Status of the accounting organization in langmaster international joinông thônstock company

Accounting internship report ACCOUNTING INTERNSHIP REPORT INTRODUCTION Accounting is a very important term to our modern society It is a career for both genders who are at the start and have eyes set[.]

Accounting is a very important term to our modern society It is a career for

both genders who are at the start and have eyes set on the top position of industry,

management, government, and general business Accounting is basically required

for every businessman, from an operator of a filling station to a staff of the

government It’s so important to our society that none of the business organization

can operate without it

In a business, accounting is a major tool for helping managers, shareholders,

potential equity investors, bond holders, potential creditors, suppliers and customers

and other stakeholders in order to make a right decision While accounting reports

are prepared in different formats and basic data is synthesized and summarized in

various ways to facilitate decision making, there is only one principle maintained by

the accounting system that each data of a transaction need to be entried as need

debit and credit of two accounts Accountants then combine these data in various

ways to provide information to internal or external users

In order to understand accounting in both theory and practice and also have an

overview of real accounting system and analyses of financial position of a business,

as a senior student, I found that it is quite necessary to apply my accounting

knowledge into real life cases Finally, I chose Langmaster International JSC to

conduct my research and take a deeper look in the accounting process of an

accounting system

My report is divided into three parts below:

Part I: Overview of Langmaster International Joint Stock Company.

Part II: Status of the accounting organization in Langmaster International

Joint Stock Company

Part III: Comments on accounting system of Langmaster International Joint

Stock Company.

Student: Nguyen Hoai Thu 1 Auditing High Quality Class

ACCOUNTING INTERNSHIP REPORT

PART I: GENERAL KNOWLEDGE ABOUT LANGMASTER

INTERNATIONAL JOINT-STOCK COMPANY 1.1 Developing and growth

1.1.1 Overview of Langmaster International Joint-stock company

Langmaster International JSC

Name

Langmaster International Joint Stock Company

(Công ty Cổ phần Đầu tư Giáo dục & Phát triển Côngnghệ Quốc tế Langmaster)

Popular Customers Students from all universities and colleges

Website langmaster.edu.vn / effortlessenglish.edu.vn

Head Office 1: 27 Doan Ke Thien, Mai Dich precinct, Cau Giay Dist., HN

 Branch 1: 76 Nhon St., Minh Khai, Tu Liem Dist., HN

 Branch 2: 17, alley 27, Dai Co Viet St., Hai Ba Trung Dist., HN

 Branch 3: 28, alley Dai An, Van Quan, Ha Dong, HN

Recruiting Apartment: No 170, Bach Mai St.,Hai Ba Trung Dist.

Business Registration:

Registration number granted by the Department of Planning and Investment of

Hanoi on 11/10/2011 Tax code: 0105560993

The company has s fully legal personality in accordance with the laws of

Vietnam to open bank accounts

The company is a joint-stock one on the basis of the shareholders’ equity

1.1.2 History of development and growth

On the first days of 2011, Langmaster was known as an English club founded

by Mr Nguyen Tien Dung With approximately 80 members, Langmaster club

operated mainly in university of commerce and Hanoi industrial university

Established on 11/11/2011, Langmaster International JSC, located in 27

Doan Ke Thien street, Mai Dich precinct, Cau Giay Dist., HN, is the first English

training school which possesses a special training method combined psychological

factors in Vietnam This company always strives to become the most effective

educational institution by providing English training programs which apply thinking

professionally and efficiently to help people learn to speak English easily, smoothly

and automatically from 3-6 months

In August of 2012, Langmaster International JSC set up its first branch at 76

Nhon St., Minh Khai, Tu Liem Dist.,

In August of 2013, Langmaster International JSC set up its second branch at

17, alley 27, Dai Co Viet St., Hai Ba Trung Dist.,

In February of 2014, Langmaster International JSC opened its recruiting

apartment located at 170, Bach Mai St.,Hai Ba Trung Dist

In August of 2014, Langmaster International JSC set up its second branch at

28, alley Dai An, Van Quan, Ha Dong

With training experience and deep expertise of faculty, experts whose

professional education backgrounds are excellent nationally and internationally,

Langmaster is proud to provide English training programs which could be

implemented to meet the social development’s demands

Student: Nguyen Hoai Thu 3 Auditing High Quality Class

ACCOUNTING INTERNSHIP REPORT

Table 1.1: Some education conferences held by Langmaster International JSC

“Skills Training”

