BÀI TẬP KTTC1 - edited

FINANCIAL ACCOUNTING I: EXERCISES CHAPTER Exercise 1: Company H applies the deductible VAT method and the perpetual inventory system In June 2016, transactions incurred as belows: (CU: 1.000 VND) Selling products in cash: 22.000, including 10% VAT (Cash receipt voucher No 001) * Với Selling products Deposit of 30.000 cash into the company's bank account (Cash payment voucher No 002), the accountant had not received Credit note from bank yet Selling a fixed asset in cash: 63.000 (Cash receipt voucher No 003), including VAT: 3.150 (VAT invoice No 01234) Related transportation fee paid by cash: 220, including 10% VAT (Cash payment voucher No 004) Transportation expense for selling products paid by cash: 1.000 (Cash payment voucher No 005) Dispatching cash in advance for employees to purchase inventories: 20.000 (Cash payment voucher No 006) Paying cash for the company's office renting: 18.000 (Cash payment voucher No 007) Receiving Credit note from bank related to the 2nd transaction Withdrawing cash from bank account to pay in cash fund in the company: 100.000 (Cash receipt voucher No 008, Debit note) Purchasing material: 50.000 (excluded from VAT, VAT: 10%) (VAT invoice No 01235) All material was received in the warehouse (Inventory receipt voucher No 0115) Company H made payment to the supplier via cash in bank Related transportation and installment expenses paid by cash on hand: 440 (including 10% VAT) 10 Receiving interest income by cash on hand: 20.000 (Cash receipt voucher No 009) 11 Dispatching cash to buy stationaries used for administrative purpose: 1.200 (Cash payment voucher No 010) 13 Dispatching cash fund for bank loan’s interest: 3.000 (Cash payment voucher No 011) 14 Withdrawing cash in bank to pay in cash fund: 25.000 (Debit note received), dispatching cash to pay salary to employees: 20.000 (Cash payment voucher No 012) 15 There was a surplus of cash from the physical count at the end of the month: 1.250 This amount had been still in investigation Required: Make journal entries for above transactions Exercise 2: Company H applies the deductible VAT method and the perpetual inventory system In June 2016, transactions incurred as belows: (CU: 1.000 VND) Receiving merchandise goods valued 132.000 including 10% VAT (Inventory receiving voucher No 0215, VAT invoice No 01236) Company paid to the supplier via bank account (Debit note received) Related transportation fee: 2.100 including 5% VAT, company H paid the fee in cash The customer made payment via bank: 200.000 Company H invested in a joint – venture company T by cash in bank (Debit note received): 300.000 Selling stocks: selling price 150.000, cost of stocks 120.000, the payment was made via bank Disposal of a fixed asset (FA): historical cost: 600.000, useful life: 10 years The FA had been used for years and months; selling price: 40.000, 5% VAT Company received the payment via bank Withdrawing cash in bank to pay in the cash fund: 200.000 (Debit note received, Cash receipt voucher No 013) Paying salary to employees in cash: 60.000 Receiving financial income in cash: 2.000 Payment of utilities expenses in the Production Department in cash: 22.000 (include 10% VAT) (VAT invoice No 01237) 10 Making payment of a debt to the supplier via bank: 300.000 11 Selling finished goods, cost: 200.000, selling price: 250.000, 10% VAT, the customer paid fully via bank (received Credit note) 12 Selling finished goods: cost: 400.000, selling price: 500.000, 10% VAT, the customer paid fully via bank However, company has not received Credit note yet 13 Reconciling of bank statement and the Cash in bank account balance, there was a shortage of 2.000; the reason has been still under investigation Required: Make journal entries for above transactions Exercise 3: Company M applies the deductible VAT method and uses perpetual inventory system In August 2016, there was document about material A as follows: (CU: 1.000 VND) A Opening balance of material A: 1.000 kg, cost: 20.000 B Material A received in stock in August 2016: - On 2nd Aug: Receiving 500 kg material A, unit cost: 20,5 - On 10th Aug: Receiving 1.000 kg material A, unit cost: 20 - On 16th Aug: Receiving 300 kg material A, unit cost: 20,2 - On 24th Aug: Receiving 800 kg material A, unit cost; 20,3 - On 29th Aug: Receiving 500 kg material A, unit cost: 20,4 C Material A