The cash of the newly formed Giras Company on July 1, 2021 is 500,000,000 VND. The company received from the supplier some backup printing equipment worth VND 50,000,000 as a congratulatory gift. Giras rents a building from its owner for 100,000,000vnd per month. (1)

The company pays the owner in cash in advance. Giras Company used the house cleaning service of Housing Service Company to clean and decorate the office for VND 30,000,000 on July 2. Due to prior agreement, Giras' company has postponed the payment in two installments, one on July 10th and one on July 15th. (2)

On July 3rd, Giras Company spent VND 1,000,000,000 to buy stationery equipment. (3)

Paid in cash Giras Company bought furniture from Furniture Company for 20,000,000vnd on July 4th. (4)

On July 5, Giras Company had stock to prepare for opening, the Company imported goods from distributors of brands for VND 100,000,000. On the same day, the company also imported accessories for VND 20,000,000. (5)

Due to the hard work, the company decided to pay the active employees in advance.with the amount of 5,000,000vnd on July 7 in cash. (6)

To prepare for the opening day, the company hired an advertising agency to campaign for the opening for 1,000,000 VND on 7/7 in cash. (7)

Giras Company paid 500,000 VND for electricity and 1,000,000 VND for VND warehouse cleaning fee on 8/7 in cash. (8)

On July 9, Giras Company paid VND 20,000,000 in cash to Furniture Company, VND 100,000,000 in cash for distributors of brands, and VND 20,000,000 in cash for Accessories. (9)

Giras Company sold 20,000,000 VND on the first day of opening, it is known that the goods were priced at 15,000,000 VND on July 10. At the same time, on that day, the company paid 15,000,000 VND to the Company Housing Services in cash as previously agreed. (10)

Giras Company paid the active sales staff's July salary in cash of 15,000,000vnd on March 11th. Because they wanted to advertise more, the company continued to spend another 2,000,000vnd on cash advertising. (11)

Due to the good sales, the company imported clothes for VND 50,000,000 from Clothing and Accessories Distribution Company for VND 15,000,000 from Best Accessories Company on July 12. The company's shipping cost is 100,000 VND in cash.The total amount of merchandise inventory is 65,000,000vnd. (12)

Due to a number of defective goods that do not meet the standards, Giras Company returned them to the Distribution Company. The clothes cost VND 5,000,000 on July 13. (13)

Giras Company has to pay a 1,000,000vnd water bill, 300,000vnd telephone bill, and 1,500,000vnd shipping support costs for customers in cash on March 14. At the same time, the company also earned 30,000,000vnd in sales and the merchandise cost 20,000,000vnd. (14)

As previously agreed, Giras Company paid the remaining 15,000,000vnd to Housing Service Company in cash on 15/07. (15)
 

Questions:

1. Prepare journal entry.

2. Prepare income statement.

3. Prepare balance sheet.

4. Prepare cash flow.

Answer rating: 100% (QA)

Answer First of all the Journal Entries for the transactions given is prepared as below Date Particulars Dr In VND Cr In VND 1Jul21 Cash 500000000 Capital 500000000 1Jul21 Printing Equipment 50000000 ... View the full answer