What types business transactions happen and how this is reflected in accounting records, we will tell you in this material.
4 types of business transactions
When they talk about the types of business transactions, they mean their grouping depending on the impact on the value of assets (A) and liabilities (P) of the balance sheet.
Thus, the following four types of business transactions are distinguished:
Below we will explain how to determine the type of business transaction.
Type I: A+ A-
This type of business transaction involves a change in the composition or structure of balance sheet assets. As a result of this type of transaction, the balance sheet currency does not change. In other words, with the 1st type of business transactions, an asset turns into another asset.
The simplest example is cash withdrawal Money from the bank by check:
Debit account 50 “Cash” - Credit account 51 “ Current accounts»
As a result of this operation, the value of assets does not change, only their structure changes: non-cash funds have decreased, cash has increased.
For this type of business transactions, examples of postings are as follows:
Type II: P+ P-
What type of business transaction is it, as a result of which the total amount of the balance sheet does not change, and changes occur only in the composition of liabilities? We are talking about the 2nd type of business transactions.
Here are typical business transactions related to this type:
Type III: A+ P+
The third type of business transactions assumes that the balance sheet currency increases due to the fact that assets and liabilities grow.
Here are some examples for this type of business transaction:
Type IV: A-P-
If, as a result of business transactions, the assets and liabilities of the balance sheet decrease, we speak of the 4th type of operations.
In accounting, the accounting unit is a business transaction. It is a separate event that causes changes in the composition of property and the sources of its formation. Read on for more details about what types of accounting exist and how to carry them out correctly.
Changes
To carry out management correctly, it is important to have information about all household assets am, their composition, location, sources of formation and areas of use. All this data is reflected in balance sheet. It is built on a dual group of objects: the organization’s property (assets) and the sources of its formation (liabilities). All these elements are reflected in the balance sheet in monetary terms.
Double entry
All types of business transactions make changes to the composition of assets and liabilities. This is done in the balance sheet: debit and credit. These are two different accounts. Information is displayed in chronological order. For every completed transaction there must be documentary evidence.
Conventionally, each operation is divided into two stages: determining the corresponding accounts (quotation) and reflecting the inventory in the balance sheet (posting). The latter are recorded in the transaction journal or To facilitate this process, each cost item is assigned a specific number, which appears in the posting. These numbers are unified and correspond to the names of balance sheet items. For correct reflection transactions, it is important to understand that each transaction appears on two or more accounts, but in the same amount.
Kinds
A business transaction can affect only an asset (A), only a liability (P), or both property and sources of funds. The impact of a specific transaction on the balance sheet can be reflected in this way:
A + Expenses = Capital + Revenues + Liabilities.
Depending on the change, the following types of business transactions in accounting will be distinguished:
- changes in assets only;
- changing only liabilities;
- increasing assets and liabilities while maintaining balance;
- reducing assets and liabilities while maintaining balance.
The classification of business transactions can be conditionally presented in the form of the following equations:
A "+", A "-";
P "+", P "-";
A "+", P "+";
A " - ", P " - ".
Let's look at them in more detail.
First type of operations
The balance sheet of the enterprise needs to reflect the operation of the receipt of funds to the cash desk from a bank account for payment of labor. There are two asset items involved here. The item “Current account” decreased by the same amount and “Cash” increased. The balance currency has not changed. This also includes:
- receipt of funds from debtors;
- return of unused imprest amounts;
- release of materials into production;
- shipment of products to the buyer, etc.
Business transactions of the first type change the composition of property without affecting the balance sheet. They can be written in the form of the following equation:
A + X - X = P, where X is the transaction amount.
Such operations occupy a leading place in economic activity. Any production process is carried out in the presence of funds and labor itself. All these elements are in the asset.
Second type of operations
The enterprise’s balance sheet must reflect the operation to repay the supplier’s debt through a bank loan in the amount of 20 million rubles.