issued for production in August 2016: - On 5th Aug: Issuing 400 kg material A - On 8th Aug: Issuing 800 kg material A - On 12th Aug: Issuing 500 kg material A - On 20th Aug: Issuing 800 kg material A - On 28th Aug: Issuing 500 kg material A Required: (1) Company M applies FIFO method (2) Company M applies AVCO method Exercise 4: Using information about material A given in task However, in this task, the company uses periodic inventory system and applies FIFO method Required: Calculate the cost of material A issued in August 2016 and the closing balance of material A at the end of August (Assumed that there was no shortage of material A) Exercise 5: Company M applies the deductible VAT method and uses perpetual inventory system In September 2016, transactions incurred as follows: (CU: 1.000 VND) On 5th Sep: purchasing material A from company Z on credit VAT invoice No 003478, dated 5th Sep 2016 According to the VAT invoice, the amount of material A purchased: 1.100 kg, unit cost (excluded VAT): 300/1kg, VAT: 10% On 10th Sep: receiving Inventory receipt voucher No 120, dated th Sep 2016 According to the voucher, 1.000 kg material A was received in warehouse Another 100kg was deficient Deficiency quotas rate in transportation is 1% Required: Make journal entries for above transactions in cases: Deficiency had been still in investigation at the end of period Deficiency was recovered by the transporter CHAPTER Exercise 1: Transactions incurred in Hoang Ha company in January 2016: (CU: 1.000 VND) On 1st Jan: Handing over a production equipment to the factory This equipment was purchased from the supplier on credit at 500.000, (excluded 10% VAT); Related transportation expense was paid in cash: 20.000; Related testing expense: 25.000 (in which, material cost: 15.000, salary payment: 6.000, other expenses: 4.000) The company received testing products from the testing period, then transferred these products to the warehouse, valued at: 16.000 On 1st Jan: Handing over a production factory to Production Department Historical cost: 2.280.000 Estimated useful life: 18 years Purchasing a equipment for production purpose Fixed assets delivery and receipt notes (The Minute of Assets Hanover) No 02 dated 3/1/2016 with related documents: - VAT invoice No 002348 dated 2/1/2016 from the supplier Truong Hai: Sub total: 1.200.000 10% VAT: 120.000 Total payment: 1.320.000 - Debit note No 10 dated 2/1/2016 from Vietcombank: payment of transportation expense: 21.000 (VAT invoice No 006438 dated 2/1/2016 from Thành Hưng transportation company, VAT: 5%) - Payment of installment and testing expenses: 25.000 This equipment was funded by Bank loans from Loan contract No 34 dated 1/1/2016 Estimated useful life: 15 years The Minute of Assets Hanover No 03 dated 6/1/2016: Receiving of investment from Khanh An company: a truck which was revaluated at 600.000 This truck has been used in Sales Department Estimated useful life: 10 years The Minute of Assets Hanover No 04 dated 7/1/2016: Purchasing a computer system on credit for the administrative purpose According to VAT invoice No 004793 dated 7/1/2016 from Tran Anh company: Listed price: 48.000 10% VAT: 4.800 Total payment: 52.800 Estimated useful life: years According to Decision No 01 dated 8/1/2016 of the Director: transfering an investment real estate into an office asset Historical cost: 3.600.000, accumulated depreciation: 1.200.000 Estimated useful life: 12 years Required: - Make journal entries for above transactions Record the above transactions on Journal Assumption that all FA have no disposal value Hoàng Hà company pays VAT using credit-invoice method Exercise 2: Accounting information about FA in Hoang Hai company in January 2016: (CU: 1.000 VND) Selling an equipment used in Sales Department to Duy Tan company VAT invoice No 001734 dated 01/01/2016: Price: 180.000 10% VAT: Total payment: 18.000 198.000 Historical cost: 360.000, accumulated depreciation: 120.000 Estimated useful life: years Disposal of a factory: Fixed asset disposal minute No 01 dated 01/01/2016: - Historical cost: 1.200.000, accumulated depreciation: 1.140.000 useful life: 10 years - Related expenses were paid in cash: 10.000 (Cash payment voucher No 04 dated 01/01/2016) - Receiving money from disposal: 65.000 (Cash receipt voucher No 14 dated 01/01/2016) Liquidating a production equipment used in the