Guess: Dr Phan Quoc Viet – President of TamViet Group

3/2011 – Nong Dan Meeting Hall

“Effortless English Method”

Guess: Dr AJ HOGE – Manager of EffortlessEnglish LLC

9-11/11/2012 – Thien Duong Bao Son

“Outstanding leadership and

11-12/3/2013 – Kim Lien Hotel

“Power of solving problems

with NLP”

Guess: Mr Vas – CEO of Leading PerformanceSingapore

7-8/9/2013 – Kim Lien Hotel

With the achievements above, for many years, Langmaster has gained trust

from clients and continued to provide services with great quality in order to expand

its scale and improve the business profit in the future

1.2 Business characteristics and organizations

1.2.1 Functions and Missions of the company

As a English training school which has the fastest growing rate in

Vietnam, this company is not only pleased to make strong collaboration with a

team of senior experts in teaching nationally and globally in Europe, America

and Singapore but also committed to transfer practical knowledge based on

thinking & education orienting to maximize the creative abilities of students

The ultimate goals are to help people learn to change their attitudes and develop

necessary skills as well as speak English fluently within 3-6 months to create a

competitive advantage in the context of globalization

Missions: The most important mission is improving customers’ value –

“Your success, our success”

Visions: Help at least 10 million people speak English fluently and

become the most successful company leading in educational field in the

next 10 years

Slogan: “Langmaster, learn smarter”

1.2.2 Characteristics of the company’s goods and services

In educational industry, there are a lot of competitive English centers namely

Apollo, Language Link, Smartcom but Langmaster is the exclusive supplier of

“Effortless learning English” method invented by Dr AJ Hoge who has a Masters

degree in TESOL (Teaching English to Speakers of Other Languages), a Masters

degree in Social Work, a Bachelors degree in Journalism and NLP

(Neuro-linguistic programming is an approach to communication, personal development,

and psychotherapy created by Richard Bandler and John Grinder in California,

United States in the 1970s)

A difference between Langmaster and other English centers is that this

company could be able to create an active learning environment while other schools

mainly provide heavily academic training which does not meet students’ actual

needs

Products characteristics:

- Price:

• 20 million for a NLP class

• 4 – 6 million for an advanced and a VIP course

• Approximately 3 million for a basic course

- Number of students in a class:

• 40 students for an English class

• 20 students for a NLP class

- Class facilities (in 1 room):

• Modern tables and chairs

Student: Nguyen Hoai Thu 5 Auditing High Quality Class

ACCOUNTING INTERNSHIP REPORT

• 2 air-conditionals

• A blackboard and a projector, CD Players…

- Exclusive prepared documents (using “Effortless learning English”

method)

- Good professors (both Vietnamese and foreign experts)

- Enthusiastic coach teams

1.3. Business structure

Management structure of the company was built on a compact model,

follow regime of one head With such a model like that, the operation of the

company is acted consistently from top to bottom The C.E.O of the company

manages working process through documents and rules, and then each department

is responsible for the implementation thereof There is a chief, who is the leader

