MINISTRY OF FINANCE ACADEMY OF FINANCE Student : Le Kim Thoa Class : CQ 54/21CL02 GRADUATION THESIS Topic: “Accounting for sales and business result in Phu Tho educational book and equipment joint stock company” Major: Business Accounting Student code: 16CL3403010067 Supervisor : Tran Thi Ngoc Diep, MAc Luan van DECLARATION I hereby declare that this thesis is my own work and effort and that has not been submitted anywhere for any award. Where other sources of information have been used, they have been acknowledged. The data and results described in the thesis are derived from the actual situation of the practice company. Hanoi, May, 2020 Student Le Kim Thoa Luan van PREFACE In order to survive and develop in a market economy, there is the management of the socialist-oriented state.
Any business, whether it is business or commercial, must go through consumption and be effective as a top target. To do that, managers must be aware of the role of accounting. Accounting is the source of information needed to effectively manage the company's economic performance. Commercial business objects are goods that are labor products purchased by commercial enterprises to sell in order to meet the needs of consumer production and export.
Enterprises that want to have revenue must have goods. But the value and value of use can only be done through the consumption process. Sales are the final stage of the reproduction process. Good implementation of sales will facilitate the recovery of capital and offset the cost of production.
On the other hand, create conditions for businesses to well fulfill their obligations to the state budget for investment and development, improve workers' lives. More than ever, perfect revenue accounting, expenses and determine operational results. Business dynamics are often a problem for businesses. Completion of revenue accounting, cost and determination of business results will contribute to increasing competitiveness, improving the quality of business decisions, increasing financial information transparency.
Currently accounting is an important tool for managing the economy both micro and macro. Through the internship at Phu Tho educational book and equipment, JSC, I am particularly interested in the process of consuming goods, identifying and distributing the business results of the company, so I choose the part “Accounting for sales and business result in Phu Tho educational book and equipment, JSC. ”for my graduation thesis. Luan van Although I tried to understand and receive the enthusiastic help of the Board of Directors, the staffs the accounting department along with the teacher's instructions - Dr.
Tran Thi Ngoc Diep, I have grasped gain a part of the actual situation of accounting for sales and determine the business results at Phu Tho educational book and equipment joint stock company. In addition to the introduction and conclusion, my topic has 3 chapters: CHAPTER 1: GENERAL THEORETY OF SALES ACCOUNTING AND EVALUATION BUSINESS RESULTS IN COMMERCIAL ENTERPRISES CHAPTER 2: THE ACTUAL ACCOUNTING FOR SALES AND BUSINESS RESULT IN PHU THO EDUCATIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY. CHAPTER 3: SOLUTIONS TO COMPLETE SALES ACCOUNTING AND DETERMINING BUSINESS RESULT AT PHU THO EDUCTIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY However, due to the limited level of reasoning and practical access, my topic is inevitable. I look forward to receiving comments from the teachers, so that my topic will be improved.
TABLE OF CONTENT Luan van CHAPTER 1: GENERAL THEORETY OF SALES ACCOUNTING AND EVALUATION BUSINESS RESULTS IN COMMERCIAL ENTERPRISES 1.1 Overview of sales process: 1.2 Characteristics of sales process: 1.3 Methods of sales 1.5 The task of accounting for sales and determining business results 1.6 Accounting for sales revenue: 1.7 Accounting for sales deduction 1.8 Accounting for Cost of goods sold 1.2 Evaluating business result 1.1 Accounting for selling expenses and administrative expenses 1.2 Accounting for financial expenses and financial incomes 1.3 Accounting for others expenses and other incomes 1.4 Accounting for corporate income tax expenses 1.5 Accounting for determining business results 1.6 Accounting for revenue and business results in terms of accounting software application CHAPTER 2: THE ACTUAL ACCOUNTING FOR SALES AND BUSINESS RESULT in PHU THO EDUCATIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY.1 The foundation and development process of company 2.1 Overview of the company 2.2 Foundation and development 2.3 Characteristics of business operation Luan van 2.4 The corporate management organization 2.5 The organization of accounting works in the company 2. The actual accounting for sales and business results in Phu Tho educational book and equipment joint stock company. Actual situation of methods of sales and payment at the company 2. Accounting for sales revenue and revenue deductions 2.3 Accounting for costs of goods sold 2.4 Accounting for selling and administrative expenses 2.5 Accounting for financial expenses and financial incomes 2.6 Accounting for other incomes and other expenses 2.