Production Department Liquidation minute No 02 dated 03/01/2016 Historical cost: 780.000, accumulated depreciation: 540.000 Useful life: 13 years Receiving cash from liquidation: 200.000 (Cash receipt voucher No 18 dated 05/01/2016) Contributing land use rights in a joint – venture Historical cost: 3.120.000, accumulated depreciation: 1.200.000, The land use rights was revaluated at: 1.400.000 Estimated useful life: 20 years The land use rights had been used in Production purpose Decision No 05 dated 12/1/2016 to transfer a FA into a tool Historical cost: 78.000, accumulated depreciation: 74.100 Useful life: 10 years The Minute of Assets Hanover No 30 dated 19/1/2016: contributing a truck in a joint – venture Historical cost: 840.000, accumulated depreciation: 120.000, The struck was revaluated at: 700.000 Useful life: years Fixed Assets stocktaking report No 02, dated 31/1/2016, an administrative equipment was missing Historical cost: 54.000, accumulated depreciation: 7.500 Useful life: years The reason has been under investigation Required: - Make journal entries for above transactions Record above transactions on General Ledgers of Account 211 and Account 214 Exercise 3: Accounting information about FA repairs and maintenance in Hoang Ha company in June 2016: (CU: 1.000 VND) Accrual expenses of the fixed assets repairs: 650.000 - FA used in Production Department: 400.000 + Production Department No.1: 250.000 + Production Department No.2: 150.000 - FA used in Sales Department: 100.000 - FA used in Administrative Department: 150.000 The Minute of Assets Hanover No 60 for repaired FA (outsourcing agrement) from Minh An company, dated 15/6/2016 This FA was used in Production Department No.: - Price: 150.000 - 10% VAT: 15.000 - Total payment: 165.000 Repairment costs occurred would be capitalized in cost of the FA VAT invoice No 10234 dated 20/6/2016 from Thanh Phat company about repainted company's office building: - Price: 60.000 - 10% VAT: 6.000 - Total payment: 66.000 VAT invoice No 13234 25/6/2016 from Phuoc Hung company about decorating and upgrading an exhibit room: - Price: 120.000 - 10% VAT: 12.000 - Total payment: 132.000 Required: - Make journal entries for above transactions Record the above transactions on General Journal and General ledger of account 241 Exercise 4: T&T company has following documents in September 2016: (CU: 1.000 VND) • • The Opening balances of: Acc 211: 6.000.000 Acc 214: 1.870.000 In Sep 2016, there were several transactions incurred: On 10th Sep: Selling a measurement equipment Historical cost: 240.000, accumulated depreciation: 80.000, depreciation rate: 12%, selling price (included 10% VAT): 132.000 Company received money via bank On 11th Sep : Receiving an investment from CK company: a truck which was revaluated at 360.000 This truck has been used in Sales Department Estimated useful life: 10 years On 13th Sep: Contributing a production equipmen to LD joint – venture company Historical cost: 120.000, accumulated depreciation: 20.000, depreciation rate: 10% revaluated land use rights: 80.000 On 15th Sep: purchase a production machine for Production Department: purchase price: 180.000, VAT: 10% Company made payment via bank Installment and testing expenses were paid in cash: 6.000, depreciation rate: 15% On 15th Sep: Handing over a computer system produced by Dell to Accounting Department as a gift from Dell, its fair value was: 180.000 Estimated useful life: years On 15th Sep: Liquidating an asset used in Sales Department Historical cost: 30.600, accumulated depreciation: 28.000, depreciation rate: 10% Selling price (excluded 10% VAT): 2.100 Company received cash Required: Calculate and allocate the depreciation charge in Sep 2016 Additional information: T&T company applies straight line method for calculating depreciation charge There was no changes in FA in August 2016, and depreciation charge in Aug 2016 as follow: - For Production Department: 250.000 - For Administrative Department: 110.000 - For Sales Department: 40.000 Make journal entries for above transactions CHAPTER 4: ACCOUNTING FOR PAYROLL AND PAYROLL RELTATED COMPENSATION Exercise 1: In Januray N, Rose Company had the following information: (Unit: VND) 1.Salary payable in January N: - Direct employees: 40,000,000 - Factory staffs: 2,000,000 - Administrative staffs: 10,000,000 Payroll related compensation was calculated according to prevail regulations Debit note No 34 dated 31/1/2016: made payment to social insurance authorities (included payment on behalf of employees) Payment note No.65 dated 31/1/N: Made payment for employees’ health insurance Deducted payroll related compensation from employees’ salary Debit note No.35 dated 31/1/N: made payment to employees after deducting all payroll related compensation Requirements: 1) Caluclate and make journal entires for the above transactions? 