of each department The whole work of the company is conducted smoothly due to

a reasonable division into specific components and assigned to the various

departments in charge The chiefs on behave of his team receive their assigned

tasks then arrange for their employees to specific tasks depending on

qualifications and their abilities, and they are responsible for monitoring

performance in the fields assigned to them

1.3.1 Apartment Functions

Chairmen (Shareholders): Co-owners, who have the highest executive

position of the company, may decide to operate the company's direction

C.E.O (Chief executive officer): who has the authority to regulate all

business activities as decided by the general meeting of shareholders Duties

and powers of the director shall comply with business laws and company

regulations

Vice director: as assistants to the chief executive officer in management of

the company

Research & Development department: A company’s research and

development department plays an integral role in the life cycle of a product

The research and development team aids the company in staying competitive

with others in the industry The department is able to research and analyze

the products other businesses are creating, as well as the new trends within

the industry This research aids the department in developing and updating

the products created by the company

Student: Nguyen Hoai Thu 7 Auditing High Quality Class

CHAIRMEN

C.E.O

C.E.O Assistant

Vice C.E.O

Research &

Development department

Sales department

Human Resource

Marketing department

Accounting department Training

department

ACCOUNTING INTERNSHIP REPORT

Accounting department:

• Satisfy plans to use funds in the business and operation, wage payment

and other policies for staff and employees in the Company

• Fully apply accounting principles, strictly implement the original

recording and ensure accuracy of data

• Monitor and update data on the use of capital based on the source and

the rate allowed to use, promptly notify the Board of Directors of theCompany, the relevant departments to know to adjust timely andbalanced funds

• Guide and supervise other Departments and Teams completing

the advance payment in the amount of work completed and coordinate

to construction teams to organize the settlement, payback withinvestors

• To advise the director in finance

Marketing department: The marketing department studies the market and the

target customers, decides the best way to reach these customers, and works

with the rest of the company to help determine the new product needs of the

market Besides, they’re also in charge of holding company’s

Human Resource department: The marketing department studies the market

and the target customers, decides the best way to reach these customers, and

works with the rest of the company to help determine the new product needs

of the market

Training Department

Functions of Training Department:

• Make the training plan yearly, quarterly

• Build up the training system

• Hiring & training the trainer

• Organize the class

• Customer care

Sales Department:

Functions of Sales Department:

• Make the business plan yearly, quarterly

• Build up the sale system including sale structure, sale policy

• Hiring & training sale team

• Organize the sale activities to reach the sale target

• Maintain the relationship with customer

• Provide information about the market, customer, competitor

1.4 Financial Position and Operational Results of the Company

Financial Position and Operational Results of the Company as shown in Table

TABLE 1.2: The financial indicator of Langmaster International JSC

(Source: Accounting department of Langmaster International JSC)

It is clear from the table that although Langmaster International JSC is a

new-born company in service industry, it is promisingly improving

Its revenue is on the upward trend From 2012 to 2013, Langmaster’s revenue

dramatically increased by approximately 11.000.000.000 VND and then

Student: Nguyen Hoai Thu 9 Auditing High Quality Class

ACCOUNTING INTERNSHIP REPORT

continuously rose sharply in 2014 However, the earnings before tax of the

company in all three years (2012, 2013 and 2014) were negative, leading to the bad

figure for owner’s equity This contradiction is not too difficult to explain The main

reason for this situation is that Langmaster International JSC is on the very first

years of improvement and in order to mainly focus on long-term growth, they need

to enhance their resources such as assets which could bring future economic

benefits Specifically, although the total assets of Langmaster International JSC in

2012 were an inconsiderable number (with 712.110.305 VND), they quickly

rocketed to 8.767.383.640 VND in August of 2014, which were double the figure

for 2013 with 4.191.029.459 VND Through this statistic, we can easily realize the

sustainable development strategies of Langmaster International JSC’s directors

Besides, there was a significant growth (from 40 to 230) in the number of

labors in Langmaster International JSC between 2012 and Aug/2014 It means that

the directors of the company were successful in establishing a reputation in

educational sector belonging to service industry It also reflects a friendly and

dynamic working environment in Langmaster International JSC that could appeal

more and more labors

Finally, the key point showing Langmaster International JSC’s economic

growth is the average income level of the employees In 2012, the average salary

level of each Langmaster employee was so low (about 2 million VND) that it might

be really hard for them to cover daily life with such income However, in 2014, the

average level of salary increased to 6.000.000 VND that is possibly enough to cover

employees’ everyday needs

PART 2: ACCOUNTING SYSTEM OF LANGMASTER INTERNATIONAL

JOINT STOCK COMPANY 2.1 Organizing accounting department of Langmaster International JSC

