NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAMS cw NH TE S¿ e © °> ĐẠ/ SS z `. BACHELOR THESIS Accounting ACCOUNTING FOR SALES AT VIET THANG PETROLEUM ENTERPRISE Tran Thi Thanh Lam HANOL 2022 NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAMS of NH TE Qu oO ĐẠ/ 4© °> z Nel } BACHELOR THESIS ACCOUNTING FOR SALES AT VIET THANG PETROLEUM ENTERPRISE Student: Tran Thi Thanh Lam Speciality: Accounting Class: Advanced Accounting 60 Student’s ID: 11182489 Supervisor: Ph. Pham Thi Thuy HANOIL 2022 ACKNOWLEDGEMENTS First of all, with the deepest and most sincere affection, allow me to express my gratitude to my supervisor and Viet Thang Petroleum Enterprise that have facilitated and supported me throughout the process of studying and researching this topic. I would like to express my heartfelt gratitude to my supervisor, Ph.
Pham Thi Thuy, who has imparted valuable knowledge to me during the completion of my bachelor thesis. Thanks to her guidance and teachings, my research topic can be completed well. Once again, I would like to thank my instructor who directly helped and guided me to successfully complete this report during my internship. Next, I sincerely thank Mr.
Nguyen Tuan Chien, Director of Viet Thang Petroleum Enterprise, for giving me the opportunity to work in the most methodical way the knowledge I have learned and apply in practice. I also would like to thank Ms. Le Thi Thao, Chief Accountant, who was in charge of managing me during my internship, and all the accounting members of the enterprise have helped me a lot. Last but not least, I would like to thank School of Advanced Educational Programs (AEP) for assisting students in the searching for internship opportunities and putting the knowledge into practice for a successful career.
My initial step into practice is still limited, so it is inevitable that I will make mistakes. I look forward to receiving valuable comments from teachers so that my knowledge in this field can be more complete and at the same time have additional conditions to improve my consciousness. TABLE OF CONTENTS ACKNOWLEDGEMENTS TABLE OF FIGURES INTRODUCTION. 1 CHAPTER 1: FEATURES OF SALES, ORGANIZING AND MANAGING SALES AT VIET THANG PETROLEUM ENTERPRISE 4 1.1 Features of sales at Viet Thang Petroleum Enterprise.1 List of the companys goods (OT s€TVIC@8).
Market share of the cormpaniy. Sales methods of the company.08 8n nan an an ng na Z IS `. 1n an ga ng nang Z 1. Sales management at Viet Thang Petroleum En(terprise.
10 CHAPTER 2: CURRENT SITUATION OF ACCOUNTING FOR SALES AT VIET THANG PETROLEUM ENTERPRISE 14 2. Accounting for revenue 14 2. Accounting documents and procedures. Detailed accounting for revenue at Viet Thang Petroleum Enterprise.
General Accounting for revenue at Viet Thang Petroleum Enterprise 29 2. Accounting for cost of goods sold 34 2. Accounting documents and procedures. Detailed accounting for cost of goods sold at Viet Thang Petroleum Enterprise 38 2.
General Accounting for cost of goods sold at Viet Thang Petroleum Enterprise 40 2. Accounting for selling expenses 44 2. Accounting documents and procedures. Detailed accounting for selling expenses.
Detalled accounting for administrafive expenses. General Accounting for admimstrative expenses. 37 CHAPTER 3: SOLUTIONS TO IMPROVE ACCOUNTING FOR SALES AT VIET THANG PETROLEUM ENTERPRISE 61 3. Assessment of the current accounting for sales at Viet Thang Petroleum Enterprise _61 3.
Solutions to improve accounting for sales at Viet Thang Petroleum Enterprise 66 3. AccoUTnfing sVSf€TS. c2 nh nh nh nh Hà 67 3. Sales and payment method.