2) Record the above transactions on Journal? Knowing that: The company calculates payroll related compensations according to current regulations Exercise 3: In June N, TM company had the following information Beginning balance of some accounts were as follow: (Unit: 1,000d) -Acc 334 (Cr.): 30,000 - Acc 338 (Cr.): 12,000 In which Acc 3382: 2,000; 3383: 6,000; 3384:2,000; 3386: 2,000 II Transactions incurred in June year N: Debit note No.90 dated 1/6/N make payment to authorities regarding social insurance: 6,000 , health insurance: 2.000; unemployment insurance:2,000 and put into cash account 30,000 Payment note No.112 dated 2/6/N Made salary payment to employees for previous period: 27,000, the remaining was not be paid due to employees’ absence Calculated salary payable incurred in the month - For direct labor: 600.000 - For factory staff: equal to 5% on total direct labors’ salary - For sale staffs: 20.000 - For administrative staffs equal to 3% on total direct labors’ salary Made payroll related compensation as regulated Debit note No.92 dated 30/6/N: made payment to related authorities The following items should be deducted from employees’ payable: - Advance : 10.000 - Compensation: 5.000 - Personal income tax: 12.500 Received notes No.103 dated 30/6/N: transferred 700,000 from bank account to cash account Payment note No.08 dated 30/6/N Made payment to employees: - Salary: 60% salary payable after deducting related items; in which 10,000 was withheld due to employees’ absence - Payment for withheld amount in previous moth: 3,000 - Made payment for all bonus Requirement: Make journal entries and record in T accounts Knowning that: Salary for payroll related compensation calculation equal to actual payment to employees The company calculates payroll related compensation according to current regulations CHAPTER 5: PRODUCTION COST AND COST OF FINISHED GOODS Exercise 1: A company produces only product A, applies perpertual accounting systems and deductible VAT method The following information incurred in the month (unit: 1,000d): Work in progress was calculated in accordance with direct material cost incurred 180,000 Purchased on credit material at price before VAT 1,800,000 VAT rate 10% The material was received and put into warehouse Actual cost of material used for production process 2,100,000 Direct labor cost 260,000 Manufacturing overhead cost 320,000 (in which variable cost 120,000; fixed cost 200,000) Unused material at the end of month: 200,000 This unused material was still at production process During the month: there were 1,000 finished products, in which 700 products were put into the warehouse, the remaining were sent on consignment to company C 200 work in progresses were calculated according to direct material cost incurred: 300,000 Requirements: Make journal entries for the above transactions Calculate cost of finish goods Knowning that actual capacity equal to 80% normal ones Exercise 3: Company A applies periodic accounting system and deductible VAT method In the month, the following information was available (unit: 1,000dong): Work in progress was calculated according to direct material cost incurred 180,000 Openning balance of material at the warehouse: 1,100,000 Material purchased outside was put into warehouse Price before VAT 1,800,000; VAT rate 10% Direct labor cost 260,000 Manufacturing overhead cost 320,000 (In which: variable cost 120,000; fixed cost 200,000) At the end of month, cost of ending inventory 1,000,000 1,000 finished goods A were produced within the month In which: 700 products were sent to warehouse, the remaining was sold to Co C 200 work in progresses were calculated according to cost of material incurred 300,000 Requirement: Make journal entries Record transactions in General Ledger Knowing that actual capacity equal to 80% normal capacity Exercise 2: Company KH