Overall, accounting department of Langmaster International JSC has the small

department), 2 accountants and 1 cashier Compared to manufacturing sector,

service industry requires less accounting parts so four staffs are totally enough for

doing accounting activities in the small-medium size company Moreover, the

uncomplicated structure may offer a lot of benefits to both chief accountant and

C.E.O in manage accounting system information effectively

FIGURE 2.1: Accounting model of Langmaster International JSC

Accounting Department is responsible for implementing and testing the

entire accounting and statistics in the whole of company Staffs in this department

may help the C.E.O in running the business effectively by giving financial and

accounting advises

2.1.1 Function of each accounting divisions:

Accounting department are divided into several parts, each part is in charge of

a specific work that represents the daily basis operation of business:

Chief accountant (The Head of financial and accounting Department)

Chief Accountant’s responsibilities is to direct the implementation of the

company's accounting He is responsible in front of Chairmen and C.E.O of the

Student: Nguyen Hoai Thu 11 Auditing High Quality Class

HEAD of financial and

Fixed asset and Material, Wages and Salaries

Pay and

receive in

cash

ACCOUNTING INTERNSHIP REPORT

accuracy and timeliness of financial information such as assets and capital situation,

the information of operations as revenue, and so on

Moreover, C.A is also responsible for the direction and supervision of

accountants and cashier performing their assigned tasks to ensure strict

implementation of quality

Accountant for Income and Expense, Accounts Receivable, Accounts

Payable and Long-term Debts

In charge of:

• Keep track of payable and receivable accounts from customers

• Recording the sale revenue, the amount of expenses and summarizing

the figure for each month

Accountant for Cash, Fixed asset and Material, Wages and Salaries

In charge of:

• Write checks, disbursement voucher Open monitoring books of bank

deposits: the revenues, expenditures and bank deposits, record and

compare each day with the bank

• Monitor the revenues and expenditures, cash, identify and compare

with the treasurer balance daily, write receipts and disbursement

voucher spending on payments and receipts inside company

• Managing the number of fixed assets

• Accounting the increase and decrease in the value of assets

• Calculating and recording the amount of accumulated depreciation

expense in each period

• Monitoring assets in account balance and fix assets ledger

• Summarize the source document related to fixed assets and materials

for general accounting

• Summarize the worksheet of every employee in different departments

and calculate the total wage and salary payable for the whole company

Cashier

• Based on the receipt and disbursement voucher that the directors

and the chief accountant signed, treasurer pay and receive in cash

• Preparation recorded book and determine the amount of money

balance last day, last month, compare with cash accounting

• Pay salaries to employees monthly

2.2 Accounting policy applied.

2.2.1 Law and legitimate document implemented

Accounting Law 03/2003/QH11 dated 17/6/2003

Decree No 199/2004/ND-CP dated 03/12/2004 of the regulation of the

financial management of state companies and management of state capital to invest

in other businesses

Corporate Income Tax Law was passed by parliament on 17/6/2003 with the

decrees and circulars details (Decree No 24/2007/NDCP, Circular 134/2007/TT

-BTC)

Decision issued on 12/12/2003 No.206/2003/QD-BTC on the management,

use and depreciation of fixed assets

Accounting regime applied in the company is in the decision

No.15/2006/QD-BTC dated 20/03/2006 of the Minister of Finance on promulgating the

applicable accounting regime for small and medium businesses The company uses

a set of documents, the system accounts and system books attached to this decision

