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Chapter 5: Accounting for Liabilities, Gross salary-insurance deduction…
Chapter 5: Accounting for Liabilities
1.Definition
is a debt the company expect to pay in one or more year.
is a present obligation the company need to pay in the future from a past events.
2.Classification
Base on the subject of payment
Accrued expense- 335
Internal payables- 336
Payable to employee-334
Base on payroll to record
Dr 622/627/641/642- gross salary
Cr 334- gross salary
Deduction from salary
COMPANY
Cr 3382- union fee 2%
Cr 3383-social insurance 17,5%
Dr 334 x 23,5%
Cr 3384- health insurance 3%
Cr 3386- unemployment insurance 1%
PERSONAL
Dr 334 x 10,5%
Cr 3383- social insurance 8%
Cr 3384- health insurance 1,5%
Cr 3386- unemployment insurance 1%
Deduction from salary about personal income tax
Dr 334- salary deduction
Cr 3335- personal income tax
Deduction from salary about others
Dr 334-salary deduction
Cr 141- advances
Payment of remaining salary
Dr 334
Cr 112
Other payables- 338
Tax and other payable to state budget-333
Special comsumption tax-3332
Import and export duty-3333
Output VAT-33311
Corporate income tax-3334
Personal income tax-3335
Trade Payable-331
Purchaase goods or services
on credit
Receive discount from payment
Dr 331: remaning debts
Cr 515: payment discount
Cr 112: net payment
Borrowing and financial lease liabilities- 341
When make a borrowing and finance lease
Dr 112
Cr 341
Interest payment
paid in advance
Step 1
Dr 242
Cr 111/112
Allocate prepaid expenses to each year
Step 2
Dr 635
Cr 242
paid at maturity
Step 1:Record interest expense payable
Dr 635
Cr 335
Step 2: at maturity
Dr 335
Cr 112
paid periodically
Dr 635
Cr 112/111
Base on the time of payment
Current Liabilities
Long-Term Liabilities
3.Issued bonds-343
issued at discount ( market rate
12%
> face value
10%
)
Dr 3432- bond discount
Dr 112
Cr 3431- face value
issued at premium ( market rate
10%
< face value
15%
)
Cr 3433- bond premium
Cr 3431- face value
Dr 112
issued at face value ( market rate= face value)
Cr 3431- face value
Dr 112- face value
Accounting rules
Account payable
decreased
Debit
Balance
On credit
Acount payable
increased
Credit
5.Provide information
Balance sheet
Notes of Financial statement
Fee of issued bonds
Dr 635
Cr 112
Gross salary-insurance deduction-personal income tax-advance=
Net salary
Phạm Thị Thuỳ Nhung-215024510