Accounting for determining business results 2.General comments on sales finance accounting and determining business results at Phu Tho educational book and equipment, JSC.2 Limitations CHAPTER 3: SOLUTIONS TO COMPLETE SALES ACCOUNTING AND DETERMINING BUSINESS RESULT AT PHU THO EDUCTIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY 3.1 Requirements, principles of completing accounting for sales and determining business results at Phu Tho educational book and equipment, JSC. Some suggestions to improve sales accounting and determining business results at Phu Tho educational book and equipment, JSC. Luan van LIST OF DIAGRAM Flowchart 1.1: Accounting entry for direct sales (applying deductible VAT method).2 : Accounting entry for direct sales for company applying direct VAT method Flowchart 1.3 : Accounting entry for sales through agents Flowchart 1.4 : Accounting entry for sales in case of deferred or instalment payment Flowchart 1.5 Accounting entry for revenue deductions Flowchart 1.6 : Accounting for COGS applying perpetual inventory method Flowchart 1.7 : Accounting for COGS applying periodical inventory method.8 : Accounting entry for selling expenses Flowchart 1.9 : Accounting entry for selling and administrative expenses Flowchart 1.10 : Accounting entry for financial expenses Flowchart 1.11 – Accounting entry for other incomes Flowchart 1.12: Accounting entry for other expenses Flowchart 1.13 – Accounting entry for other incomes Flowchart 1.14 – Accounting entry for other incomes from the liquidation or sale of fixed assets Flowchart 1.15 : Accounting entry for income tax expense Flowchart 1.16 : Accounting entry for business result Flowchart 2.1:Management apparatus Flowchart 2.2: Accounting apparatus Luan van IMAGE CATALOG Figure 2.1: Display screen of “Quản lý kế hoạch- phát hành” Figure 2.2: Display screen of “ Kế toán 2019” Figure 2.3: Examples of list of textbook Figure 2.4: VAT invoice Figure 2.5: Inventory list Figure 2.6: Delivery invoice on “ Quản lí kế hoạch- phát hành” Figure 2.7: The interface of entering sales invoice on “ Kế toán 2019” Figure 2.8: General ledger of Account 511 Figure 2.9: Table trade discount rate Figure 2.10: VAT invoice No 002611 Figure 2.11: Inventory list Figure 2.12:General ledger of account 521 Figure 2.13:General ledger of account 632 Figure 2. 14 Payment order Figure 2.15: General ledger of account 641 Figure 2.16: Water bill Figure 2.17: The interface of entering payment voucher Figure 2.18: Electricity bill Figure 2.19: The interface of entering electricity invoice on “ Kế toán 2019” Figure 2.20: Payment order Figure 2.21:Table of salary distribution and social insurance Figure 2.22: Depreciation table of fixed assets Luan van Figure 2.
General ledger of Account 635 – Financial expenses Figure 2.24: General ledger of Account 515 – Financial incomes Figure 2.25: The interface to transfer revenue and determine business results on “ Kế toán 2019” Figure 2.26: General ledger of Account 911 Figure 2.27: General ledger of Account 4212 Luan van CHAPTER 1: GENERAL THEORETY OF SALES ACCOUNTING AND EVALUATION BUSINESS RESULTS IN COMMERCIAL ENTERPRISES 1.1 Overview of sales process: 1.1 Definition Sales is the transfer of ownership of a product or goods associated with most of the benefits, or risks to customers, and the customers make payment or accept payment.2 Characteristics of sales process: Sales process is the process of exchanging ownership, between buyers and sellers in the operating market. Goods sold to individuals and organizations outside the enterprise are called external sales, while goods supplied to units within the same company or corporation are referred to as internal sales. Sale is the final stage in the business operation of a commercial enterprise.3 Methods of sales Trading activities of commercial enterprises can be done through two methods: wholesale and retail.1 Wholesale Wholesale : is a form of selling goods in batches or in large quantities. In fact, buyers are intermediate suppliers, wholesale goods have not reached consumers directly.
Wholesale is conducted by two main ways: wholesale goods through warehouses and wholesale direct shipping goods. ⮚ Wholesale in stock: Under this method, purchased goods are put into warehouse, then sold at warehouse. The method of selling goods in stock has two forms: Luan van - Direct form: enterprises deliver goods directly to customers at warehouses or goods preservation places of enterprises. The goods are recorded as sold when the buyer has received them and sign the confirmation on the sales invoice.
- Delivery form: the seller will transfer the goods to the buyer’s warehouse or to a location specified by the purchaser. Goods is considered to be sold when the buyer has received the goods and paid or accepted to pay for the goods received. ⮚ Wholesale by shipping directly: Commercial enterprises after purchasing and receiving goods do not bring them back to their warehouse, but sell them directly to the buyer. With this form, businesses also have two forms: direct delivery or indirect delivery.
- Direct delivery: The enterprise received goods from the seller and deliver directly to its customer. Goods is considered to be sold when the buyer received all the goods and signed on sale invoice. - Indirect delivery: The enterprise received goods from the seller and transfer these goods to its customer. Goods is considered to be sold when the customer check and paid or accepted to pay for the goods received.2 Retail: It is a method of selling goods and services in small quantities and often stable prices.
This method usually applies directly to consumers of such goods and services. Retail has various forms of implementation than wholesale. ⮚ Retail direct money collection: customers pay money, sellers deliver goods to customers. ⮚ Centralized collection of sales: the customer pays money to the cashier and receives the invoice to receive the goods at the delivery counter.
⮚ Sales in the form of customers’ choice: customers choose items purchased in supermarkets and pay at the cashier counters. ⮚ Sending agents, consignment agents: selling businesses sign contracts with agents, deliver them goods to sell and pay them commissions.4 Payment methods Payment method is a method of performing property obligations. Payment may be made by cash, check, bank payment, letter of credit, commodity Exchange or agreement of the parties. The method may be paid in one time, more times or periodically.
or depending on agreement by the parties. Normally, it is done in two forms: direct payment and deferred or installment payment. ⮚ Direct payment method: customers pay immediately for enterprises after receiving goods, without sending it through a third party. ⮚ Deferred payment method: enterprises only collect part of money that customers have to pay, customers will gradually pay the rest and a certain amount of interest.
Deferred payment arrangements are often used in retail sales.5 The task of accounting for sales and determining business results 1.1 The necessity of accounting for sales, determining business results Sales and determining business results play an important role not only for businesses but also for the entire national economy. For the enterprise itself, it is possible to earn income to compensate for the costs and conditions to expand the business, to improve the lives of workers, to create a source of accumulation for the national economy. Accurate determination of business results is the basis for determining the operational efficiency of enterprises through the payment of taxes, fees and charges into the state budget; determining the reasonable costing structure and highly effective using of the profits earned to harmonize economic benefits.