INTERNSHIP REPORT at vietnam air petrol company limited

NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAM INTERNSHIP REPORT At Vietnam Air Petrol Company Limited Student’s name Class Intake Supervior : : : : Hà Nội - 2015 Nguyễn Minh Đức Advanced accounting 53 Nguyễn Thị Hồng Thúy, PhD Table of Contents Acknowledgement Introduction . 1. OVERVIEW ABOUT VIETNAM AIR PETROL COMPANY LIMITED 1.1. Establishment and Development of Vietnam Air Petrol Company Limited . 1.2. Business Activities And Management Of Vietnam Air Petrol Company Limited 11 1.2.1. Business line: . 11 1.2.2. Management 12 1.2. Financial Position And Operational Results Of Vietnam Air Petrol Company Limited 14 2. ACCOUNTING DEPARTMENT AND ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED. 18 2.1. Accounting Department At Vietnam Air Petrol Company Limited. . 18 2.2. Accouting Application: . 19 2.2.1. Acocunting Standards: . 19 2.2.2. Accounting Policies: 20 2.2.3. Accounting Vouchers And Accounting Documents. . 23 2.2.4. Accounts In Accounting System 27 2.2.5. Accounting Books: 30 2.2.6. Financial reports . 32 2.2.7. Auditing In The Company . 35 2.3. The Main Accounting Cycles Applied By Vietnam Air Petrol Company Limited 35 2.3.1. Accounting for Inventory . 35 2.3.1. Accounting for fixed asset 38 3. SOME REMARKS ON FINANCIAL ACCOUNTING MANAGEMENT AT VIETNAM AIR PETROL COMPANY LIMITED. 41 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 3.1. Remarks on Organizational Structure of Accounting Department at Vietnam Air Petrol Company Limited 41 3.1.1. Advantages of Organization of Accounting Division 41 3.1.2. Disadvantages of Organization of Accounting Division 42 3.2. Remarks on Financial Accounting Management at Vietnam Air Petrol Company Limited . 43 3.2.1. Advantages of Accounting Management 43 3.2.2. Disadvantages of Accounting Management . 43 SOME RECOMMENDATION ON THE ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED: 45 REFERENCE . 47 APPENDIX . 48 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 ABBREVIATION HCM City: Ho Chi Minh City Co. , Ltd: Company Limited Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 List of Table Table 1: The scale and operating results of the Company over years: 2011, 2012, 2013 Table 2: Business ratios over years: 2011, 2012, 2013 Table 3: List of the managerial accounts code Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 List of Figures: Figure 1: The development of the company Figure 2: Management Diagram of the company Figure 3: Accounting department firm Diagram Figure 4: Process of record in general journal: Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 Acknowledgement I express my deepest thanks to PhD. Nguyen Thi Hong Thuy for for taking part in useful decision and giving necessary advices and guidance and arranged all facilities to make life easier. Her guidance and support help me know the methods of information collection about the company. She helped all time when we needed and he gave right direction toward completion of my internship report. I wish to express my indebted gratitude and special thanks to Mr. Le Duc Dao, the chief accountant of Vietnam Air Petrol Company Limited, who in spite of being extraordinarily busy with his duties, took time out to hear, guide and keep me on the correct path and allowing me to carry out my industrial project work at their esteemed organization and extending during the training.I not know where I would been without him. I also would like to express my thanks to the Advanced Educational Program in taking students chance to have this internship program. It really is a good opportunity for learning and self development. I consider myself very lucky and honored to have so many wonderful people lead me through in completion of this project. Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 Introduction Vietnam Air Petrol Company Limited (VINAPCO) was officially established in July 1993, and was assigned importing and exporting petroleum products directly. After more than 20 years, with nearly 1,500 staffs and employees, Vinapco is the best fuel supplier to the airline at the Vietnam airport. Fuel is imported from the major international markets such as Singapore, China, . With over 20 years operating experience in the field of petroleum, VINAPCO is really a company that has developed constantly and continuously, and have many outstanding achievements in production and trading. Moreover, accompanying wiht the development of the company is a system of departments with efficient staffs, especially Finance and Accounting department. With professional activities of the accounting system of the company, VINAPCO is really a good choice for AEP’S internship program so I can study about organizational activities of a large company with a full accounting system. Thereby, I can learn a lot of practical experience to plan the next internship and for accounting career path in the future. Therefore, I choose the company to intern, and report. Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 1. OVERVIEW ABOUT VIETNAM AIR PETROL COMPANY LIMITED 1.1. Establishment and Development of Vietnam Air Petrol Company Limited Vietnam Air Petrol Company Limited is a state-owned company located in the unit of independent accounting member of the Vietnam Airlines Corportaion. In 1993, along with the innovation of the country, Vietnam Air Petrol company limited (VINAPCO) was established under Decision No. 768 / QD / TCCBD on 22.04.1993 of the Ministry of Communications and Transport and officially operated in January 07/1993, after the Department of Civil Aviation invested 31 814 billion of capital (including 19 010 billion of fixed capital: 17 804 billion in working capital). On 06/09/1994, the company was established under Decision No. 847 / QD / TCCLD of the Minister of Communications and Transport and Decision No. 185 /CAAV on 20.01.1996 of Department of Civil Aviation of Vietnam On 15/07/2010, the Vietnam Airlines Coporation made Decision No. 1438 / QD-HĐQTTCTHK changing Air Petrol Company into Vietnam Air Petrol Company Limited. Currently, the company operates under a certificate of business registration No. 0100107638 on 19/07/2010 by the Department of Planning and Investment in Hanoi issued on 19.09.2012. Company’s name written in Vietnamese: Petroleum Company Limited Vietnam Airlines. Company’s name written in English: Vietnam Air Petrol One Member Company Limited. Company’s Name Abbreviation: VINAPCO Head office: 202 Nguyen Son Street, Bo De Ward, Long Bien district, Hanoi City. Tel: 04 38272316 Fax: 04 38272317 Email: vianapco@hn.vnn.vn Website: vinapco.com.vn The development of Vietnam Air Petrol Company Limited Throughout the operation of the company, the criteria is slogan: "Safety - quality efficiency – development continuously" and respect the interests of customers, become a reliable partner of the domestic Airlines and abroad ones. Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 From 01/7/2010, the company officially operated under the form of singe member limited liability Company with a charter capital of 400 billion Vietnam dong, and was owned by Vietnam Airlines. The objectives of the company is: To develop and maintain a leading role in the field of fuel supply to Vietnam Airlines, the national airline and international ones, and trade other petroleum products, operate the other industrial business sectors effectively, preserve and develop the owner’s equity, complete other duties, make the company growing, viable and developing in the economic socialist orientation market. The development of the company is shown in the below chart: Figure 1: The development of the company: Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 the real financial situation of the company. The process of preparing financial statements is performed under the regulations of accounting standards and the accounting regime. Anditing the accounting activities is performed quarterly and annual, that help the accounting organization improve the quality of auditing activity, and management activities. Specially, auditing activities such as: checking vouchers, checking recording transactions, checking the application of accounting standards, . are perform very well, so that it has restricted the unreasonable mistakes, has prevented the violations, and negative behaviors in financial management. - The financial control in accounting system: The audit of accounting information is performed quarterly, annually help the organization of accounting system more and more effective. That improve the quality of the accounting, and auditing activities in detail, and the management activities in general. Moreover, it also limits the mistake of accounting, prevent violations and other negative actions in financial management. - Applying the information system in accouting Vietnam Air Petrol Company Limited has invested the computer system having internet connection in department of Finance and Accounting, and has built owned accounting software to support the accounting activities at the whole of the company. 