Accounting for reVenUe. Conditions to implement proposed solufions. ng HH HH nh nh Họ họng nơ rợn 71 REEERENCES 72 STATUTORY DECLARATION I herewith formally declare that I myself have written the submitted Bachelor Thesis independently. I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper.
I clearly marked and separately listed all the literature and all other sources which I employed producing this academic work, either literally or in content. Hanot1, 21/04/2022 Signature Tran Thi Thanh Lam LIST OF ABBREVIATIONS Acronyms Meaning COGS Cost of goods sold G&A General and administrative HI Health insurance HR Human resources No. Number SI Social insurance TU Trade Union UI Unemployment insurance VAT Value — added tax VND Vietnam Dong TABLE OF FIGURES Table 1.1: Main retailers of Viet Thang Petroleum Enterprise.2: Employees’ qualification and classification of Viet Thang Petroleum 0:0 .1: Proportion of products of Viet Thang petroleum enterprise in 2021.2: Viet Thang”s orgamizatIonal stTU€fUTC€.1: Accounting documents for sales procedure at Viet Thang Petroleum 0:0 15 Figure 2. Procedure of recording revenue at Viet Thang Petroleum Enterprise.
Procedure of documents transporting of Sales returns in Viet Thang lnn913)i05i1: 5i TA. Process of recording sales of Viet Thang Petroleum Enterprise. Procedure of transporting documents of cost of goods sold in Viet Thang lan n9 131001051150 NA (A4. Process of recording Cost of goods sold.
Procedure of transporting documents of accounting for selling expenses. Process of Recording Accounting of Selling expenses. Procedure of transporting documents of accounting for administrative OXPCMSCS. Process of Recording Accounting of Administrative expenses.
Sales contract between Viet Thang Petroleum Enterprise and Phu Giang COL, Ltd. VAT invoIce of selling goods to Phu Giang Co. Delivery bill of selling goods to Phụ Giang Co. Detailed sales book for Diesel 0,05s in March 2022.
Summary table of sales revenue in March 2022. con hiree 25 Exhibit 2. VAT invoice with trade discount for Huong Linh Company in March 2022. Extracted general Journal for Sales revenue 1n March 2022.
Revenue Leger of Viet Thang Petroleum Enterprise in March 2022. Purchasing invoice of Viet Thang Petroleum EnfeTrprise. Reealculation table for Cost of goods sold in March. Detailed book of Cost of goods sold in March.
Summary table of Cost of goods sold in March. Extracted general Journal for Cost of goods sold in March. Cost of goods sold Ledger at Viet Thang Petroleum Enterprise in March Exhibit 2. Payroll report for Sales Department in March.
Allocation table for tools and instruments. Detailed book of Selling expenses im March. c c se ssey 48 Exhibt 2. Extracted general Journal of Selling expenses In March.
Ledger of Selling expenses at Viet Thang Petroleum Enterprise in March Exhibit 2. Table of assets and deprecIation 1n March. Payroll report for Administrative Department in March 2022. Detailed book of Administrative expenses In March.
Extracted general journal of Administrative expenses in March. Ledger of Administrative expenses at Viet Thang Petroleum Enterprise in INTRODUCTION Petroleum is an important product in all fields of economy and social life. From an economic point of view, the value of all goods and services more or less contains the value of gasoline. It can be said that with the increasing socio-economic development, the demand for petroleum is increasing and the role of petroleum is increasingly important.
The domestic petroleum market is still developing. The size of the petroleum market is increasing, and there have been many business participants in the market and there has been a small competition. Petrol prices, although affected by the market, are still regulated by the State, so in general, they are still quite stable. The petroleum distribution system on the Vietnamese market is constantly expanding and developing.
The final step in the production process that must be completed before things can be sold is the sales stage. This stage is one of the most critical stages in deciding a company's success. Moreover, this stage’s success can aid the organization in recouping costs, gaining new clients, and retaining existing ones. Viet Thang Petroleum Enterprise uses an accounting system to handle the company's business activities.
