IMPROVING ACCOUNTING FOR SALES AND INCOME SUMMARY AT FITMAX VIETNAN JOINT STOCK COMPANY

National Economics University

NATIONAL ECONOMICS UNIVERSITY

ADVANCED EDUCATIONAL PROGRAMS

BACHELOR THESIS
Major: Accounting

Topic:
IMPROVING ACCOUNTING FOR SALES AND
INCOME SUMMARY AT FITMAX VIETNAN JOINT STOCK
COMPANY

NGUYỄN ĐƯC CƯỜNG

HANOI, 2020


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Table of Contents
LIST OF TABLE...........................................................................................
LIST OF FIGURE.........................................................................................
LIST OF DIAGRAM....................................................................................
INTRUDUCTION.......................................................................................1
CHAPTER 1................................................................................................3
FEATURES OF SALES, ORGANIZING AND MANAGING SALES
AND INCOME SUMMARY AT FITMAX VIETNAM JOINT STOCK
COMPANY..................................................................................................3
1.1. Feature of Sales..................................................................................3

1.1.1. LIST OF GOODS..................................................................................3
1.1.2. MARKET SHARE................................................................................3
1.2. Sales methods.....................................................................................4
1.2.2. FOR RETAIL........................................................................................5
1.2.3. PAYMENT METHODS........................................................................6
1.3. Management for sales........................................................................6
1.3.1. THE ROLE OF SALES ACCOUNTING AND DETERMINING
SALES RESULTS...........................................................................................6
1.3.2.

REQUIREMENTS

OF

SALES

ACCOUNTING

AND

DETERMINATION OF SALES RESULTS.................................................7
1.3.3. SALES ACCOUNTING TASKS AND DETERMINATION OF
SALES RESULTS...........................................................................................7
CHAPTER 2..............................................................................................10
ACCOUNTING FOR SALES AND INCOME SUMMARY FITMAX
VIETNAM JOINT STOCK COMPANY................................................10
2.1. Accounting for sale..........................................................................10


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2.1.1. ACCOUNTING DOCUMENTS AND PROCEDURES..................10
2.1.2. ACCOUNTING OF REVENUE IN DETAILS.................................14
2.1.3. GENERAL ACCOUNTING FOR SALES........................................17
2.2. Accounting for cost of goods sold....................................................30
2.2.1. ACCOUNTING DOCUMENTS AND PROCEDURES..................30
2.2.2. DETAILED ACCOUNTING OF COST OF GOODS SOLD..........33
2.2.3.GENERAL ACCOUNTING FOR COST OF GOODS SOLD.........39
2.3. Accounting for Selling and Administrative Expenses......................44
2.3.1. ACCOUNTING DOCUMENTS AND PROCEDURES..................44
2.3.2.

DETAILED

ACCOUNTING

OF

SELLING

AND

ADMINISTRATIVE EXPENSES................................................................50
2.3.3.

GENERAL

ACCOUNTING

FOR

SELLING

AND

ADMINISTRATIVE EXPENSES................................................................52
2.4. Income Summary.............................................................................54
CHAPTER 3..............................................................................................56
IMPROVING

ACCOUNTING

FOR

SALES

AND

INCOME

SUMMARY FITMAX VIETNAM JOINT STOCK COMPANY.........56
3.1. Assessment the current accounting for Sales and Income Summary
.................................................................................................................56
3.1.1. STRENGTHS......................................................................................56
3.1.2 WEAKNESSES....................................................................................58
3.2. Recommendations to improve the accounting for Sales and Income
Summary.................................................................................................59
3.2.1. SALE MANAGEMENT.....................................................................59
CONCLUDE..............................................................................................66
LIST OF REFERENCES..........................................................................67