3.1.2. Disadvantages of Organization of Accounting Division - - The voucher system: There are some limit in the department of accounting at company’s subsidiaries: • The lack of information, and content in the vouchers • The task for checking, and processing voucher is not permanent. • The circulation and storage of voucher is not paid enough attention: Sometimes the circulation of voucher is late when send to the head office that make the financial reports delayed. And vouchers are difficult to classifing, storing, and checking. The accounts system: Because of the special characteristics of Vietnam Air Petrol Company Limited, there are some irrational accounts using in the accounting system. The using of detailed accounts to show the contents in detail that provides information for management about cost, revenue, operating result are still inconvenient. Thus, it directly affect on the function of providing information of accounting activities to management activities. - The accounting book system Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 42 The process of recording transactions into ledger book still have some mistakes about figures, and sometimes have unclear contents such as: Detailed book of material, tools and instruments,… - Applying the information system in accouting The company use their owned accounting software, but it is not completed, there are old version of this software. Therefore, it cannot connect with detailed management subsystems such as: tools and instruments, fixed assets, inventory, . These subsystems are still proceed to extract the results to record to the accounting books. 3.2. Remarks on Financial Accounting Management at Vietnam Air Petrol Company Limited 3.2.1. Advantages of Accounting Management In general, Accounting Department has met the job requirement, and has been suitabe with accouting work in the company. Because the large size of business orraganization and the diversity of goods and services, the company organized accounting department in the form of half-dispersed concentration. At the head office, the company have Department of Finance and Accounting with the responsibility for monitoring all financing, and accounting activities in the whole of the company. In each subsidiaries, they also have their own department of finance and accounting to report, control the cost of goods sold, sales, revenue,… After that its subsidiaries send reports to head office to summarize the financial information This form help the managers monitor, and check the activities of subsidiaries and company easily. The accounting cycles are assigned clearly to make the accounting activities processing. Each accountants at the department is responsible for few kinds of related cycles. The good accounting cycles organization help the voucher circulation easily. 3.2.2. Disadvantages of Accounting Management Although there are many advantages of accounting system of Vietnam Air Petrol Company Limited, some disadvantages still exist: Because operating areas of the company is too wide, that stretchs across the country, the collection of data to prepare the financial statements is very difficult, and waste of time. Though the company pays attention on the accounting department, and accountants are also skilled, experienced, and enthusiastic at work, the management skills and accounting skills of all accountants are not equal, specially the accountants in groups and teams. There are many accountants, but the effectiveness of job is not high, and the division of work is not rational. Moreover, the department for managerial accounting is a important one in the department of Finance and Accounting, but these are only people working in. Therefore, the tasks for collecting, processing, providing information about financial activities is very Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 43 inconvenient, and even difficult for the manager to have enough necessary information to plan, organiza, and make decision for business. Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 44 SOME RECOMMENDATION ON THE ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED: - Accounting management: From these accounting problems of the company, organization of accounting system at Vietnam Air Petrol Company Limited need to be completed to suit with requirement and situation of company in collecting, processing, analyzing, and supplying data, information accurately, fully, and truthfully to serve the business management. The accounting department are still organized in the model of combining between managerial accounting and financial accounting, and the corporation of them need to be improved more effectively. This model can be divided into some primary parts:        Board of genaral accounting and checking Board of cash and loan accounting Board of fixed asset accounting Board of inventory accounting Board of cost accounting Board of capital accounting Board of sales accounting and business result. Moreover, Company need have a planning for improving, and training professional skills of accounting staff. Company have to realize the roles of accounting department, and invest in it. Accountants of this department should have good condition to improve their professional skills, and some skills of applying information technology, update their knowledge about accounting field such as:  Course on accounting skills  Advanced training with deep knowledge about each accounting cycles.  