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VBH: Explanation for differences in Financial Statement
There are differences in Current Assets on 30/6/2008 in Financial Statement QII/2008 and Financial Statement QIII/2008. On the Balance Sheet QIII/2008, as of 30/6/2008, current assets is VND1,026,063,961 while that on 30/6/2008 of Balance Sheet QIII/2008 is 1,026,887,061 with the difference of VND823,100. Viettronics Binh Hoa JSC explained the differences as follows:
The company paid the telephone bill of May 2008 on 20/6/2008 and this payment became cost in June 2008 with the total of VND 9,023,560 including VND 8,200,460 of telephone bill and VND 832,100 of VAT. Because the VAT telephone bill arrived too late, VND 823,100 was included in the expenses of June 2008 and QII.2008’s profit before tax is VND 1,688,227,086.
The company’s QII.2008 financial statement was sent to HASTC on 10/7/2008. On 12/7/2008 the company received 5/2008 telephone bill issued on 27/5/2008. To balance with input list of 5/2008, VAT amount worth VND 823,100 was transferred to current assets in Financial statement which increased current assets from VND 1,026,063,961 to VND 1,026,887,061. Profit before tax after adjustment was VND 1,689,050,186 with an increase of VND 823,100).
HaSTC
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