There are two passive clauses affected here. The organization's debt to the bank increases, and debt to suppliers decreases. The balance currency remains unchanged. Similar operations include withholding taxes, directing profits to reserve fund, writing off part of future income as profit, etc.
These types of business transactions in accounting affect only the sources of property formation. They can be written in the form of the following equation:
A= P + X - X.
Third type of operations
This type includes transactions in which the assets and liabilities of the balance sheet change simultaneously. At the same time, equality between them is maintained. For example, the receipt of a loan to pay salaries, the receipt of fixed assets as a contribution to the authorized capital, etc., the balance sheet changes by the same amount. Such operations can be written as an equation:
A + X = P + X.
Fourth type of operations
The company’s balance sheet needs to reflect the loan repayment operation in the amount of 2 million rubles. As a result, there is a decrease in funds in the “Current Account” and a decrease in “Short-term loans”. The assets and liabilities of the balance sheet are reduced by the same amount, and the balance sheet currency is also reduced:
A - X = P - X.
Let's take a closer look at how to reflect all types of business transactions in accounting.
Examples of active operations
The cash desk received funds in the amount of 150 thousand rubles from the current account. As a result of this operation, the balance in the bank account decreases and the balance in the cash register increases (DT50). Accounting entries for business transactions: DT50 KT51 - 150 thousand rubles.
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
Examples of passive operations
Personal income tax was withheld from wages in the amount of 20 thousand rubles. This business operation leads to a reduction in the enterprise’s debt to personnel (KT68). At the same time, the debt to the budget increases (DT70). Wiring: DT70 KT68 - 20 thousand rubles.
The balance before the transaction is presented in the table below.
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
The balance after the transaction is presented in the table below.
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
Examples of active-passive operations
Third type. The warehouse received materials from the supplier in the amount of 320 thousand rubles. for an unpaid invoice. The operation affects the asset and liability:
- materials in the warehouse increase: KT10 +320 thousand rubles.
- accounting of settlements with suppliers and contractors: KT60 +320 thousand rubles.
Wiring: DT10 KT60 - 320 thousand rubles.
The balance before the transaction is presented in the table below.
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
The balance after the transaction is presented in the table below.
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
Fourth type. The organization repaid the debt to the supplier in the amount of 500 thousand rubles. The operation affects the asset and liability:
- accounting of settlements with suppliers and contractors: DT60 -500 thousand rubles.
- the amount of funds in the bank account decreases: DT51 -500 thousand rubles.
Wiring: DT60 KT51 - 500 thousand rubles.
The balance before the transaction is presented in the table below.
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
The balance after the transaction is presented in the table below.
Materials | Settlements with creditors | ||
Debt to the budget | |||
Checking account | Wage arrears | ||
Settlements with debtors | Bank loans | ||
In all of the above cases, the changes are equal. The balance currency is adjusted by the same amount.
The importance of balance
It is important to comply with all of the above requirements when drawing up a balance sheet. It clearly reflects the financial condition of the organization, shows who invested the funds, how they were allocated and how the loans were secured. By analyzing the balance sheet over several periods, you can imagine the dynamics of the organization’s development and determine whether resources are being used rationally. The presence of a correctly compiled report allows the manager to think about all the consequences of the organization’s activities, consciously manage the economy, and search for internal reserves.
How does the balance contain important information. The organization reports to them to governing bodies, tax administration, statistics, and credit institutions. Based on the information in the balance sheet and other reporting forms, the indicator is calculated net profit, the amount of taxes is established, mandatory contributions and payments.
The balance in scientific research is summary accurate, systematized data on the property status, economic activity, statics and dynamics of individual farms. Without a comprehensive study and careful study of such reports, it is impossible to practically work out effective ways to develop and boost the economy of the country in general and a specific organization in particular.
