 20 = 104.000 (16) Record the sale return Dr 3331: 10.400 Cr 131: 114.400 (17) Net revenue = 9.360.000 – 104.000 = Dr 511: 104.000 9.256.000 (18) Transferring net revenue and other incomes Cr 5212: 104.000 Dr 511: 9.256.000 Dr 711: 200.000 Cr 911: 9.456.000 Dr 911: 7.620.400 (19) Transferring cost of goods sold, Cr 632: 3.024.000 – 33.600 = 2.990.400 selling expense, administrative expense, Cr 641: 1.200.000+280.000+700.000=2.180.000 other expense Cr 642: 1.600.000+200.000+500.000=2.300.000 Cr 811: 150.000 31st December Gain = 9.456.000 – 7.620.400 = 1.835.600 CIT = 1.835.600 x 20% = 367.120 (20) Record CIT expense (21) Transferring CIT expense Dr 821: 367.120 Cr 3334: 367.120 Dr 911: 367.120 Cr 821: 367.120 Net profit = 1.835.600 – 367.120 = 1.468.480 (22) Transferring Net profit Dr 911: 1.468.480 Cr 421: 1.468.480 Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 Prepare Balance Sheet for the Year N - Source of data: + Balance sheet at 31/12/N-1 + Trial balance at 31/12/N + Ledgers of company’s accounts at the end of year N - Methods: + Column “Beginning Balance”: based on column “Ending Balance” of Balance Sheet at 31/12/N-1 + Column “Ending Balance”: based on related account closing balance in general ledgers at 31/12/N Account in Beginning Ending Items on Balance Sheet Increase Decrease general ledger balance Balance 5.800.000 Cash 111 60.000(5) - 200.000(7) 4.000.000(8) 1.500.000(10) Short-term receivables 131 Prepayment to supplier 331 152 Inventory 154 155 Deductible input VAT 29.000.000 200.000(2) 40.000 114.400(16) 10.296.000(13) 39.381.600 5.000.000 - - 900.000 209.000(4) 600.000(3) 5.000.000 60.000(5) 569.000 - 3.360.000(11) 3.360.000(12) - 3.360.000(12) 3.024.000(14) - 33.600(15) 369.600 1331 - 20.900(4) - 20.900 1332 - 160.000(6) - 160.000 76.500.000 1.600.000(6) 650.000(1) Historical cost 211 Accumulated depreciation 214 Payable to suppliers 331 Advances from customers 131 2.140.000 - - 2.140.000 3331 - 936.000(13) 10.400(16) 925.600 3334 - 367.120(20) - 367.120 Capital 411 60.060.000 - - 60.060.000 Retained earnings 421 6.000.000 1.468.480(22) - 7.468.480 Tax and statutory obligations 200.000(7) 35.000.000 1.740.000(9) 14.000.000 229.900(4) 1.760.000(6) 77.650.000 500.000(1) - 36.240.000 15.989.900 Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 BALANCE SHEET At 31/12/N (CU: 1.000 VND) ARTICLE BEGINNING ENDING BALANCE BALANCE A ASSETS 82.200.000 86.951.100 I SHORT – TERM ASSETS 40.700.000 45.541.100 5.800.000 40.000 Short-term receivables 29.000.000 39.381.600 Prepayment to supplier 5.000.000 5.000.000 Deductible input VAT - 180.900 900.000 938.600 II LONG – TERM ASSETS 41.500.000 41.410.000 Tangible fixed assets 40.500.000 41.410.000 76.500.000 77.650.000 (35.000.000) (36.240.000) B LIABILITIES AND OWNER’S EQUITY 82.200.000 86.951.100 I LIABILITIES 16.140.000 19.422.620 16.140.000 18.129.900 14.000.000 15.989.900 2.140.000 2.140.000 - 1.292.720 66.060.000 67.528.480 60.060.000 60.060.000 6.000.000 7.468.480 Cash Inventory + Historical cost + Accumulated depreciation Current liabilities + Payable to suppliers + Advances from customers Tax and statutory obligations II OWNER'S EQUITY Capital 10 Retained earnings Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 INCOME STATEMENT For the financial year ended on December 31, N This statement should be read together with the Notes to the Financial Statement Form no B02-DN (CU: 1.000 VND) ITEM 1 Revenue from sales of merchandises and services rendered Revenue deductions Net revenue from sales of merchandises and services rendered (10 = 01 – 02) Costs of goods sold Gross profit from sales of merchandises and services rendered (20 = 10 - 11) CODE NOTES Current period Previous period 01 VI.01 9.360.000 02 VI.01 104.000 10 VI.01 9.256.000 11 VI.02 2.990.400 20 6.265.600 Revenue from financing activity 21 VI.03 - Financial expenses 22 VI.04 - – Of which: Interest expense 23 - Selling expenses 25 2.180.000 General administration expenses 26 10 Net profit from operating activity {30=20 + (21-22) – (25+26)} VI.05 2.300.000 30 1.785.600 200.000 11 Other income 31 12 Other expenses 32 13 Other profit (40 = 31 – 32) 40 50.000 50 1.835.600 14 Total accounting profit before tax (50 = 30 + 40) 15 Current corporate income tax expense 51 16 Deferred corporate income tax expense 52 17 Profit after corporate income tax (60 = 50 – 51 -52) (60) VI.06 V.10 150.000 367.120 1.468.480 Page | 33-Nguyễn Hải Hà-CQ56/21.01LT1 Comment: Base on Balance sheet: Total asset in Year N is 86.951.100, increasing to 4.751.100; company expands its business, then rises competitiveness in the market Regarding asset’s structure, the company focuses on short – term assets (52,38%), increase it from 40.700.000 in Year N-1 to 45.541.100 in Year N, lead to liquidity’s increase Total liabilities and owner’s equity is 86.951.100, increasing to 4.751.100, the company raises its capital About equity’s structure, the company focuses on owner’s equity (77,66%), the company increases owner’s equity from 66.060.000 in Year N-1 to 67.528.480 in Year N, raises independence in financial but the cost of capital is high Base on Income Statement: Net revenue is 9.256.000 includes revenue from sales of goods is 9.360.000 and revenue deductions is 104.000 The expense includes costs of goods sold are 2.990.400; selling expenses are 2.180.000; administration expenses are 2.300.000 and other expenses are 150.000 At the end of Year N, the company has profit after corporate income tax (1.468.480) It is a chance for company to invest in profitability projects In case transaction 3rd was omitted, identify the impact of omitted entries on Balance Sheet and Income Statement Dr 152: 209.000 Dr 152: 60.000 10th January: Dr 1331: 20.900 Cr 111: 60.000 Cr 331: 229.900 IMPACT AMOUNT IMPACT ITEM EXPLAIN INCREASE DECREASE On BALANCE SHEET Cash + 60.000 Deductible input VAT - 20.900 Inventory - 269.000 = 209.000 + 60.000 - 229.900 =(60.000)+20.900+269.000 Short – term assets ASSETS Payable to suppliers Current liabilities Liabilities LIABILITIES AND OWNER’S EQUITY - 229.900 - 229.900 - 229.900 - 229.900 - 229.900 Page |