only produces product A The company applies deductible VAT method (VAT rate: 10%) and perpetual inventory system In quarter I/N, the following information is available (Unit: 1,000d) I Beginning balance: Acc155: 106,000 (amount: 20 products) II Transactions incurred in quarter 1/N were as follows: Sent material for production purpose: 620,000, for factory management: 100,000 Sent tools for production process 7,000, for sale department: 5,000 (assume that these tools were allocated once) Disposed a fixed asset used in administrative department, initial cost: 300,000, accumulated depreciation: 250,000 Disposal price before VAT 30,000, VAT 10% The disposal value was paid by cash at bank Disposal expenses incurred: 2,000 Total salary payables: 740,000 In which: payables to direct labor: 500,000, to factory management personnel: 100,000, sale staff: 60,000, general administrative staffs: 80,000 Total depreciation cost incurred in the period: 360,000 In which: Depreciation cost for production department: 240,000, for sale department: 70,000, for administration department: 50,000 Cash paid for outside service expenses: 56,000 In which, the expenses incurred in production department: 32,000, in sale department: 10,000, in administrative department: 14,000 In the period, there were 500 finished goods, in which: the number of goods put into warehouse 300 products and sent on consignment: 200 products Knowing that, agrred commission fee: 2% on revenue Sale in cash 150 products At the end of quarter, 1/2 of goods sent on consignment were sold The company received value of those goods after deducting commission fees 10 Received10 returned products The company repaid to customer by cash Requirement: Calculate cost of finished goods Make journal entries for the above transactions Prepare income statement for quarter I/N Additional information: - Beginning balance and ending balance of work in progress: 350,000 and 899,000, respectively - Cost of goods sold/used is calculated by AVCO method - Price before VAT of product A: 4,000/product, VAT rate: 10% - Assume that Profit before tax = Taxable income, VAT rate 20% Exercise 3: NGOC LAN company produces product A The company applies deductible VAT method at VAT rate of 10% and perpetual inventory system The following information is available (Unit: 1,000d) Balance at 30/09/N: Acc.154: 280,000 Acc 155: 600,000 (amount: 75 products) Acc 157: A Transactions incurred in quarter IV are as follows: Content Direct material cost (under normal cost) Direct labor cost (under normal cost) Manufacturing overhead cost In which: - Varialbe cost (normal capacity ) - Fixed cost Amount 2,400,000 1,176,000 590,000 260,000 330,000 In quarter 4/N, there were 500 finished products, in which: 300 products were put into warehouse and 200 products were sent on consignments Sold in cash 302 products and donated 20 products At the end of quarter, 70% of goods sent on consignment were sold by cash at bank after deducting commission fee at 2% on revenue (VAT rate: 10%) Put into warehouse returned goods The company transferred money for the returned goods to customers Selling expenses incurred: 350,000 Administrative expenses incurred: 410,000 Requirements: a) Calculate cost of goods sold and make journal entries (including closing entries and business result entries) b) Prepare Income Statement Quarter 4/N Additional information: The company applies weighted average method for calculating cost of goods sold Normal capacity: 625 products/quarter Ending inventory 58 products Ending balance of Acc.154: 255,000 Price: 13,000/product A (Excluding VAT 10%) Assume that Profit before VAT = Taxable income CIT rate 20% There were not other expenses and income incurred CHAPTER 6: Accounting for sale transactions and business results Exercise 1: MK company applies FIFO method for calculating inventory cost and perpetual inventory system VAT method is perpetual and VAT rate is 10% Transactions incurred in 12/N as follow: (Unit: 1,000 dong) I Beginning balance: 100,000 products A, cost: 100/unit II.Transactions incurred in December: Put in the warehouse 150,000 product A with total value of 15,750,000 Sold to company X: 50,000 product A MK received Credit note from bank: 6,600,000 (including VAT rate 10%) Sold to company K 40,000 products and received credit notes from bank with value of 5,280,000 (Including