Introduction........................................................ ........................................................ .. 4
1. Objects of accounting: property of the organization, their obligations and business transactions.................................................... .......................................... 5
1.1. Fixed assets and tasks of their accounting................................................... ......... 5
1.2. Concept and classification intangible assets.............................. 7
1.3. The concept of material inventories and their classification 9
1.4. Definition and classification financial investments........................ 13
2. Rules for assessing property, liabilities and business transactions using the example of ZAO Prommash.................................... .......................................... 15
2.1. a brief description of CJSC “Prommash”.................................................... 15
2.2. Accounting policy........................................................ ................................... 16
3. Accounting and financial reporting system........... 18
3.1. Accounting................................................ ................................ 18
4. Methods for assessing property and liabilities and methods of reflection in accounting.................................................... .............................................. 19
4.1. Composition and valuation of fixed assets................................................... ........... 19
4.2. Method of calculating depreciation (depreciation) of fixed assets.................................. 19
4.3. Intangible assets................................................ ........................ 20
4.4. Inventory inventories.................................................... 20
4.5. Finished products................................................ .................................. 21
4.6. Accounting for production costs......................................................... ................... 22
4.7. Accounting for deferred expenses................................................................. .......... 22
4.8. Accounting for reserves................................................... ........................................... 23
4.9. Income and financial results Societies............................................. 23
5. Organization internal control at the enterprise........................... 24
5.1. The organization of internal control is regulated.................................... 24
5.2. Valuation of intangible assets and accounting for their receipt.................................... 33
5.3. Valuation of inventories in current accounting and balance sheet 40
5.4. Valuation of goods................................................... ........................................... 47
5.5. Grade finished products.................................................................... 49
5.6. Assessment of work in progress at enterprises that manufacture products.................................................... ........................................................ ......... 53
5.7. Assessment of financial investments................................................................... ............... 63
5.8. general characteristics CJSC “Prommash”.................................................... 71
5.9. Accounting policy........................................................ ................................... 72
Conclusion................................................. ............................................... 74
List of used literature................................................... 76
As a result of its activities, any enterprise carries out any business transactions and makes certain decisions. Almost every such action is reflected in accounting.
Accounting is an orderly system of collecting, registering and summarizing in monetary terms information about the property, obligations of the organization and their movement through continuous continuous and documentary recording of all business transactions. Accounting covers the economic activities of an organization not in some part, but in in full and reflects all business transactions and their results in monetary terms, without exception.
In conditions Russian Federation The transition to the market is accompanied by many enterprises entering a zone of economic uncertainty and increased risk, since it is property that guarantees the independence and reliability of the enterprise. Most business entities are faced with the need for an objective assessment of their assets.
The work is relevant because one of the most important criteria for assessing the activities of any enterprise with the goal of making a profit is the efficiency of use of property and the disclosure of property potential. Regardless of the organizational and legal types and forms of ownership, the sources of formation of the property of any enterprise are its own and borrowed funds. This is the main source of replenishment of the enterprise’s funds, as well as liabilities and business transactions.
The purpose of this work is to study the rules for assessing property, liabilities and business transactions.
According to PBU “Accounting for Fixed Assets” (PBU 6/01), fixed assets are property that a company uses as means of labor for more than one year (12 months) and they are accounted for in account 01 “Fixed Assets” and are reflected in the corresponding line of the balance sheet.
Fixed assets include items, term beneficial use which are more than 12 months regardless of cost. Assets that meet the recognition conditions set out in paragraph 4 of PBU 6/01 and have a value within the limit established in the accounting policy, but not more than 20,000 rubles. per unit, can be reflected in accounting and financial statements as part of the inventory. From January 1, 2001, the Russian Ministry of Finance abandoned the cost criterion for classifying items as either fixed assets or materials.
Fixed assets do not include machinery, equipment and other similar objects listed as finished products in the warehouses of manufacturing organizations or as goods in the warehouses of trading organizations.
Fixed assets play an important role in the labor process, since in their totality they form the production - technical base organization and determines its production potential.
The organization's assets are varied in composition and purpose. To keep records of them, it is necessary to classify them by type, purpose or nature of participation in the production process, sectors of the economy, degree of use and by affiliation.
