Accounting work at joint stock companies transformed from state-owned enterprises in Vietnam

Accounting work at joint stock companies transformed from state-owned enterprises in Vietnam (Illustrative image)

Circular 106/2008/TT-BTC stipulates the accounting work at joint stock companies transformed from state-owned enterprises as follows:

Opening new accounting books

Upon receiving assets, liabilities, capital resources, and accompanying documents, the joint stock company must open new accounting books (Including general accounting books and detailed accounting books) to reflect the value of transferred assets and capital resources.

Accounting for the transfer of assets, liabilities, and capital resources in joint stock companies in Vietnam

- When receiving the transfer of assets, liabilities, and capital resources, based on documents and transfer minutes, the accounting entries are as follows:

- Debit accounts 111, 112, 121, 131, 133, 138, 141, 152, 153, 154, 155, 156, 157, 211, 221, 241...

- Credit accounts 311, 315, 331, 333, 334, 335, 338, 341, 342...

- Credit account 411 - Business capital resources.

Accounting for cases of holding assets on behalf of others

- For unnecessary assets, excess assets, assets awaiting liquidation that the joint stock company is holding on behalf of the Group, State General Corporations, Parent Company, or independent state-owned enterprises, the accounting entry is:

- Debit account 002 - Materials, goods held for others, received for processing.

More details can be found in Circular 106/2008/TT-BTC, effective from December 20, 2008.

Ngoc Tai

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