Accounting for sales aims to track and manage the sales process, as well as the amount and cost of goods sold, so that accountants can compute the company's total cost, gross profit, and net income precisely at the conclusion of the accounting period. The accountants will then prepare financial statements, and the final report will be issued to assist the board of directors in developing new goals and putting new restrictions in place. Research proposes In reality, accounting professionals, sales and income statement accounting, all have constraints that must be evaluated and handled. Following my internship at Viet Thang Petroleum Enterprise, I had the opportunity to learn and apply accounting in the actual world, and I noticed that the company's sales accounting is still limited in terms of accounting journal entry and sometimes determining revenues without adhering to Ministry of Finance Circulars, for example, a new accountant cannot distinguish sales resale from sales.
After working as an accounting intern at Viet Thang Petroleum Enterprise for a few months, I realized how critical sales accounting is to the company's management and development. Therefore, I decided to focus my internship on this topic: Accounting for Sales at Viet Thang Petroleum Enterprise. The subject and scope of thesis “Accounting for Sales at Viet Thang Petroleum Enterprise”. Research subjects: - Examining Viet Thang Petroleum Enterprise's sales accounting condition in accordance with Circular 133-2016/TT-BTC.
- Making recommendations to Viet Thang Petroleum Enterprise to complete sales accounting. Scope of the research: In March 2022, I focused my research on theoretical and practical challenges related to sales accounting from a financial and accounting approach. Research Methodologies During my internship at Viet Thang Petroleum Enterprise, I gathered primary and secondary data to ensure that all of the information in the thesis was accurate. Primary information: I interviewed administrators at Viet Thang Petroleum Enterprise, such as the Director, Chief Accountant, accountants in charge of each accounting section, and a few other related employees to gain a thorough understanding of sales accounting issues in preparation for thesis implementation.
I have prepared some interview questions as well as an interview schedule. The following topics were discussed during the interview: The primary sales tactics employed by the company, accepted payment methods, document transfer, and the mechanism for documenting revenues and expenditures. Secondary data: all accounting books pertinent to my thesis topic, such as the General Ledger, Revenue Subsidiary Ledgers, Cost of Goods Sold, Selling and Administrative Expenses, and so on. The structure of the thesis My thematic report includes three main parts: Chapter 1: Feature of sales, organizing and managing sales at Viet Thang Petroleum Enterprise.
Chapter 2: Current situation of accounting for sales at Viet Thang Petroleum Enterprise. Chapter 3: Improving accounting for sales at Viet Thang Petroleum Enterprise. Due to my lack of real-world knowledge and experiences, as well as the fact that I completed large-scale learning in a short period of time, there are some unavoidable errors in my report. I'm excited to hear from my teacher and instructor at Viet Thang Petroleum Enterprise about how to improve the value and significance of my piece in both theory and practice.
CHAPTER 1 FEATURES OF SALES, ORGANIZING AND MANAGING SALES AT VIET THANG PETROLEUM ENTERPRISE 1. Features of sales at Viet Thang Petroleum Enterprise LA1. List of the company’s goods Viet Thang Petroleum Enterprise specializes in the selling of petroleum products such as diesel, Ron 95 — II, Ron 92, kerosene, mazut, gas, lubricants, additives, and solvents, making petroleum goods and services more accessible to Phu Tho province residents. Main products of Viet Thang Petroleum Company: As shown in Figure 1.1, the two petroleum goods that account for the greatest percentage of Viet Thang petroleum enterprise are Diesel 0.05%S accounted for 29 percent of total sales revenue, while RON 95 accounted for 27 percent.
Furthermore, ES RON 92 is an important commodity for the company, accounting for more than one-fifth of total products revenue. Diagel Ron 95 E5 RON 92 MiỂUut Gas Others Figure 11. Proportion of products of Viet Thang petroleum enterprise in 2021 (Source: Statistical documents of Viet Thang Petroleum Enterprise) © Diesel 0,05s Diesel 0,05s is one of the main products which is being traded by Viet Thang Petroleum Enterprise.