Depending on the purpose and nature of participation in the production and economic activities of the organization, fixed assets are divided into production and non-production.
For production purposes - machines, apparatus, tools, computer equipment, as well as buildings of main and auxiliary workshops, departments and services intended for the production process, or warehouse buildings, tanks, vehicles used for moving and storing objects and products of labor, household equipment , furniture and other fixed assets, the use of which is aimed at systematically generating profit as the main goal of the organization.
Non-productive fixed assets - residential buildings, children's and sports institutions, canteens, clinics, clubs, stadiums, etc.
Their value disappears in consumption, without creating a replacement fund. They are reproduced at the expense of national income.
Fixed production assets are a huge number of means of labor, which, despite their economic homogeneity, differ intended purpose, service life (their production capacity depends on their volume, enterprises, the level of technical equipment of labor, the accumulation of basic factors and the increase in the technical equipment of labor enrich the labor process and give work a creative character).
Depending on how fixed assets are used in production and economic activities, a distinction is made between active, in stock and inactive.
Based on ownership, fixed assets are divided into owned and leased. The organization's own fixed assets are listed on its balance sheet, while leased assets belong to another company and are taken into account off the balance sheet without depreciation (current lease).
Hence the need arises to classify fixed assets into certain groups that take into account the specific production purposes of various types of assets.
According to the current type classification, the main production assets of the enterprise are divided into the following groups:
Land plots and enterprise facilities;
Facilities;
Cars and equipment;
Industrial and household equipment;
Draft livestock;
Productive livestock;
Perennial plantings.
The ratio of individual groups, fixed assets in their total volume represents the production structure of fixed assets. Society is not indifferent to which of the main income groups funds are invested in. It is interested in optimally increasing the share of machinery and equipment - the active part of the funds that serve the decisive areas of production and characterize the production capabilities of the enterprise for the production of certain products.
The higher the share of equipment in the cost of fixed production assets, the greater the output of products, the higher the capital productivity ratio.
Not a single organization can do without using production activities various objects of intangible assets. Their presence ensures the present and the future, formation and development.
Today, the state of the industrial, construction and other industries requires their improvement, and competition between entities within the country and external manufacturers imposes new responsibilities on the organization in updating the range and improving the quality of manufactured products, work and services performed. One of the tools that ensures the fulfillment of these tasks is intangible assets (intangible assets), because in their composition a large share is occupied by: intellectual property, exclusive rights to patents, inventions, industrial designs, etc.
The characteristics and composition of intangible assets, the procedure for their accounting are defined in the Accounting Regulations PBU 14/2000 “Accounting for Intangible Assets”, approved by order of the Ministry of Finance of the Russian Federation dated October 16. 2000 No. 91n.
Depending on the purpose and function performed in business activities, intangible assets are classified as follows:
objects of intellectual property;
business reputation;
organizational expenses.
Only exclusive rights to the results of intellectual activity can be classified as intangible assets - these are:
the exclusive right of the patent holder to an invention, industrial design, utility model;
the exclusive right of the patent holder to selection achievements;
Only one organization (the copyright holder) can be the owner of the exclusive right, and other persons can use the results of intellectual activity with the consent of the copyright holder.
An inventory object is established as an accounting unit for intangible assets, as well as fixed assets.
The inventory object of intangible assets is considered to be a set of rights arising from one patent, certificate, assignment of rights, etc. The main feature by which one inventory item differs from another is its performance of an independent function in the production of products, performance of work or provision of services, or when used for management purposes.
The concept of inventories is defined in PBU 5/01 “accounting for inventories”.
According to PBU 5/01, “material and production inventories” (MPI) include assets used as raw materials, materials, etc. in the production of products intended for sale (performance of work, provision of services); used for sale.
For the correct organization of accounting of inventories, their economically sound classification is of great importance.
According to their functional role and purpose in the production process, materials are divided into basic and auxiliary.
Basic materials form the basis of manufactured products, these include raw materials, materials, semi-finished products, and components.