• Currency used in accounting: VND

• Accounting period: From 1/1 to 31/12

• VAT calculation method: VAT free due to working in educational field

• Inventory accounting method: Perpetual Inventory System

• Fixed Assets depreciation

method:

Straight line method

Depreciation per annum = (Cost - Residual Value) / Useful Life

• Supporting Material: Accounting software in the computer

2.2.2 Application of Accounting Documents System

Company applied Vietnamese accounting policy for enterprises in Decision No

15/2006/QĐ – BTC dated March 20th, 2006 of Ministry of Finance

Student: Nguyen Hoai Thu 13 Auditing High Quality Class

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Financial & Accounting department in Langmaster International JSC receives

source documents then must check and classify source documents, classify

according to the content of business reflected in the documents After that, the

source documents are transferred to the relevant accounting part The accountants

who receive the source document before recording on the book, have to examine

the legality and reasonableness of the financial transactions reflected in the

evidence, adjust the errors (if there are) on the source documents to ensure full

record of essential elements of documents and perform the necessary work to

bookkeeping Under current accounting system, accounting documentation system

include: source documents required to comply and ones instructing to use On the

basis of current state regulations’ documentation system on the use of evidence

from the original form in accordance to the provisions, operational characteristics

and requirements of the company management as well as economic transactions

arising in the company Since then, the organization established processes and

document flow in sequence:

- Making source documents and reflecting contents on them

- Checking source document

- Recording

- Saving and preserving documents

The company uses MISA Accounting, so work of recording and saving

all are done by computer

Some of the source documents usually used by Langmaster International JSC:

 Time sheet, pay sheet, bonus payment sheet, social insurance sheet

 Fixed asset delivery and receiving minute, Fixed asset card, Fixed asset

disposal minute, Fixed asset revaluation minute, Fixed asset calculation and

allocation schedule

 Receipt voucher, Payment voucher, Advance request, Advance Repayment

Sheet, Request for payment, Cash Receipt

2.2.3 Application of Accounts System

Accounts system used in Langmaster International JSC is applied the system

catalog accounts attached to the Decision No.15/2006/QD – dated on March 20th

2006 of the Ministry of Finance

Like other companies, Langmaster International JSC also assigned specific

accounts on their own by related subjects, in addition to the company based on

production traits to open its business to the level 2 account details to suit

management requirements and facilitate accounting work For example, details for

each object:

 For the tangible fixed assets, the company offers two account levels:

• Ac 2113: Transportation &transmit instrument

• Ac 2114: Instruments & tools for management (office equipment)

• Ac 2118: Other intangible fixed assets

 For the cost of employee pay, based on salary how to write detailed accounts

• Ac 3341: Returns to employees (payroll accounting used over time for

long-term labor contracts)

• Ac 3342: Payable to other employees (used to account allocation under

contract for part-time jobs)

Because Langmster International JSC operates in educational field and service

industry, some of accounts above such as manufacturing cost (account number 631),

cost of goods sold (account number 632), merchandise inventory (account number

156) are ignored However, some accounts are more detailed with 2 tiers For

example, general and administration expenses account (account code 642) is entered

into particulars with several second tiers coded 6421, 6422, 6423, 6424, 6425,

6426

2.2.4 Application of Accounting Books System

The company uses General Journal Model The books integrated is general ledger

system, the detailed books are specific to each work

FIGURE 2.2: Accounting book system of Langmaster International JSC

Student: Nguyen Hoai Thu 15 Auditing High Quality Class

SOURCE DOCUMENTS

ACCOUNT JOURNAL SPECIAL

JOURNAL

ACCOUNTING INTERNSHIP REPORT

Record Daily

Record Monthly

Comparison

In order to get the financial statements as a result, source documents must be

gathered and classified Accountants add information into detailed accounts on the

