Học kế toán tai chinh căn bản bằng tiếng anh

Final Accounts is the last step in the accounting process. Trial Balance(bảng cân đối tài khoản) is prepared at the end of all the accounting year to know the balances of all the accounts to test the arithmetic accuracy(tính chính xác) of accounts. But the basic objective of accounting is to know about the profit or loss during the previous year present financial position(tình hình tài chính hiện tại). This can be known only if Trading account (tài khoản thương mại)and Profit Loss account and Balance Sheet are prepared at the end pf year. These are also known as FINANCIAL STSTEMENTS(bản tường trình) which are prepared.

, 1

• Final Accounts is the last step in the accounting process Trial Balance(bảng cân đối tài khoản) is prepared at the end of all the accounting year to know the balances of all the accounts & to test the arithmetic accuracy(tính chính xác) of accounts But the basic objective of

accounting is to know about the profit or loss during the previous year & present financial position(tình hình tài chính hiện tại) This can be known only if Trading

account (tài khoản thương mại)and Profit & Loss

account and Balance Sheet are prepared at the end pf year These are also known as FINANCIAL

STSTEMENTS(bản tường trình) which are prepared

FINAL ACCOUNTS

From Trial Balance Final Accounts include the

preparation of :

1) Trading and Profit & Loss account (tài khoản

thương mai và tài khoản lợi nhuận)and

2) Balance Sheet (báo cáo kết quả kinh doanh)

as these two statements(bản tường trình) are

prepared to give the final results of the business, both of these are collectively called as final

accounts Accounting cycle finally ends with

these statements as shown in next slide:

Entry in the books of Original Entry (ORIGINAL RECORD)

Posting in the concerned

Ledger account (CLASSIFICATION)

Types of Financial

Statement(ca c loai cua ban ́ ̣ ̉ ̉

t ươ ̀ ng tri nh ta i chi nh) ̀ ̀ ́

Final accounts or financial statements can

be divided in two

parts:-1) Trading and Profit & Loss Account(tài

khoản lợi nhuận)

2) Balance Sheet (bảng cân đối)

Trading Account(ta i ̀

Trading Account(ta i ̀

khoan trao đôi) ̉ ̉

khoan trao đôi) ̉ ̉

Trading account is prepared by trading concerns i.e.,

concerns which purchase and sell finished goods, to

know the gross profit or gross loss incurred(nợ phai

gánh chịu) by them from buying and selling of goods during a particular period (khoảng nào đó)of time Gross profit or gross loss is the difference between the cost of goods sold and the proceeds(tiền) of their sale If the sale proceeds exceed (vượt quá)the cost of goods sold , gross profit is made Otherwise,(nếu không thì)gross

loss is made

Ascertainment (s ch ng minh)of ự ư ́

Ascertainment (s ch ng minh)of ự ư ́

Cost of Goods Sold

Goods Available for Sales

……….

Less: Closing Stock

……….

Specimen Proforma of Trading Account

Dr Trading Account of …… For the year ending…… Cr Particulars

To Opening Stock(ta i đâ u ́ ̀

t ừ)

To Purchases Less: Returns

To Direct Expenses:

Carriage Inward Wages

Wages & salaries Fuel & power Coal, water & gas Octroi

Amt Particulars

By Sales Less: Returns

By Closing Stock(ha ng tô n kho)̀ ̀

By Gross Loss c/d*

Amt

Import Duty(thuê xuâ t nhâp khâu)́ ́ ̣ ̉ Custom Duty(thuê hai quan)́ ̉

Excise Duty(thuê tiêu thu)́ ̣

Profit & Loss Account

For non-corporate business organisation Profit & Loss account is second part of income

statement(báo cáo thu nhập) It is prepared to know the net loss of business during a particular period Every businessman has to spend on

expenses other than on manufacture or

purchase of goods which are called indirect

expenses(chi phí gián tiếp) There can be other incomes except sales So gross profit or loss is adjusted keeping in view these indirect

expenses(chi phí gián tiếp) and other incomes to find out net profit or net loss

Proforma of Profit & Loss Account

To Selling & Distribution

expenses(chi phí bàn và chi phí

By other expenses(chi phí khác)

By Net Loss (lợi nhuận ròng) (transferred to capital account) Chuyển vào tài khoản vốn

Amt

Balance Sheet

Balance Sheet is a component of financial

statements which shows balances of capital,

liabilities & assets All nominal accounts are

closed by transferring these to Trading & Profit

& Loss Account Only personal & real accounts are left

Balance Sheet is the final phase in accounting cycle It is a ‘mirror’ which reflects the true

position of the assets & liabities of the business

on a particular date

“A statement of financial position of economic unit disclosing as at a given moment of time its assets, liabilities & ownership equities Eric

L.kohler

Goodwill Land and Buildings Plant & Machinery Motor Vehicles

Furniture Patents & Trade Marks Live Stock

Loose Tools Investments

Amt

Bill Payable

Outstanding

Expenses

Current Assets: Closing Stock Prepaid

Expenses Accrued Income Debtors Bill Receivable Cash at Bank Cash in hand

CLOSING STOCK

The unsold goods lying in store at the

end of accounting year Treatment:

Stock a/c Dr.