VAT rate of 10%) Sold on credit to company Z 30,000 product A Z Co accepted payment (price before VAT: 120) Sold in cash for company H 60,000 product A at price of 120 (excluding of VAT) H Co only received 55,000 goods from company H, the remaining products were returned to company A The company received and put returned goods into warehouse Bank transfer has been made to customer Selling expenses incurred: 150,000 Administrative expenses incurred: 200,000 10 Financial income incurred: 300,000 11 Financial expenses incurred 150,000 12 Calculate business result in December year N Requirement: Calculate and make journal entries? Exercise 2: Company HK produces only product A and applies perpetual inventory system VAT is deductible In quarter II year N, the following information is available: (Unit:1,000d) 1/ Direct material cost incurred: 500,000 2/ Direct labor cost incurred: 220,000 3/ Manufacturing overhead cost: 300,000 4/ Production result is as follows: The number of finished goods: 1,900, in which: - Put into warehouse: 800 products - Sale directly (not from warehouse) to company T: 500 products, price: 1,000/unit (excluding VAT), VAT rate: 10% Company T has not yet made payment - Sent on consignment (directly from production process) to agent H: 600 products 5/ Sent out from the warehouse to K Co.: 300 products, price before VAT: 1,000/products The company received credit note from bank for this payment 6/ Selling expenses incurred: 30,000 7/ Administrative expenses incurred: 100,000 8/ Financial expenses incurred: 50,000 9/ Financial income incurred: 150,000 10/ Calculate business result, corporate income tax and profit after tax in quarter II/N Requirements: Calculate and make journal entries for the above transactions Additional information: - Work in progress at the begin and the end of quarter: 130,000 and 161,000 respectively - Product A: amount: 200 products, price: 100,000 - The company applies weighted average method for calculating cost of goods sold/used Exercise 3: Company HK produces only product A and applies perpetual inventory system VAT is deductible In quarter I year N, the following information is available: (Unit:1,000d) A- Balance at 1/1/N of some accounts: - Acc 155: 500,000 (amount: 5,000 products A) B/ Some transactions incurred in quarter I Produced 20,000 products A, in which sent to warehouse 15,000 products, sent on consgiment to agent MINA 5,000 products, cost of finish good: 110/unit Sale on credit: 7,000 product A to company Z Agent M transferred cash at bank regarding 4,000 products after deducting commission fee Sale on credit 3,000 products A to Y Co Received 500 products A from company Z due to low quality Disposed a fixed asset at sale department to company C Initial cost: 200,000, accumulated depreciation: 50,000 Price before VAT: 180,000, VAT rate 10% Company C paid by cash at bank Selling expenses incurred: 50,000 Administrative expenses incurred: 250,000 Financial expenses incurred: 20,000 10 Financial income incurred: 50,000 11 Calculate business result, corporate income tax and profit after tax in quarter II/N Requirements: Calculate and make journal entries for the above transactions Additional information: - Price of product: 150/unit, VAT rate 10% - Rate of commission fee: 2% on price Agent M applies deductible VAT method - The company applies weighted average method for calculating cost of goods sold/used - There is no different between profit before tax and taxable income Bài 4: Company HK produces only product A and applies perpetual inventory system VAT is deductible In quarter I year N, the following information is available: (Unit:1,000d) Declared and made payment for licence tax: 3,000 Shipping cost incurred in sale department 15,000 excluding 10% VAT The cost had not yet paid Made bank transfer for purchasing some tools used in the company’s office: 65,000 excluding VAT Purchase some material for fixing the company’s showroom with total value of 45,000 Payment was made by cash on hand Received debit notes for electricity, water and telephone bill, in which expenses incurred in a Sale department: 3,500, VAT: 350 b Administrative department: 2,500, VAT: 250 Public relationship expenses in sale department: 1,500 paid in cash Made payment to buy tools for a Sale department: 800 b Administrative department: 900 c Manufacturing department: 400 