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LIST OF TABLE
Table 1:VAT invoice No. 198..........................................................................11
Table 2: Sales details book..............................................................................15
Table 3: Summary of revenue.........................................................................16
Table 4: Diary of vouchers No. 8....................................................................19
Table 5: Ledger ACCOUNT 511.....................................................................20
Table 6: Ledger ACCOUNT 5212..................................................................21
Table 7: Returned goods import note..............................................................23
Table 8: Receipt...............................................................................................25
Table 9: Payment details book with buyer......................................................26
Table 10: Summary of payments with buyers.................................................27
Table 11: Schedule 11......................................................................................28
Table 12: Delivery receipt...............................................................................31
Table 13: Summary of goods export...............................................................39
Table 14: Schedule No. 8................................................................................40
Table 15: Ledger ACCOUNT 156...................................................................42
Table 16: Ledger ACCOUNT 632...................................................................43
Table 17: Salary distribution and social insurance..........................................46
Table 18: VAT invoice.....................................................................................47
Table 19: Payment slip....................................................................................48
Table 20: Detailed book ACCOUNT 641.......................................................50
Table 21: Detailed book ACCOUNT 642.......................................................51
Table 22: Ledger ACCOUNT 641...................................................................53
Table 23: Ledger of Account 911....................................................................55

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LIST OF FIGURE
Figure 1: Notice of credit with BIDV.............................................................12
Figure 2: Ledger of Account 131....................................................................29


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LIST OF DIAGRAM
Diagram 1: Order of making and circulating vouchers and documents at the
Company.........................................................................................................13
Diagram 2: Order of bookkeeping for Sales revenue accounting...................14
Diagram 3: Book entry cost of cost of goods sold..........................................32
Diagram 4: Order of booking of Cost of sales................................................45
Diagram 5: Accounting order in the form of a general journal.......................63
Diagram 6: Summary of sales details..............................................................64


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INTRUDUCTION
Vietnam's economy is now a multi-component commodity economy,
operating under the market mechanism, with the macro management and
regulation of the State. In that economy, businesses are required to
independently conduct business accounting. Each business must have a
specific economic strategy, proper policies and strict management of their
business operations.
The State's policies have been promoting and creating conditions for
businesses to develop. During this period, trade and business activities were

expanded and strongly developed, especially as Vietnam was integrating with
the regional and world economy, contributing positively to domestic
production activities in terms of both quantity and quality of goods,
expanding trade relations in the country and in the international market.
Any business, operating under any method, determine the ultimate goal
is to be profitable, that is, income from production and business activities
must be greater than the total cost. Therefore, businesses must always
promote their strengths, constantly improve the quality, productivity and
business efficiency. To accomplish that goal, the general accounting and sales
accounting must perform its functions and duties well.
Sales accounting is an integral part of commercial businesses. It reflects
and monitors the consumption process of the goods, thereby helping the
business leaders to make the right and timely decision.
Being aware of the importance of sales accounting and determining
sales results, through the fact-finding time of Fit Max Vietnam Joint Stock
Company, with the help of the company leadership, the Staff of Accounting
Department, with the enthusiastic guidance of the instructor, I chose the topic
"Sales accounting and determination of sales results at Fit Max Vietnam Joint
Stock Company"
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Within the scope of a specialized internship, I would like to present the
most basic issues of sales accounting and determine sales results at the
Company, and would like to raise some ideas to complete One more step of
sales accounting and determination of sales results contributes to the better
management.
I would like to express my sincere thanks to the leadership of the

company, the officers and employees of the Accounting Department, and the
instructor Mr.Tran Van Thuan for helping me complete this specialized
internship topic.
Thematic content includes 3 chapters:
Chapter 1: Features of sales, organizing and managing sales and
imcome summary at FitMax Vietnam Joint Stock Company
Chapter 2: Accounting for sales and income summary at Fit Max
Vietnam Joint Stock Company
Chapter 3: Improving accounting for sales and income summary
at Fit Max Vietnam Joint Stock Company

CHAPTER 1

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FEATURES OF SALES, ORGANIZING AND MANAGING
SALES AND INCOME SUMMARY AT FITMAX VIETNAM
JOINT STOCK COMPANY
1.1. Feature of Sales
1.1.1. List of goods
Fit Max Joint Stock Company is a company specializing in trading
fashion clothes of all kinds ... Some typical products the company is doing
business today are:
-