Organizing some meeting to discuss about the reponsibility, activities, achievements, and problems of each accounting for rearrange them into the cycle they best. - The voucher system Because the mistake is occurred mainly in the accounting department of company’s subsidiaries. So company need focus on improving these department from its staff to its organization. First, company have to issue some detailed regulations for recording, circulating, checking, and storing vouchers. Each employees should be responsible for detailed accounting processes, specially recording vouchers. - The accounts system: Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 45 The using of accounts in company is not rational, and convenient for accounting activities, and management activities. Therefore, company need consider changing the using of some kind of accounts to record the financial information right. In the managerial accounting, company have to organize every information when transaction occurs, and completes. The accounts should be used in the way that is suitable with the business conditions, and operation of company. Thus, is must have a list of detailed accounts for collecting, processing, and analyzing information for managerial accnounting. In each cycles, some detailed accounts need to be determined to level 2, level 3, level 4, level 5,… - The accounting book system The process of recording transactions into ledger book needd to have some improvement to make it clearer in accounting book such as: inventory book, detailed book of material, tools and instruments,… Moreover, the form, the quantity, the contents of accounting book, and the methods of recording have to be updated based on the accounting software, the regulation of accounting regime, and the accounting policies. In the process of recording book, company’s accountant should be more careful and meticulous with figures and datas to prevent from making mistakes. Chief accountant should check the the observance of recording book regulaly to provide information to managers timely. - Applying the information system in accouting Finally, the company have to complete the accounting software, because this software is out-of-date, met errors frequently. Therefore, company should invest in updating, repairing, and applying new suitable professional software. Cost for this update is not too much, but it bring high effectiveness to accounting activities to serve management tasks. In detail, accouting software have to connect with management module such as: cash, bank deposits, tools and instruments, fixed assets, inventory, revenue, loans, . Moreover, it have to be able to prepare financial statements, and other reports under the requirement of government, and the managers of the company. Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 46 REFERENCE Vietnamese 1, Đặng Thị Loan (2007), Giáo trình Kế toán tài doanh nghiệp, Nhà xuất Đại học Kinh tế quốc dân, Hà Nội. 2, Nguyễn Anh Tuấn (2010), Hướng dẫn thực hành – Lập, luân chuyển chứng từ ghi sổ kế toán doanh nghiệp, Nhà xuất Đại học Kinh tế quốc dân, Hà Nội. 3, Trang chủ Công ty trách nhiệm hữu hạn thành viên Xăng dầu Hàng không Việt Nam, http://vinapco.com.vn/ 4, Công ty Cổ phần Chứng khoán Ngân hàng Đầu tư Phát triển Việt Nam (BSC) (2014), Báo cáo phân tích doanh nghiệp Việt Nam Airlines, Công ty Cổ phần Chứng khoán Ngân hàng Đầu tư Phát triển Việt Nam (BSC), Hà Nội. English 1, Kurt Pany (Fifth edition), “Intermediate Accounting”, McGraw-Hill Irwin. 2, Ministry of Finance, Decision No.15/2006/QD-BTC effective on 20th March, 2009. 3, O. Ray Whittington (Nineteenth edition), “Principles of Auditing & Other Assurance Services”, McGraw-Hill Irwin. 4, Bank for investment and development of Vietnam securities joint stock company (BSC) (2014), Prospectus_ Innitial Public Offering Vietnam Airlines Company Limited, Bank for investment and development of Vietnam securities joint stock company, HoChiMinh City. Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 47 APPENDIX BALANCE SHEET For the Year Ended December 31st, 2013 Code Notes 2013 At beginning of the year 2013 1. Assets A. Current assests 100 7.082.409.659.159 7.005.322.488.895 I. Cash and cash equivalent 110 2.694.109.100.778 2.505.169.973.641 1. Cash 111 2. Cash euivalent 112 II. Short-term Investment 120 1. Short-term investment V.01 582.109.100.778 379.169.973.641 2.112.000.000.000 2.126.000.000.000 121 2. Allowance for short-term 129 securities investment III. Short-term Receivables 130 1.833.929.187.202 1.997.375.396.496 from 131 1.461.432.152.873 1.472.392.782.481 1. Receivables customers 2. Prepaid for suppliers 132 3. Internal receivables 133 V.02 4.889.296.579 12.168.947.461 434.726.920.445 564.208.911.850 (67.119.182.695) (51.395.325.396) 4. Construction contract 134 progress receivables due to customer 5. Other receivables 6. Provision receivables IV. Inventory for 135 V.03 bad 139 140 2.337.336.333.901 2.305.394.978.532 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 48 1. Inventory 141 V.04 2.337.336.333.901 2.305.394.978.532 2. Provision for devaluation 149 of inventory V. Other current assets 217.035.037.278 197.382.140.226 6.156.330.939 4.967.858.046 185.751.446.539 189.283.322.962 22.759.045.334 163.911.855 150 1. Short-term expenses prepaid 151 2. VAT deducted 152 3. Taxes and receivables 154 from government V.05 5. Other current assets 158 2.368.214.466 2.967.047.363 B. Long-term assets 200 450.035.266.224 415.917.727.462 I. Long-term receivables 210 335.151.122.299 328.828.096.056 299.321.677.410 280.643.612.694 612.459.073.111 570.538.786.184 1. Long-term from customer receivables 211 2. Capital of subsidiaries 3. Long-term receivables 4. Other receivables 212 interval 213 V.06 long-term 218 V.07 5. Provision for bad long- 219 term receivables II.Fixed assets 220 1. Tangibles fixed assets 221 -Fixed assets costs 222 V.08 -Depreciation of fixed assets 223 2. Financial leasing fixed 224 assests -Costs (331.137.395.701) (289.895.173.490) V.09 225 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 49 -Depreciation of leased fixed 226 assets V.10 11.485.299.149 10.865.009.985 3. Intangible fixed assets 227 -Costs 228 16.506.504.110 15.206.594.035 -Depreciation of intangible 229 fixed assets (5.021.204.961) (4.341.584.050) 4. Capital construction in 230 process V.11 24.344.145.740 37.319.473.377 III. Investment real estate 240 V.12 -Costs 241 estate 242 100.033.620.000 83.256.380.000 1. Investment in equity of 251 subsidiaries 2. Investment venture in 100.033.620.000 83.256.380.000 3. Other investment long-term 258 4. Provision for devaluation 259 of long-term securities investment V. Other investment 14.850.523.925 3.887.251.406 -Investment depreciation real IV. Long-term investment 1. Long-term expenses financial 250 V.13 joint- 252 long-term 260 prepaid 261 V.14 14.350.523.925 3.387.251.406 2. Deffered income tax assets 262 V.21 500.000.000 3. Other long-term assets 268 500.000.000 Total assets 270 7.532.444.925.383 7.421.294.216.357 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 50 Liabilities and stockholder’s equity A. Liabilities 300 7.046.664.120.845 6.962.435.239.215 I. Short-term liabilities 310 7.009.819.383.226 6.921.418.824 810 1. Short-term liabilities loan and 311 V.15 5.247.498.503.461 4.521.500.771.158 2. Payables for suppliers 312 1.475.331.882.660 1.641.574.751.520 3. Prepaid from customers 313 109.519.985.908 40.218.741.174 55.676.578.250 118.594.373.362 41.024.539.184 36.241.618.198 13.946.687.931 9.210.913.476 4. Taxes and payables to 314 government budget V.16 5. Payables to employees 315 6. Accruals 316 7. Internal payables 317 8. Construction contract 318 progress payment due to customer 36.866.322.574 542.179.294.857 9. Other payables 319 V.17 V.18 10. Provision for short-term 320 payables 11. Bonus and welfare fund 323 29.954.883.258 11.898.361.065 II. Long-term liabilities 330 36.844.737.619 41.016.414.405 28.494.301.471 8.560.237.439 1. Long-term payables to 331 supppliers 2. Long-term payables internal 332 3. Other long-term payables 4. Long-term liabilities V.19 333 loan, and 334 V.20 28.196.350.601 48.305.110.105 5. Deferred income tax 335 V.21 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 51 6. Tax allowances unemployment for 336 10. Petrol prices stablizing 340 fund (19.845.914.453) (15.848.933.139) B. Stockholder’s equity 400 485.780.804.538 458.858.977.142 1. Stockholder’s equity 410 485.780.804.538 458.858.977.142 2. Share premium 411 428.490.824.595 428.490.824.595 3. Other capital 412 4. Stock funds 413 5. Diffirences upon asset 414 revaluation 6. Foreign diffirences 57.289.979.943 19.364.253.310 8.102.813.456 7. Provision for long-term 337 payables 8. Unearned revenues 9. Researches development fund 7. Investment development funds 338 and 339 V.22 exchange 415 and 416 8. Financial