It should be noted that the same materials, depending on the type of production, can be basic or auxiliary, which depends on their role in the production of products. So, in textile production it is the main material, and in tailoring it is an auxiliary material. The division of materials into basic and auxiliary is arbitrary; it is not determined by the physical and chemical properties of these materials.
Auxiliary materials are part of the manufactured product, but are not its basis; they can impart certain consumer properties to it, can be consumed as tools, can be used to ensure the normal course of the production process (for repairs), etc.
Auxiliary materials include fuel, spare parts, containers, and production waste.
Current assets include inventory, household supplies, and special equipment. By their nature, they are tools of labor, but due to the fact that their period of use is short (up to 12 months), attributing their value to the costs of production and sale of products (works and services) has its own characteristics.
Finished products and accounting tasks
Finished products are the part of inventories intended for sale (the final result of the production cycle). The sale of finished products completes the turnover of economic assets and determines the efficiency of production.
Products are assets that have been fully processed (assembled) in a given organization.
Manufactured products are classified as finished products for a given reporting period if they are transferred to the warehouse.
Products and items that have not passed all phases of processing and are not accepted by the technical control service are taken into account as part of work in progress.
All finished products must be delivered to the warehouse, with the exception of large-sized items and products that, for technical reasons, are accepted by the customer’s representative at the place of manufacture, packaging or assembly.
Products are accounted for in natural, conditionally natural and cost (value) indicators.
The main task of accounting is the complete and correct recording of finished goods and products. Ensuring their safety, timely shipment, monitoring the fulfillment of contracts and obligations to supply products to consumers.
Quantitative accounting of finished products by type, storage location and material responsible persons usually carried out in a similar way to accounting for inventories.
The accounting unit for finished products and semi-finished products can be a product number, batch, homogeneous group, or name. The accounting unit is chosen by the organization independently and is fixed in the nomenclature - the price tag. In addition to the price tag, they are developing
product directories containing information about products taxed and subject to various types of taxes, about payers and consignees, average quarterly and average annual costs.
Goods accounting
Goods are part of inventories.
Goods accounting operations mainly relate to trade and public catering. However, many manufacturing enterprises, in parallel with their main activities, carry out wholesale or retail trade purchased goods.
The general procedure for the receipt of goods coincides with all other inventories.
There are two differences in accounting:
It is possible to record goods at sales prices with the addition of a trade margin.
Unified unified documents for trading operations approved by Decree of the State Statistics Committee of the Russian Federation dated December 25, 1998 No. 132 “On approval unified forms primary documentation for accounting of trade operations.”
Work in progress accounting
The volume of work in progress is determined by actual weighing, piece accounting, volumetric measurement, conditional recalculation and according to the accounting data of incoming batches.
To clarify accounting data on work in progress, an inventory is carried out within the established time frame.
Financial investments are the costs of an organization for the acquisition of bonds and other government debt obligations, shares and debt securities of other organizations, share contributions to their authorized capital, loans provided to other persons, various financial instruments for generating income in the form of dividends, interest or differences in resale prices.
The rules for accounting for financial investments and income (expenses) on them are defined in PBU 19/02 “Accounting for financial investments.”
A security is a document certifying property rights, the exercise or transfer of which is possible only upon presentation, in compliance with established form and mandatory details (right to sell, right to receive interest). In practice, there are undocumented securities, i.e. The organization is assigned rights to a certain number of securities, but confirmation is an extract from the register of shareholders, an agreement.
Among the securities, the most common are stocks, bonds, bills, checks, certificates of deposit and savings certificates.
Contributions to the authorized (share) capital of other organizations are taken into account separately as part of financial investments. Authorized capital have closed and open (CJSC and OJSC), limited and additional liability companies (LLC and ALC). Share capital is formed in general and limited partnerships.
Deposits under a simple partnership agreement are also classified as financial investments. A simple partnership agreement assumes that several persons (partners) pool their contributions and act together to make a profit (or achieve some goal). The contribution under a simple partnership agreement can be money, property, or business reputation.