Sport accessories
Wrist Wrap

Training Pants
Training Shirt

The Company's products are very diverse and many types with
different values.
The company's products are diverse, high quality and reasonably priced
to meet customer needs.
Product quality and brand reputation are the leading motto of Fit Max
Joint Stock Company. In response to the trust of our customers, our staff
always aim to constantly produce products: "the best product quality maximum coverage to the market - take care of taking care of consumers'
hands - reaching a wide output from urban to rural areas - serving consumers
first and foremost - profitability of enterprises is secondary ”
1.1.2. Market share
Currently, the company has developed chain stores across the country
such as Hai Phong, Da Nang, Thanh Hoa, Ho Chi Minh City, Quang Binh ....
In the Hanoi market, the company has developed 4 active locations. Very
effective at:
+ Gymmax - 43 Khuong Thuong - Hanoi
+ Gymmax - 44 Doan Ke Thien - Hanoi
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+ Gymmax - 24 Nguyen Khang - Hanoi
+ Gymmax - 110 Trieu Khuc - Hanoi
It can be said that the company's store system has been working very
well, serving the needs of consumers, the company is constantly expanding
the market of activities to bring the Company's goods closer to the people and
businesses

1.2. Sales methods
The sale of goods is the way in which enterprises transfer ownership of
goods to customers and collect money or the right to collect money from the
quantity of goods sold.
The trading of goods by commercial enterprises can be done through
two meansc: wholesale and retail. In particular, wholesale is the sale of goods
to production and business units to continue the process of goods movement
and retail is the sale of goods to consumers, ending the process of goods flow.
Wholesale and retail goods can take many different ways
1.2.1. For wholesale
There are two methods of sales: warehouse sales and direct delivery
sales
* Method of selling goods through warehouse
According to this method, goods purchased are stored in stock then sold
out. The method of selling goods through the warehouse has two forms of
delivery and receipt
a) Method of receiving goods: In this form, the buyer will receive the
goods at the seller 's warehouse or to a place agreed upon by the two parties
under the contract, but usually by the seller.
b) Method of delivery: In this form, the seller will transfer the goods to
the buyer's warehouse or to a place specified by the buyer for delivery.
* Shipping method

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In this mode, the goods will be shipped directly from the supplier to
the buyer without going through the intermediary's warehouse. The method of

direct delivery sales has two forms of payment
Shipping involved in payment: In this form, the goods are upgraded
directly in terms of payment, the intermediate unit still duties of payment of
the goods with the unit of supply and collection of the unit of purchase
Direct shipping is not involved in payment: In this form the goods
are shipped on the payment side, the intermediary does not pay the money
to the supplier and collects money from the buyer. Depending on the
contract, the intermediary is entitled to a certain amount of fees at the
purchaser or supplier.
1.2.2. For retail
There are 3 sales methods: Focused sales without collecting money and
automatic sales
* Focused sales method
Under this method, the sales person is only in charge of the delivery,
while the money collector has a dedicated person to do this job. The order is
as follows: Customer finished watching the goods and agreed to buy, the
seller wrote "retail invoice" delivered to the customer to take to the place of
collection, then stamped "collected money", the customer brought the goods
the order arrives for delivery. At the end of the day, the collector collects the
collected money to determine the sales. Periodically inventory goods at the
counter, calculate the amount of goods sold to determine the situation of overselling goods at the counter
* Sales method does not collect money collectively
According to this method, the salesperson is both in charge of
delivering goods and collecting money. Therefore, in a retail store the
collection of sales proceeds is scattered at many points. Daily or periodic
inventory of remaining goods to calculate sales, make sales reports, compare
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sales according to sales reports with the actual amount paid to determine the
excess of sales proceeds.
* Vending method
Under this method, the buyer selects the goods himself, then brings it to
the cashier's office to check the goods, calculate the bill, make a sales invoice
and collect the money. At the end of the day, you pay the salesperson to the
cashier. Periodically inventory, determine redundancy, lack of money for sale
1.2.3. Payment methods
+ Pay immediately in cash: Goods of the company after delivery to
customers, customers pay immediately in cash
+ Non-cash payment: By this method, the company's goods after
delivery to customers, customers can pay by check or bank transfer.
1.3. Management for sales
Sales is the final stage in the business process of the business and also
determines business results as an important basis for the unit to decide.
Consumption of goods anymore or not. Therefore it can be said that between
selling and determining business results is closely related. Sales results are the
ultimate goal of the business and sales are the direct means of achieving that
goal.
1.3.1. The role of sales accounting and determining sales results
Sales and determination of business results are extremely important not
only for businesses but also for the entire national economy. For businesses
that can sell goods, they only have income to offset the expenses spent, have
conditions to expand business activities, improve the lives of workers, create
accumulation sources for the foundation. National Economy. The accurate
determination of sales results is the basis for accurately determining the
performance of enterprises to the State through paying taxes, fees and charges
to the state budget, determining the cost structure. rational and effective use of