computer and in the end of the month, they will make detailed summary, compare

it with ledger and adjusted trial balance The company only built an official

system of accounting books for each accounting period Accounting books system

includes general books (general journal, ledger, cash receipts journal, cash

payment journal) and detailed books

2.2.5 Application of Accounting Reports System

Accounting reporting system in Langmaster International JSC was set up to

comply with the decision of 15/2006/QD- dated 20/03/2006 of the Minister of

ACCOUNT JOURNAL

DETAILED SUMMARY JOURNAL LEDGER

TRIAL BALANCE

FINANCIAL STATEMENTS

SPECIAL

JOURNAL

Finance The financial statements are prepared and presented in accordance with all

provisions of each standard, circular guiding the implementation of standards and

current accounting system is applied

System financial statements of the company are prepared and presented in

accordance with the standards of the accounting and Vietnam, including financial

statements and the financial statements in the interim

Full interim financial statements comprise:

 Notes to the Selective Financial Statements Form B 09a – DN

Monthly financial statements include:

 Notes to the Financial Statements Form B 09 – DN

Besides, the company also sets up some other statements:

 Adjusted trial balance of accounts

 Appendix of Income statement

These statements are set up monthly and report to:

- Chairmen

- C.E.O

- Banks in relevant

2.3 Accounting for important part of business

There are several essential accounting practices in Langmaster International

JSC’s Accounting Department such as:

- Fixed Assets Accounting

- Cash Available (Cash in hand, cash in bank) Accounting

- Wage & Salary Accounting

- Accounts Payable & Accounts Receivable Accounting

- Owner’s Equity Accounting

- …

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ACCOUNTING INTERNSHIP REPORT

However, I choose to study further of Fixed Assets Accounting, Wage & Salary

Accounting and Materials Accounting with the main procedure is Fixed Assets

Accounting

2.3.1 Accounting for Fixed assets

2.3.1.1 The Characteristic of Fixed Assets of Langmaster International JSC.

Fixed Assets Conditions:

- The use of such property certainly help the company gain the economic

benefits in the future

- Cost of fixed assets needs to be determined reliably

- Cost more than 30.000.000 VND

- The use of assets is usually more than a year

In order to easily control and take advantages of these fixed assets,

Langmaster International JSC classifies fixed assets by 2 categories:

 Fixed assets used for business activity

Example: air-conditioners

Due to operating in educational sector of service industry, Langmaster

International JSC tends to possess more tools (lower price and short

life-span) such as chairs, tables, projectors, blackboards for providing English

courses than fixed assets

 Fixed assets used for administration activity

Example: cars (for Chairmen and C.E.O), land & buildings (headquarter),

office equipments (modern computers, printers, photocopy machine )

2.3.1.2 The Depreciation Method of Fixed Assets of Langmaster International

JSC

The law Langmaster International JSC applies is 206/2003/QD-BTC which

issued decisions on the management, use and depreciation of fixed assets

Depreciation method used by Langmaster International JSC is straight line

method

The calculation and reporting of depreciation of Langmaster International JSC

 Cost principle This principle requires that the Depreciation Expense

reported on the income statement, and the asset amount that is reported

on the balance sheet, should be based on the historical cost of the asset

 Matching principle This principle requires that the asset's cost be

allocated to Depreciation Expense over the life of the asset In effect the

cost of the asset is divided up with some of the cost being reported on

each of the income statements issued during the life of the asset By

assigning a portion of the asset's cost to various income statements, the

accountant is matching a portion of the asset's cost with each period in

which the asset is used

By month, accountant make entry for depreciation expense and record to the

fixed assets card and ledgers in column “ Depreciation expense,” “ net book value”,

“ accumulated depreciation”

 Equation

Depreciation expense = estimated useful life historical cost

After that, accountant will use journal voucher of depreciation assets, recorded

by moth At the end of period, accountant make entries into registration book

journal voucher

 Depreciation journal entries for a fixed asset (Toyota Fortune) of

Langmaster International JSC.