Sent tools (using once) for sale department: 4.500 Customer workshop: 18,000 paid in cash 10 Rent cleaning services for the whole company in a day: 2,000 paid in cash 11 Agent notified that all goods sent on consignment had been sold already The company received total value of these goods after deducting commission fees Knowing that, total value of the goods: 880,000 including 10% VAT, commission fee 5% on price before VAT Cost of good sold: 600,000 12 Advertisement expenses 30,000 (before VAT) pay by cash at bank 13 Salary payables to employees a Sale department: 300,000 b Administrative department: 250,000 14 15 a b Make payroll related compensation according to current regulations Depreciation cost incurred in the month: Sale department: 1,500,000 Administrative department: 250,000 Requirements: Make journal entries for the above transactions Exercise 5: The following information is available in T company: (Unit:1,000d) Sale on credit to company C some products with COGS: 500,000, price before VAT: 750,000 VAT 10% Payment term: 15 days Company C made ½ of the above liability by cash at bank Company C made remaining payment and entitled to payment discount Company T received credit note from bank Selling expenses incurred: - Staff salary and related compensation: 5,500,000 - Depreciation cost: 20,000,000 Prepaid expenses allocation for a Sale department: 20,000 b Administrative department 15,000 c Manufacturing overhead: 12,000 Administrative expenses incurred: 950,000 Financial expenses: 100,000 Financial income: … Other expenses:… 10 Other income:… 11 Calculated business result Requirements: Make journal entries Prepare Income Statement (Fill in … so the company would make profit Knowing that CIT rate = 20%) CHAPTER 7: Financial statements Exercise : Extracted from Balance sheet of Posco at 31/12/2012 (unit: CU) Items Codes Notes Ending balance Beginning balance Non- current Assets Tangible fixed assets 221 324 312 - Cost 222 450 430 - Accumulated depreciation 223 (126) (118) Posco acquired a machine for 156 on 31st March 2013 and depreciated it using the straight – line method, estimating a residual value of 12 on completion of 4-year use The machine was sold for 85 (not including 10% of VAT) on 1st June 2015 Expenses of disposal amounted to 2.2, including 10% of VAT had been paid by cash on hand (assume that there is no other change in tangible assets at Posco between 1/1/2013 and 31/12/2015) Require: Prepare section “Tangible fixed assets” in the Balance sheet of Posco at 31/12/2013 Exercise 2: The following information has been extracted from sub-accounts 131,331 of Tesco Company for the year 31/12/N-1 and the year 31/12/N:(In thousands) Sub-account balances 31/12/N-1 31/12/N Receivable (A1) 25.000 (Debit balance) 10.000 (Debit balance) Receivable (A2) 20.000(Credit balance) 25.000 (Debit balance) Receivable (A3) 15.000 (Debit balance) 15.000(Credit balance) Payable (E1) 50.000(Credit balance) 95.000(Credit balance) Payable (E2) 40.000(Credit balance) 48.000 (Debit balance) Payable (E3) 64.000(Debit balance) 22.000 (Debit balance) Assume that all Receivables and Payables given above are short term ones Required: Prepare the sections of ‘Trade receivable’-code 131 and ‘Advances to suppliers’-code 132 on the balance sheet as at 31/12/N Exercise 3: In 2016, the accountant missed recording a financial transaction when itoccurred The omitted transaction is purchasing a FA: buying price exclude 10% VAT: 1.000.000.000 Related installment and testing expenses: 25.000.000 There is no testing product All payment was made via bank The FA was handed over and was in use from st July 2016 Required: Make journal entries for above transactions and identify the impact of omitted entries on Balance Sheet and Income Statement  ... building: - Price: 60.000 - 10% VAT: 6.000 - Total payment: 66.000 VAT invoice No 13234 25/6/2016 from Phuoc Hung company about decorating and upgrading an exhibit room: - Price: 120.000 - 10% VAT:... 2016: - On 2nd Aug: Receiving 500 kg material A, unit cost: 20,5 - On 10th Aug: Receiving 1.000 kg material A, unit cost: 20 - On 16th Aug: Receiving 300 kg material A, unit cost: 20,2 - On 24th... salary payable incurred in the month - For direct labor: 600.000 - For factory staff: equal to 5% on total direct labors’ salary - For sale staffs: 20.000 - For administrative staffs equal to