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the profits earned to harmonize the settlement of economic benefits: State,
collective and individual employees
1.3.2. Requirements of sales accounting and determination of sales results
As stated, sales and determination of sales results are vital to the
business. Accounting in enterprises as an economic management tool,
acquiring, processing and providing all information about the assets and the
movement of such assets in the enterprise in order to fully inspect and
supervise the set of economic and financial activities of an enterprise, having
an important role in serving the sale management and determining the sale
results of that enterprise. Sales management is the management of plans and
implementation of consumption plans for each period, each customer, each
economic contract.
The requirement for sales accounting is to closely monitor the goods
consumed in all aspects: quantity and quality. To avoid loss of damage or
embezzlement, check the reasonableness of expenses and correctly allocate to
the right goods to determine business results. Must strictly manage the
payment situation of customers who require payment in the right form and
time to avoid loss of capital stagnation.
1.3.3. Sales accounting tasks and determination of sales results
To meet the goods management requirements; Sales of results
determination and distribution of results of accounting activities must perform
well the following tasks:
1. To reflect and record fully, accurately and promptly the existing
situation and fluctuations of each type of product or goods according to the
quantity, quality, category and value norms.

2. Reflect and record fully, promptly and accurately all revenues,
deductions of revenue and expenses of each activity in the enterprise, and
monitor and urge trade receivables. .
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Documents used in sales accounting and determination of sales results
at Fit Max Vietnam Joint Stock Company include:
+ Delivery bill: Form No. 02 - VT
+ Warehousing note: Form No. 01-VT
+ VAT invoice: Form No. 01 GTGT - 3LL
+ Receipt, Notice of Credit ...
As for the account usage, the company uses according to the Circular
200/2014/ TT_BTC of the Ministry of Finance. Accounts for accounting
revenue include:
+ Account 511: Revenue from goods sale and service provision
This account is used to reflect the total revenue of sales and service
provision of the company in the period.
Account 511 - Turnover from goods sale and service provision are
detailed into the following second grade Accounts:
Account 5111: Revenue from goods supply
ACCOUNT 5118: Other revenues
There are also sales deductions such as:
ACCOUNT 5211: Trade discounts
ACCOUNT 5212: Returned goods
ACCOUNT 5213: Reducing sales of goods
+ ACCOUNT 632: Cost of goods sold
This account is used to reflect the actual value of goods sold in the period.

+ ACCOUNT 641 - Selling expenses
Account 6411: Cost of sales staff
Account 6414: Depreciation expense of fixed assets.
Account 6417: Expenses for services purchased from outside.
Account 6418: Expenses in other currencies.
Account 642 - Enterprise management expenses.
ACCOUNT 6421: Management staff expenses
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ACCOUNT 6423: Cost of office supplies
Account 6424: Depreciation expense of fixed assets.
Account 6425: Taxes of fees and charges
Account 6427: Expenses for services purchased from outside.
Account 6428: Expenses in other currencies …………
3. Accurately reflect and calculate the results of each activity, supervise the
performance of obligations to the State and the results distribution of
activities.

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CHAPTER 2
ACCOUNTING FOR SALES AND INCOME SUMMARY
FITMAX VIETNAM JOINT STOCK COMPANY
2.1. Accounting for sale

2.1.1. Accounting documents and procedures
Turnover of the company is recognized according to the principle of
revenue recognition in Vietnam accounting Standards No. 14 on other
revenues and alloc, sales revenues are recorded when the company can obtain
economic benefits and revenues can be determined in a surety way. The time
of revenue recognition usually coincidisthe time of transferring goods,
releasing the invoice to the buyer and being accepted by the buyer, no
discrimination has been received or the money has not been collected.
Accounting documents:
Documents used in revenue accounting at Fit Max Vietnam Joint Stock
Company include:
+ Summary of sales invoices
+ Receipt, credit notice ...
+ VAT invoice
+ Imported goods return sheet
 VAT invoice: At the company, the Company's VAT invoice is allowed by the
Ministry of Finance to design and print by itself according to a form set by
the Ministry of Finance. The VAT invoice is made by the sales accountant
and is made in 3 copies:
Contact 1: Save at the window
Contact 2: Delivery to customers
Contact 3: Used to circulate the book
Every day when there are arising sales transactions, they will be
recorded directly on the added value invoice. Based on the added value
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invoices after collating economic contracts and payment documents (cash