Financial investments do not include:
own shares purchased by the joint-stock company from shareholders for subsequent resale or cancellation;
bills issued by the organization - the drawer of the bill to the organization - the seller when paying for goods sold, products, work performed, services rendered;
investments of an organization in real estate and other property that has a tangible form, provided by the organization for a fee for temporary use (temporary possession and use) for the purpose of generating income;
precious metals, jewelry, works of art and other similar valuables not acquired for the purpose of common species activities. Depending on the timing of circulation, financial investments are grouped into short-term and long-term. Long-term financial investments can be transferred to short-term ones and from short-term to long-term ones if their purpose and intentions for further use change.
The accounting unit for financial investments is selected by the organization independently in such a way as to ensure the formation of complete and reliable information about these investments, as well as proper control over their availability and movement. Depending on the nature of financial investments, the order of their acquisition and use, a unit of financial investments can be a series, batch, or a homogeneous set of financial investments.
CJSC Prommash was created in accordance with the Decree of the President of the Russian Federation of December 30, 2005. Legal address: 450017 Bashkiria, Ufa, st. Akhmetova, 318 building 1.
The main activities are: production of finished products and carries out retail and wholesale trade in purchased goods.
Approved
CJSC “Prommash”
Position
CJSC Prommash for 2006
Production of finished products;
Retail and wholesale trade.
2. procedure and methods of organizing accounting
2.1. Accounting is carried out by the Company's accounting department, headed by the chief accountant, who reports directly to the General Director of Prommash CJSC.
2.2. The Chief Accountant of the Company is responsible for the formation accounting policy, accounting, timely submission of complete and reliable financial statements, ensures compliance of business transactions with the legislation of the Russian Federation, exercises control over the movement of property and fulfillment of obligations.
2.3. Requirements of the chief accountant of the Company for documenting business transactions and submitting to the accounting department the necessary documents and information related to accounting and tax accounting, analysis of economic activities, are mandatory for all services of the Company.
The Company is maintained in an automated manner based on a journal-order form of accounting. Accounting registers are subject to monthly printing and binding in the form of special books (magazines), separate sheets (certificates) and cards, as well as in the form electronic information, obtained using computer technology (on disks, floppy disks and other computer media).
The organization's property, liabilities and business transactions are valued in rubles and kopecks for reflection in accounting, and in monetary terms in internal reporting by summing up the actual expenses incurred in whole rubles.
The composition and forms of internal reporting, frequency, deadlines for preparation and submission, and the list of users of internal reporting are established by the chief accountant.
4.1.1. Fixed assets are part of the property used as means of labor in the production of products, performance of work or provision of services, or for the management of an organization for a period exceeding 12 months or the normal operating cycle, if it exceeds 12 months. Items used for a period of less than 12 months, regardless of their cost, as well as office supplies, regardless of cost, are not considered fixed assets and are taken into account by the organization as assets in circulation.
4.1.2. Fixed assets are accepted for accounting according to initial cost.
4.1.3. The cost of the Company's fixed assets, in which they are accepted for accounting, is not subject to change, with the exception of completion, additional equipment, modernization, reconstruction and partial liquidation of the relevant facilities.
4.1.4. The Company does not revaluate fixed assets.
4.2.1. Depreciation of the Company's fixed assets is calculated using the straight-line method based on the initial (replacement) cost of the fixed assets and the depreciation rate and useful life of this object. The chosen method of calculating depreciation does not change during the useful life of fixed assets.
4.3.1. In accordance with clause 4 of PBU 14/2000, the following intellectual property objects may be classified as intangible assets of the Company:
The exclusive right of the patent holder to an invention, industrial design, utility model;
The exclusive right of the patent holder to selection achievements;
4.3.2. The cost of intangible asset objects is repaid by calculating depreciation in a straight-line manner - based on the original cost of the intangible asset object and the depreciation rate calculated taking into account the useful life of this object.