reserve funds 417 9. Other funds 419 10. Undistributed earnings 420 2.901.085.781 11. Construction investment 421 12. Funds for supporting 422 business oganization II. Other resources and funds 430 1. Resources 432 V.23 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 52 2. Funds used to acquire 433 fixed assets Total Liabilities stockholder’s equity 7.532.444.925.383 7.421.294.216.357 and 440 Income statement For the Year Ended December 31st, 2013 Target Code Notes This year Last year 1.Sales revenue and service revenue VI.25 26.311.465.972.866 25.664.507.140.376 2. Sales deduction 5.959.270.402 7.956.889.180 3.Net sales 10 26.305.506.702.464 25.656.550.251.196 4.Cost of goods sold 11 VI.28 25.926.930.834.562 25.402.683.576.917 5. Gross profit 20 378.575.867.902 253.866.674.279 6. Financial Income 21 VI.29 174.591.816.386 211.623.575.900 7.Financial expenses 22 VI.30 290.806.783.542 278.732.216.499 Include: Interest expenses 23 125.640.002.427 203.625.086.179 8. Selling expenses 24 31.899.661.055 36.814.838.038 9. Adminisstrative 25 overheads 103.221.379.964 90.589.421.338 10. Net operating profit 30 127.239.859.727 59.353.774.304 11. Other income 31 10.692.503.847 42.074.422.990 12. Other expenses 32 45.093.885.582 17.614.616.333 13. Other profit 40 (34.401.381.735) 24.459.806.657 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 53 14. Profit before tax 50 92.838.477.992 83.813.580.961 15. Current income tax coporate 51 VI.31 23.997.682.382 21.966.812.285 16. Deffered income tax coporate 52 VI.31 17. Profit after tax 60 68.840.795.610 61.846.786.676 18. Earnings per share Cash flow statement For the Year Ended December 31st, 2013 ITEMS from Co N Current de o year/period t e Previous year/period 01 92.838.477.992 83.813.580.961 I. Cash flows activities operating 1. Profit/ (loss) before tax 2. Adjustments - Depreciation of fixed assets 02 36.913.582.378 - Provisions 03 15.723.857.399 20.716.547.659 - Gain/ (loss) from foreign exchange 04 differences 9.987.007.371 (2.901.085.781) 27.688.835.918 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 54 - Gain/ (loss) activities from investing 05 (154.387.725.1 32) (211.353.249.408) - Loan interest expenses 06 125.640.002.42 203.625.086.079 3. Operating profit/ (loss) before 08 126.715.202.43 121.589.715.428 - Increase/ (decrease) of accounts 09 receivable 144.981.785.13 (690.355.765.727) - Increase/ inventories 10 (31.941.355.36 9) (587.253.643.471) - Increase/ (decrease) of accounts 11 payable (506.716.150.1 90) 256.820.842.886 - Increase/ (decrease) of prepaid 12 expenses (12.151.745.41 2) 2.873.870.677 - Loan interests already paid 13 (126.659.550.4 47) (208.929.293.341) - Corporate income tax already paid 14 (24.916.229.37 7) (7.566.576.208) - Other gains 15 171.100.000 84.000.000 - Other disbursements 16 (23.805.277.61 2) (15.644.432.956) Net cash flows from operating 20 activities (454.322.220.8 37) (1.128.381.282.71 2) changes of working capital (decrease) from of II . Cash flows activities investing 1. Purchases and construction of fixed assets Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 55 and other long-term assets 2. Gains from disposals liquidation of fixed assets (115.031.846.637) 22 619.979.547 4.905.132.208 (16.777.240.00 0) (52.856.380.000) Loans given and purchases of debt instruments of other entities 4. (60.171.738.52 1) and and other long-term assets 3. 21 23 Recovery of loans given and disposals of debt instruments of other entities 24 5. Investments into other entities 25 6. Withdrawals of investments in 26 other entities 7. Receipts of loan interests, dividends 27 and profit shared 157.677.627.15 225.146.260.422 Net cash flows from investing 30 activities 81.348.628.185 62.163.165.993 20.792.127.835 .578 15.882.748.692.6 72 II I. Cash flows activities from 1. Gains from stock issuance and capital contributions from shareholders 2. 31 Repayment for capital contributions and re-purchases of stocks already issued 3. financing 32 Short-term and long-term loans 33 received Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 56 4. Loan principal amounts repaid 5. Payments for financial leasehold 35 assets 6. Dividends and profit already paid to 36 the owners (9.868.279.959) (844.660.299) Net cash flows from financing 40 activities 561.875.360.67 272.838.644.474 Net cash flows during the year 50 188.901.768.02 (793.379.472.245) cash 60 V 2.505.169.973. I 641 . Beginning equivalents cash and 34 Effects of fluctuations in foreign 61 exchange rates Ending cash equivalents and cash 70 (20.220.384.19 4.943) 37.359.113 V 2.694.109.100. I 778 . (15.609.065.387.8 99) 3.298.660.039.20 (110.593.321) 2.505.169.973.64 Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 57 [...]