GROUP WORK
Đại Thành Company in the first quarter of year N accounting period has the
following accounting data (unit 1,000 VND):
- Balance at 1/1/N:
112 – Cash in banks: 300.000
131 – Trade receivables: 80.000
156 – Merchandise goods: 180.000
331 – Trade payable: 20.000
341 – Borrowings and finance lease liability:
30.000
- Transactions occurred during the quarter:
1. Purchased merchandise from supplier A for 180.000, excluding 10% VAT. The
purchase is paid with cash in banks 50.000 and the remaining payment is due within
30 days.
2. Sold merchandise to customer B for 220.000 under credit term of 60 days, excluding
10% VAT. The merchandise had cost 140.000.
3. Received through bank account the balance due of 200.000 from customer B.
4. The company paid 120.000 cash in banks to settle an trade payable of supplier A.
5. Borrowed form the bank to purchase merchandise 275.000 (including VAT 10%) .
6. Sold merchandise for customer C that had cost 140.000 for 180.000 (excluding
VAT 10%) collected by bank 100.000.
7. Purchased merchandise on credit 385.000 (including VAT).
8. Received through bank account the balance due of 80.000 from customer C.
9. Paid cash in banks 200.000 for the loans.
10. The owner invested 400.000 cash in the company, deposit made through the bank
account.
Required:
1. Identify the balance of Owner’s equity at the beginning of the period, 1/1/N.
2. Prepare journal entries to record the transactions for 1st quarter and post them to the
ledger accounts.
3. Prepare the trial balance.
4. Prepare the closing entries and post them to the ledger accounts.
5. Prepare the Statement of Financial Position at the end of period and Profit and Loss
statement for the period.