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Exercise 1 The opening balance of some accounts of A Company on 31/12/N is listed as following: (unit 1.000VND) Cash on hand 9.000 Cash in bank 30.000 Trade receivables (Customer A) 12.000 Materials 37.000 Tools and instruments 13.000 Tangible fixed asset 485.000 Goods on consignments 4.000 Depreciation and amortisation X Finished goods 5.000 Business Capital 340.000 Fund for basic construction 116.000 Trade payables (Detail: supplier M) 15.000 Short-term borrowings 80.000 Payables to laborers 8.000 The following transactions occurred in Quarter 1/N+1: 1. Paid the salary owed to employees in full by cash on hand. 2. The owner replenished business capital by a product equipment with the value of 55.000 3. Purchased materials, purchasing price 4.000, paid for supplier by cash in bank but these materials not still come to store at the end of the quarter. 4. Brought finished goods to consign at an agent with the cost price: 3.000 5. Paid 9.000 on credit of supplier M by cash in bank. 6. Collected 12.000 on account from client A by cash on hand. 7. Paid short-term borrowing by cash in bank: 8.000 8. Replenished Cash on hand from cash in bank: 3.000 9. Purchased tools that already stored on credit (supplier M): cost price 2.500. 10.Paid in advance for supplier N in cash on hand: 1.000 11.Received 15.000 in cash on hand that customer A pay in advance in order to buy goods. Requirement: 1. Determine the value of X 2. Make journal entry and Prepare the Balance sheet on 31/03/N+1. Exercise 2: The financial situation of XYZ Company at the beginning of the first quarter /NN as following: Account name Value Account name Value Cash on hand 700.000 Short-term borrowings 700.000 Trade payables 500.000 Goods in transits 500.000 Cash in bank 500.000 Business capital 2.650.000 Trade receivables 500.000 Undistributed profit X Tangible fixed assets 5.000.000 Current portions of long term debts 200.000 Merchandises 300.000 Long-term borrowings 1.000.000 Depreciation of tangible assets 300.000 Taxes and obligations payable to the state budget 100.000 Note: Account Trade payables has Credit balance Account Trade receivables has Debit balance During the first quarter/NN, some business transactions occurred as follow: 1. Received payment in full the amount owed and payment in advance from the customer 300.000 by cash in bank. 2. Purchased tools, instruments on credit: 300.000. The freight bill of these tools: 50.000, paid by cash on hand. 3. Purchased merchandise on credit 450.000, paid 150.000 down by cash in bank, reminder to be paid in 30 days. 4. Paid in advance for the employers in order to go on business 100.000 by cash on hand. 5. Paid short-term borrowings by cash in bank: 250.000. 6. Sold merchandise for customer, 300.000 of purchasing price, selling price: 750.000. Customer paid by the money paid in advance, the reminder was paid by cash on hand. 7. Calculating salary of labourers: selling department 200.000, administrative department: 150.000. 8. Depreciation expenses of tangible fix assets used at selling department 100.000, at administrative department: 150.000. 9. Purchased a machine used at selling department, the original price of 55.000. The freight cost of this machine was 7.000. All was paid by cash on hand. 10. Paid supplier for purchase of merchandise: 200.000 by cash on hand. Requirement: 1. Determine the value of X and Prepare the balance sheet at 1/1/NN. 2. Write the journal entries and Determine the performance of the Company at the end of the first quarter/NN. Exercise 3 The financial situation of ABC Company at the beginning of the first quarter /NN as following (Unit 1.000 VND) Account name Value Account name Value Cash on hand 500.000 Short-term borrowings 700.000 Trade payables Detail: Supplier M 600.000 Tools, instruments 500.000 Cash in bank 800.000 Business capital 2.650.000 Trade receivables Detail: Customer A 500.000 Undistributed profit 500.000 Tangible fixed assets 5.000.000 Current portions of long term debts 200.000 Merchandises 300.000 Long-term borrowings 1.000.000 Depreciation of tangible assets X Taxes and obligations payable to the state budget 100.000 Note: Account Trade payables has Credit balance Account Trade receivables has Debit balance During the first quarter/NN, some business transactions occurred as follow: 1. Withdrew 70.000 from bank’s account to replenish cash on hand, prepare for salary payment. 2. Received payment in full the amount owed and payment in advance from the customer A 200.000 by cash in bank. 3. Purchased tools, instruments on credit from supplier N: purchasing price (without VAT) 300.000, VAT 30.000. The freight bill of these tools: 5.250 (incluing VAT, tax rate 5%) , paid by cash on hand. 4. Purchased merchandise of supplier K on credit: purchasing price (without VAT) 450.000, tax rate 10%. Paid 150.000 down by cash in bank, reminder to be paid in 30 days. 5. Paid long-term borrowings by cash in bank: 250.000. 6. Brought some merchandises to consign at Rose agent, cost price 50.000, selling price without VAT 90.000, tax rate 10%. 7. Paid for supplier M on account in full and then paid in advance 200.000 in cash on hand in order to buy merchandise. 8. Sold merchandise for customer A, 300.000 of purchasing price, selling price without VAT: 750.000, tax rate 10%. The customer paid by the money paid in advance, the reminder to be paid by cash on hand. 9. Calculating salary of labourers: selling department 100.000, administrative department: 150.000. 10. Calculating salary-based payments (Social insurance, Medical insurance, Union fee, Unemployment insurance) with the current regulated rates. 11. Depreciation expenses of tangible fix assets used at selling department 100.000, at administrative department: 150.000. 12. Rose agent announced that the mechandises was sold for customer B on credit. 13. Purchased a fax machine used at administrative department, the original price (without VAT) of 65.000, VAT 6.500. The freight cost of this machine was 10.000, VAT 500 . All was paid by cash on hand. 14. Paid supplier K for purchase of merchandise: 200.000 by cash on hand. 15. Received some merchandise from supplier M, the amount of these was 120.000. Company paid this amount by the money paid in advance. 16. Some goods were defective, so customer B required the reduced amount of 10.000 from the Company. This requirment was accepted by company. 17. The owner withdrew 500.000 in cash in bank for personal use. 18. Determine the performance of the Company at the end of the first quarter/NN. Requirement: 1. Determine the value of X and Prepare the balance sheet at 1/1/NN. 2. Write the journal entries and enter the transactions into the account 511, 632, 641, 642, 911. 3. How much is the amount of gross profit? 4. Prepare the balance sheet at 31/3/NN. Note : ABC Company is deduction method VAT payer