To Trading a/c

Two fold effect of adjustment will be

:-1) Show on Credit side of the Trading

account

2) On asset side of Balance Sheet

OUTSTANDING EXPENSES

Those expenses which have been incurred & not yet paid

Treatment:

Expenses a/c Dr(ta i khoan chi phi bên N ) N Tk chi phì ̉ ́ ợ ợ ́

To outstanding expenses() Co TK chi phi ́ ́

Two fold effect:

1.Will be shown on debit side of trading & profit & loss a/c by way of addition to particular expense.(thê ̉

hiên bên co cua ta i khoan th ̣ ́ ̉ ̀ ̉ ươ ng mai, l i nhuân va lô la i bă ng ca ch ̣ ợ ̣ ̀ ̃ ̃ ̀ ́

thêm va o chi phi đăc biêt)̀ ́ ̣ ̣

2 Will be shown on liabities side of Balance Sheet.(la nguô n vô n)̀ ̀ ́

PREPAID EXPENSES(chi phi tra tŕ ̉ ước)

Those expenses which have been paid in advance i.e., whose benefit will be available in future is called prepaid expenses

Treatment:

Two fold effect:

1.Will be shown in profit & loss a/c by way deduction from

ACCRUED INCOME(ca c khoan phai thu)́ ̉ ̉

That income which has been earned but not received during the accounting year is called accrued income Treatment:

Two fold effect:

lô , la i)̃ ̃

INCOME RECEIVED IN ADVANCE(thu nhâp nhân tr ̣ ̣ ước)

Income received but not earned during accounting year is called

income received in advance Treatment:

Two fold effect:

1.Will be shown on credit side of P & L a/c by the way of deduction

DEPRECIATION( khâ u haó )

Depreciation is the reduction in the value of fixed asset due to its

use, wear & tear Treatment:

Two fold effect:

2.Is shown on the Asset side of the Balance Sheet by way of

quan)

BAD DEBTS(n xâ u) ợ ́

called Bad Debts

Treatment:

Two fold effect:

2 2 Is shown on assets side of Balance Sheet by way of deduction

INTEREST ON CAPITAL (vốn đầu tư)

To see whether the business is really earning profit or not ,interest on capital

at a certain rate is provided Treatment :

Interest on capital A/c

To capital A/c

TWO FOLD EFFECT :

1.It will be shown on debit side of Profit and Loss A/c(thể hiện bên nợ tài

khoản Lợi nhuận và thua lỗ)

2.Shown on liabilities side of Balance Sheet by way of addition to the capital (bên nguồn vốn, làm tăng lên nguồn vốn)

INTEREST ON DRAWINGS (lãi suất ngân hàng)

Interest on drawings is charged from proprietor ,as drawings

reduce capital

Treatment:

Drawings A/c(Nợ Tài khoản rút vốn)

To Interest on Drawings A/c(Có Tk Lãi suất ngân hàng)

Two fold effect will be:

1.It will be shown on credit side of Profit and Loss Account.(bên nợ của tài khoản lợi nhuận và thua lỗ)

2.On liabilities side of Balance Sheet by way of addition to the

drawings which are ultimately deducted from the capital

(nguồn vốn - )

PROVISION FOR DOUBTFUL DEBTS

It is a provision created to cover any possible loss on account of bad-debts likely to occur in future

Treatment:

Profit and Loss A/c (Nợ Tk Lợi nhuận và thua lỗ)

To Provision for Doubtful Debts A/c (Dự phòng phải thu khó đòi)

Two effected accounts will be:

1.On debit side of Profit and Loss A/c or by way of addition to Bad Debts (Old provision for doubtful debts at the beginning

of the year will be deducted)

2.Shown on assets side of Balance Sheet by way of deduction from Sundry Debtors (deducting further bad debts if any).(tài sản làm giảm các khoản phải thu)

PROVISION FOR DISCOUNT ON DEBTORS (chiết khấu bán hàng)

If sales are made by the merchant on condition that if the

amount of sales is paid within a certain period , he will allow a certain percentage of discount

Treatment :

Profit and Loss A/c( Debit Profit and loss )

To Provision for Discount on Debtors A/c(Creditor for discount on debtors)

Two-fold effect will be:

1.Shown on debit side of Profit and Loss A/c(bên nợ của TK lợi nhuận và thua lỗ)

2.Shown by way of deduction from Sundry Debtors (after

deduction of further bad debts and provision for doubtful

debts) on assets side of Balance Sheet.(tài sản)

RESERVE FOR DISCOUNT ON CREDITORS(dự trữ cho giảm con nợ)

Firm may have chance to receive discount on last date of accounting year, if the payment is made within the

scheduled period These are anticipated profit and

therefore this account is made

Treatment:

Reserve for Discount on Creditors A/c

To Profit & Loss A/c

Two fold effect will be:

1.It is shown on the credit side of Profit &Loss A/c(bên

cócủa tk lợi nhuận và lỗ )