receipts, credit notices of banks, etc.), the sales accountants shall record
books.
Table 1:VAT invoice No. 198
Form No. 01 / GACCOUNT T3 / 001
INVOICE (VAT)
Contact 3: Using payment
HC / 11P
December 20, 2019
N0: 0000198
Sales unit: Fit Max Vietnam
Address: 2/ 18 - Alley 89 Thai Ha - Dong Da - Hanoi
Account number:
Phone: 043.826.7127 MST: 0108719174
Full name of buyer: Tran Thi Lan.
Unit: Service Trading and Technology Transfer Company TVST
Address: 12 D5 Thành Công - Ba Đình - Hà Nội
Account number: _ _ _ _ _ _ _ _ _
Form of payment: CK MST: 0101144801
No.
Goods
Unit
Amount Unit price
Into money
1
2

Black maxwear
Black shirt with
holes

Pcs
Pcs

1
1

70,000
55,000

70,000
55,000

Addition
125,000
VAT rate: 10%. VAT amount
12,500
Total payment
VND 137,500
Amount written in words: One hundred and twenty five thousand and even./.
Buyer
Seller
Unit heads
(Sign, write full name)

(Sign, clearly state full name) (Sign and specify)

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Figure 1: Notice of credit with BIDV
BIDV NOTICE OF CREDIT

Number: 11167
Date 20 /12/2019

Account number: 45010002419116
NAME NAME: Fit Max Vietnam Joint Stock Company
Dear: Fit Max Vietnam Company

We would like to announce that your
account is credited:

Effective date

Amount of

Currenc

money

y

Explain
TVST Service and Technology

12/20/2019

125.000

Transfer Company repayment of
goods

Tellers

Control

(Signature, full name)

(Signature, full name)

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Diagram 1: Order of making and circulating vouchers and documents at the
Company
Customer

The Order



Business
department

VAT
invoice

Accountant
Payment

Chief
Accountant

Treasurer

Writing
Receipt

Check and
sign for
approval

Receive
money ,
sign

Receipts
Due to the accounting of cash, it is made into 3 copies as follows:
Contact 1: The customer brings the cashier to pay.
Contact 2: Delivery of customers.
Contact 3: Keep at the accounting department.
Receipt is used in case customers come directly to the company to buy
goods at retail stores or for irregular customers and trade in small quantities.
Previously, when the transaction volume was not much and the banking
activities were not developed, the company mainly used receipts. But now
most customers use the form of payment via bank just fast, convenient and

consistent with the provisions of the state.

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Diagram 2: Order of bookkeeping for Sales revenue accounting
VAT invoice, delivery bill, collection receipt, credit note ....
Account 511 detailed book
Diary of vouchers No. 8

Detailed summary of
ACCOUNT511

List No.
8,10,11,5

Ledger ACCOUNT511

Balance sheet of arising accounts

Financial report
Note

Record daily
Remember the end of the month
Collate and check

2.1.2. Accounting of Revenue in details

For sales and service provision, the company sells and provides services
in a direct manner. Upon delivery to the customer, the customer will pay
immediately or sign the acceptance of payment on the invoice and delivery
record. At this time, the goods are determined to be consumed and the
bookkeeping is recorded.
Daily, based on accounting vouchers such as VAT invoices,
DELEVERY BILL, PT, GBC, the accountants will record them in the sales
detail.books.
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Table 2: Sales details book
Unit: CP Fit Max Vietnam Company
Address: 2/ 18 - Alley 89 Thai Ha - Dong Da - Hanoi
BOOK DETAILS OF SALE FOR TRAINING SHIRT
December 2019
Calculation unit: VND
Recor
d date