TABLE 2.1: Depreciation Journal Entries for a fixed asset (Toyota Fortune)

TABLE 2.2: Depreciation plan for a fixed asset (Toyota Fortune)

(Price: 1,507,560,000 VND – Depreciation in 10 years)

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ACCOUNTING INTERNSHIP REPORT

 Processing of deprecation for fixed assets:

Every month or quarter, accountant sets up journal voucher for depreciation of

different fixed assets

At the end of the period, accountant post to registration book of journal

voucher together with entries in account 214, and other related account

FIGURE 2.3 : Processing of depreciation for fixed assets

(In Langmaster International JSC)

2.3.1.3 Used accounts for fixed assets of Langmaster International JSC.

Used accounts for fixed assets of Langmaster International JSC

According to the system catalog accounts attached to the Decision No.15/2006/

QD – dated on March 20th 2006 of the Ministry of Finance, Langmaster uses

account number 211 to reflect the changes in cost of fixed assets

FIGURE 2.4: T – Account for Account number 211 used in Langmaster

International JSC (Fixed Assets)

111, 112, 331, 341 211 – Fixed Assets 811

Buying fixed assets Cost Clearance Residual Value

Student: Nguyen Hoai Thu 21 Auditing High Quality Class

Vouchers increase or decrease fixed assets

Allocated depreciation expense table Summarized table of

expense voucher

Journal voucher transactions increase, decrease, depreciation of fixed assets

ACCOUNTING INTERNSHIP REPORT

2.3.1.4 Accounting for fixed assets of Langmaster International JSC.

Buying new fixed assets possess

FIGURE 2.5: Flow of documents in buying new fixed assets

Fixed assetAccounting

Evaluatingcommittee

CEO Director

-PreservationRequire for

Increase working capital by fixed assets

2212,2213

Step 1: if any department has to purchase fixed assets, they will send a request

to cashier This cashier will ask for the opinions from the CEO and the owners

After that, CEO and other involved department will select the supplier for the fixed

assets and sign the contract

Step 2: When the contractor delivers the assets with VAT invoice, staffs with

storekeeper and other involved member will establish a minute of receipt with

signature of both parties 2 copies of this minute are set up, 1 is passed to the

contractor (or deliverer)

TEMPLATE 2.1: Template of VAT Invoice

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Establishedfixed assetcard, anddistributionplan,recording

Delivery andreceipt assets,the recorddelivery

Decision to

raise fixed

asset

ACCOUNTING INTERNSHIP REPORT

Toyota My Dinh Co VALUE ADD TAX INVOICE Form: 01GTKT/001

Copy 2: For customer Not:

29AA/12P Aug 15, 2013 No: 0002392

Name of company: Toyota My Dinh Company

TAX code:

Address: Revenue 32 – Phu Dien – Tu Liem – Ha Noi

Account Number:

Phone number:

Name of customer: Nguyen Thi Dinh

Company : Phuc Dien Machinery And Equipment Company Limited

Tax code:

Address: Block 2 - Phu Minh – Soc Son – Ha Noi

1 Toyota Fortuner a car 1 1,507,560,000 1,507,560,000

Text: One billion six hundred and fifty eight million three hundred and sixteenth

thousand Vietnam dong.

Customer Seller

(sign) (Sign)

Note:

Copy 1: Save on book

Copy 2: For customer

Step 3: On the basis of the receipt minute, accountant will create fixed assets

card for each individual kind of assets

Accounting documents used for fixed assets in Langmaster International JSC

To control the fixed asset accounting, Langmaster International JSC uses

some supporting documents such as:

• Fixed Asset Receipt-Issue Minutes

• Fixed Asset Disposal Minutes

• Fixed Asset Inventory Minutes

• Fixed Asset Calculation and Allocation Schedule

Documents used in fixed assets transactions:

- Buying fixed assets

Purchase InvoiceBuy contractsFixed assets receiving minute

Student: Nguyen Hoai Thu 25 Auditing High Quality Class