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Test 2

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4 views2 pages

Test 2

Uploaded by

kphoa00
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Test 2

I. Indicate whether each of the statements is True or False? Give the reason

1. Bank guarantee means the bank always performs financial obligations on behalf of the guaranteed
party in any circumtances

2. In order to provide guarantee to their customers, banks and their customers shall make guarantee
provision agreements

3. Guarantee commitment can be made in the form of Letter of guarantee or Guarantee contract

4. The accountant of banks always uses Account 24- Payment on behalf of guarantee to reflect
transactions arising in bank guarantee activities

5. collateral enables banks to recover the debt in case the guaranteed customer fails to fulfill his/her
obligations when the payment is due

6. Account “394- Interest receivable from credit activities” represents the accumulated interest that the
the bank has accounted for in income but has not been paid by the borrower

7. When customers is unable to pay the loan interest on time, the accountant is allowed to reduce
income

8. For an overdue debt, the bank shall recover the loan principal first and the loan interest later.

9. Debit transfer orders are prepared by the Drawer’s bank

10. Credit Note is prepared by the beneficiary’s bank

II. Make journal entries for the following transactions occurred at VietinBank- Binh Duong branch as
belows

1. The bank calculated and allocated guarantee fees arising in the month of 3,000,000 VND

2. The bank disbursed the loan of 2,600,000,000 VND to Truong Giang company via transferring to
the company's demand deposit account. The loan term was 12 months with an annual interest
rate of 9%.

3. The bank signed a payment guarantee contract with Hung Long company. The total contract
value was 2,700,000,000 VND with a 36-month guarantee term. The bank required the company
to deposit 20% contract value via debiting the money from their demand deposit account at the
bank to deposit of 20% contract value and paid guarantee fee of 1% the contract value. The
company mortgaged an asset valued at 3000,000,000 VND.

4. The customer X repaid loan principal 900,000,000 VND with 6-month loan term to the bank.
Assuming the bank shall recover the principal first and the interest later. The balance on the
demand deposit account was 600,000,000 VND and the company is not allowed to extend the
loan by the bank. Montly interest rate was 1%.

III. Indicate the transaction in accordance with the following journal entries (measurement unit:
million VND)
(1)

- Dr 2111: 70

Cr 1011

- Dr 394: 0.7

Cr 702

- Dr 994: 100

(2)

- Dr 2111: 400

Cr 1011: 200

Cr 4211: 80

(3)

Dr 2112

Cr 2111: 250

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