... unit at HCM City Finally, the company have a large business distribution system with many member companies and subsidiaties: North Air Petrol Company, Middle Air Petrol Company, South Air Petrol Company, North Middle Branch, Air Petrol Transportation Company, Norht Air Gasoline Company, South Air Gasoline Company 1.2 Financial Position And Operational Results Of Vietnam Air Petrol Company Limited Vietnam. .. the company, complete tasks assigned by company owners, grow in the socialist-oriented market Customers of the company are the parent company, Vietnam Airlines, other 3 national airlines and 56 international ones such as: VietJet Air, AirAsia, Jet Asia, Malaysia Airlines, Thai Airlines, FedEX, Singapora Airlines, Korean Air, Thai Airways, Air Hongkong, Silk Air, Dragon Air, Hongkong Airlines, Quatar Airways,... Vietnam Air Petrol Company Limited (issued together with Decision No 1444 / QD-HĐQT/ TCTHK on 15/07/2010 of the Board of Directors of Vietnam Airlines Corporation approved organization and operation of Vietnam aviation gasoline company Limited) 1.2.1 Business line: Vietnam Petrol Air Company Limited has full legal status under the laws of Vietnam, registered business and activities in the form of limited. .. laboratory in Tan Son Nhat international Air port • Improving new charging method • Build a high quality staff • changing Air Petrol Company into Vietnam Air Petrol Company Limited • with a charter capital of 400 billions Vietnam Dong 01/7/2010 2012 • Purchasing 25 new transportation trucks, build a new tank with 6000 m2 capacity in Tan Son Nhat Airlines, build a new laboratory in North Air Petrol Company. .. this companies that generate profits more efficiently than their rivals The company s high Return on equity (ROE) can attract more investors Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 17 2 ACCOUNTING DEPARTMENT AND ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED 2.1 Accounting Department At Vietnam Air Petrol Company Limited Choosing the organizational model... all airport operating within Vietnam • with total investment reaching 177 billions Vietnam Dong Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 10 1.2 Business Activities And Management Of Vietnam Air Petrol Company Limited Business activities, rights, obligations and organizational management of the company under the regulation about organization and operation of Vietnam. .. activities in the form of limited liability company under the Enterprise Law On government assignment, company performs the rights and obligations of the owners of the Vietnam Airline Corporations Operational objectives of the company is to develop, maintain a leading role in the supply of gasoline for Vietnam Airlines corporations, the national airline and international ones, business efficiently, conserve... China Eastern, Lao Airlines, Jetstar Pacific, Vasco,… in Noi Bai international Airport, Tan Son Nhat international airport, and other domestic airport from North to South Now, VINAPCO is the lead of gasoline supplier for airlines operating domestic Business activities of the company include: - Wholesale of solid , liquid, gas fuels and related products - inland waterways cargo transportation - Warehousing... asset: 1 2 3 4 5 6 Acquisition report of fixed asset Liquidation report of fixed asset Delivery records of fixed assets for major repairs completed Revaluation records of fixed assets inventory records of fixed assets spreadsheets for calculation and allocation of depreciation of fixed assets Based on the list of accounting vouchers prescribed by law, Vietnam Air Petrol Company Limited has fully applied... the company also uses some kind of vouchers designed by the company based on the regulations of the government and characteristics of the company' s business, such as VAT invoices, shipping cards and internal transportation, receipt notes, devivery notes, (2) Accounting report Supervisor: Nguyễn Thị Hồng Thúy, PhD Nguyễn Minh Đức- Advanced Accounting 53 25 Accounting reports in Vietnam Air Petrol Company . OVERVIEW ABOUT VIETNAM AIR PETROL COMPANY LIMITED 1.1. Establishment and Development of Vietnam Air Petrol Company Limited Vietnam Air Petrol Company Limited is a state-owned company located in the. Operational Results Of Vietnam Air Petrol Company Limited 14 2. ACCOUNTING DEPARTMENT AND ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED. 18 2.1. Accounting Department At Vietnam Air. ABOUT VIETNAM AIR PETROL COMPANY LIMITED 8 1.1. Establishment and Development of Vietnam Air Petrol Company Limited 8 1.2. Business Activities And Management Of Vietnam Air Petrol Company Limited