Documents
Number

Day

Explain

Revenue

Reciproca
Amoun Unit
l account
Into money
t
price

December 2019
……………… ..
12/20 HD0000198 12/20 Sales to Distributor 1
12/21 HD0000204 12/21 Sales to distributors 2
12/30 HD0000209 12/30 Sales to distributors 3
Plus arise
Net sales
Cost of goods sold
Gross profit
Goods name Bookkeeper
(Signature, full name)

131
112
131

2,00
3,20
50

70 000
70 000
70 000

Amounts deducted
Other
Tax
(5211.5212.5213)

14,000,000
22,400,000
3,500,000
8,400,000
84,000,000
78,800,000
5,200,000

Chief accountant
(Signature, full name)

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Table 3: Summary of revenue.
Unit: CP Fit Max Vietnam Company
Address: 2/ 18 - Alley 89 Thai Ha - Dong Da - Hanoi
TABLE OF TOTAL REVENUE
The deduction from revenue
Trade discounts
Returned
Discount sales

No.
first
2
3

Name of cave
Training shirt
T-shirt
Pants of all kinds
..............
Addition
December 2019

Revenue
84,000,000
33,000,000
25,300,000
.........
314,263,300

Addition

goods
84,000,000
33,000,000
24,915,000

385,000
........

............
6,315,000

313,631,800
Unit Calculation:

VND
The establishment
(Signature, full name)

General Accounting
(Signature, full name)

Chief accountant
(Signature, full name)

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2.1.3. General accounting for sales
Along with detailed accounting, the company also performs general
accounting for sales. To reflect the turnover of sales in the period, the
Company uses the following accounts:
ACCOUNT 511 - Sales of goods.
ACCOUNT 632 - Cost of goods sold.
Account 3331 - Payable VAT.
Account 111 - Cash.
Account 112 - Bank deposits

Account 131 - Receivables from customers.
At the end of the month, accountants shall base themselves on the
revenue summary table to record in VOUCHER DIARY No. 8. Then from
VOUCHER DIARY No. 8 make a ledger ACCOUNT 511

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Table 4: Diary of vouchers No. 8
Unit: Fit Max Vietnam Joint Stock Company
Form No. S04a8-DN
Address: 18/2 - Ngõ 89 Thái Hà - Đống Đa - Hà Nội (Issued according to Circular 200)
of the Minister of BTC)

Diary of vouchers No. 8
Credit in accounts: 155, 156, 157, 158, 131, 511, 512, 515, 532, 5212, 632, 635, 641, 642, 711, 811, 821, 911
Month 12 of 2019
Calculation unit: VND 1,000

No.

Debit
Accou
nt No.

first
2
3

111
112
156

4

131

5
6

511

9

632
911

ACCOUNT
credited
156
Debit account
Cash
Bank deposits
Finished products
Receivables from
customers
DT sales
Cost of goods

sold
Business results
Addition

131

511

493,707
704,228

456,715
1,295,498

5213

632

641

642

821

911

421

Addition
950,422

1,999,726
5,718,5

5,718,5
1,390,420

1,390,420
6,315

3,136,318

3,142,633

2,079,168.5
2,079,168.5

2,079,168.5
1,197,935

3,142,633

6,315

2,073,450

153,924

292,453

154,122.75

2,079,168.5

153,924

292,453

154,122.75

3,136,318

462,368.25

3,136,318

462,368.25

12,690,846

December 31, 2019

Preparing General Accountant
(Signature, full name)

(Signature, full name)

Chief Accountant
(Signature, full name)

Table 5: Ledger ACCOUNT 511

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Unit: Fit Max Vietnam Joint Stock Company

Model No.: S05 - DN

Address: 2/ 18 - Alley 89 Thai Ha - Dong Da - Hanoi

Issued by decision
TT200 / QD-BTC of the Minister of Finance

LEDGER

Balance at the beginning of the
year
Debit

ACCOUNT 511 (Used in Diary form - Documents)

Credit

Year: 2019

Calculation unit: VND

Credit to accounts, corresponding to

January

February

March

.............

December

this account
According to Vocher diary No. 8 Cr

6,315,000

ACCOUNT 5212
According Vocher diary No. 8 Credit

3,136,318,000

Credit Account 911
Total arising Debit

3,142,633,000

Total incurred Debit

3,142,633,000

Balance at the end

Debit

of the month

Credit

Addition

December 31, 2019

20