2.Shown on liabilities side of Balance Sheet by way of

deduction from sundry creditors.(nguồn vốn – ghi giảm nợ phải trả)

DEFERRED REVENUE EXPENDITURE (chi phí thu nhập

hoãn lại)

The expenditure done in initial stage but the benefit of which will also be available in subsequent years is called deferred revenue expenditure

Treatment:

Profit &loss A/c

To advertisement A/c

The two fold effect will be:

1.It is show on the debit side of Profit &loss A/c

2.Shown on assets side by way of deduction from capitalised

expenditure.(tài sản)

LOSS OF STOCK BY FIRE (mất mát do hỏa hoạn) Loss of stock may occur due to fire

The position of business may be:

a) All the stock is fully insured.(bảo hiểm đầy đủ)

b) The stock is partly insured.(bảo hiểm một phần)

a) IF THE STOCK IS FULLY INSURED

The whole loss will be claimed from the insurance company

Entry:- Insurance Co A/c Dr.(Nợ Tk Bảo hiểm)

To Trading A/c(Có TK thương mại)

b) IF STOCK IS PARTLY INSURED

The loss of stock covered by insurance policy will be claimed from the insurance company and the rest of amount will be loss for the business

Entry : Insurance Co A/c Dr.(Nợ Tk bảo hiểm)

Profit & Loss A/c Dr.(Nợ Tk xác định kết quả kinh doanh)

To Trading A/c(có Tk giao dịch thương mại)

Effect of this entry:

1.Shown on credit side of Trading A/c with the value of stock & shown on debit side of P& L A/c for that part of the stock

which is not insured

2.Loss of stock Fire is shown on asset side of the Balance sheet which amount is to be realised from the insurance company

c) IF STOCK IS NOT INSURED

Whole loss will be borne by the firm.

Entry:- Profit & Loss A/c Dr.

To Trading A/c

Effect of this entry

:-1.It is shown on the credit side of Trading A/c(Có

Tk giao dịch thương mại)

2.It is shown on the debit side of P&L A/c(Nợ Tk xác định kết quả kinh doanh)

RESERVE FUND(các quĩ dự phòng)

Reserve is created out of profit & Loss A/c and thus is an

appropriation of net profit for strengthening the financial

position of the business

GOOD DISTRIBUTED AS FREE SAMPLES.

To promote the sale of goods, some of the produced goods are distributed as free samples

Treatment:

Advertisement A/c Dr.(Nợ chi phí quảng cáo)

To Purchase A/c(Có chi phí các khoản phải chi)

Two fold effect:

1.Its is deducted from purchases (giảm các khoản thanh toán)2.It is shown on debit side of P&L A/c(tài sản)

MANAGER’S COMMISSION(ủy ban quản lý)

To increase the profit, manager is given some % age of

commission on profits It can be given at a certain percentage

on the net profits but before charging such commission(trước khi nhận hoa hồng)

Treatment:

Profit & Loss A/c

To Commission Payable

After charging such commission (sau khi nhận hoa hồng)

This commission in calculated by a formula ()

Commission Payable = % of commission * Residual profit(lợi nhuận còn lải)

100+Rate of Commission

GOODS ON SALE OR APPROVAL BASIS

Sometimes goods are sold to customers on approval basis If they approve, it will

become sale If such goods are lying with customers on last day of the accounting year and these can be yet returned , it should be treated as stock lying with

customers.

Treatment :

1 Sales A/c Dr.(giảm doanh thu)

To debtors A/c (with sales price)(giảm nợ phải thu)

2 Stock A/c Dr (tăng hàng hóa)

To trading A/c ( at cost Price of goods)(giảm giao dịch)

Effects

:-1.Shown on the credit side of trading account by way of deduction from sales at sales price and added at closing stock at cost price

2.Shown on assets side as deduction from sundry debtors (sale price )and stock at cost

on the assets side of balance sheet.(là tài sản)

M gives the following trial balance as on 31st March ,2010

On 31st march ,2010 the stock of raw material was

13,300 deprecation provided by M is 15 % on Plant and Machinery and 10% on fixtures & fittings (on book

value) Patents have two more years to run and concern

a vital production process Manufactured goods were

transferred to selling department at a value of Rs

2,00,000

The value of finished goods (at transfer price ) on

the finished goods as on April 1,2009 was at cost to M Draw the Manufacturing, trading & P&L a/c for 2009-

10 and the Balance Sheet of M as at the end of the year.

MANUFACTURING ,TRADING AND PROFIT AND LOSS ACOOUNT OF M

To raw material consumed: Rs.

1,78,600 3,600 Cost of Goods Produced 1,75,000

To opening stock of finished

240 15,000 3,600

3,750 38,910 80,200

2,80,000 55,200 25,000

80,200

Cash at the bank Sundry debtors Closing stock of raw materials Closing stock of

finished goods 30,000 Less: Reserve @12.5% to

bring goods to cost value 3,750

Patents 18,000 Less: written off 6,000

Furniture & fittings 2,400 Less: 10% Depreciation 240

Plant & Machinery 60,000 Less: 15% Depreciation 9,000

6,600 26,000 13,300