4.4.1. The Company's inventory includes:
Raw materials and supplies, spare parts, fuels and lubricants, household equipment, workwear, etc. (account 10);
Finished products (account 43);
Goods (account 41).
4.4.2. Inventories are accepted for accounting at actual cost.
4.4.3. To summarize information on the procurement and acquisition of inventories related to funds in circulation, the Company uses account 15 “Procurement and acquisition material assets”, as well as account 16 “Deviation in the cost of material assets”, intended to summarize information about differences in the cost of purchased inventories, calculated at the actual cost of acquisition (procurement) and at accounting prices.
The amount of deviations reflected on account 16 is written off at the end of the reporting month in proportion to the cost of inventories released into production.
4.4.4 Write-off to MPZ production(except for goods and finished products) is produced at the cost of the first inventory items acquired in time (FIFO method).
With this method, the assessment material resources items in inventory (in warehouse) at the end of the month are made at the actual cost of the latest acquisitions, and the cost of sales of products (works and services) takes into account the cost of earlier acquisitions.
The write-off method reflected in the Company's accounting policy is the same for all types of inventories (except for goods and products).
4.5.1 Finished products include the part of the Company’s inventory intended for sale, which is the end result of the production process, completed by processing (assembly).
Finished products are reflected in the balance sheet at the full actual production cost, which includes costs associated with the use of raw materials, materials, fuel, energy, labor resources, as well as other costs for production.
Accounting for the release of finished products is carried out on the account for accounting for finished products without using account 40 “Output of products (works, services)”.
4.5.2 Goods purchased for resale in the wholesale trade system are valued at purchase prices.
4.6.1 Accounting for the costs of main production is carried out on account 20 “Main production”.
Semi-finished products of own production are accounted for in a separate account 21.
4.6.2 Accounting related to the process of organizing service and production management is carried out on account 26 “General business expenses”.
Expenses collected on account 26 are subject to write-off at the end of the reporting period, to the debit of account 90 “Sales” subaccount “Administrative expenses”.
4.6.3 Work in progress is valued in accounting at actual cost.
4.6.4 Cost products sold, goods, works, services are debited to account 90 “Sales” sub-account “Cost of sales” to the corresponding sub-account for the types of activities of the Company.
Deferred expenses are subject to attribution to production or distribution costs during the period to which they relate.
The Company does not create reserves upcoming expenses and payments on valuation reserves.
Income other than income from ordinary activities is considered other income (operating and non-operating).
4.9.1 The amount of net profit received for the reporting year is reflected in account 84 “Retained earnings ( uncovered loss)” and is distributed by decision of the meeting of shareholders to pay dividends or repay losses of previous years.
Accounting and Valuation
In accordance with paragraph 6 of PBU 14/2000, all intangible assets are accepted for accounting at their original cost. However, the procedure for determining this value differs depending on the method of receipt of intangible assets into the organization.
The formation of the initial value of intangible assets, as well as fixed assets, depends on the methods of their receipt by the organization:
purchase for a fee;
free receipt from legal entities and individuals;
as a contribution towards contributions to the authorized capital of the organization;
by creating them by the organization itself;
acquisition on exchange terms.
To account for them, two accounts are provided in the Chart of Accounts: 04 “Intangible assets” - active, 05 “Amortization of intangible assets” - passive.
In the debit of account 04, intangible assets are accounted for at their original cost, i.e. the cost of acquisition and creation, including all costs incurred by the organization until the transfer of the object into operation. All of these costs are in the nature of capital investments of the organization - investments in non-current assets.
All costs are preliminarily collected on account 08 “Investments in non-current assets”, subaccount 5 “Purchase of intangible assets”.
The most common option for an organization to receive intangible assets is to acquire them for a fee (purchase).
The initial cost of such property is determined as the sum of all actual acquisition costs, with the exception of VAT and other refundable taxes (except for cases provided for by the legislation of the Russian Federation). In this case, the actual expenses for the acquisition of intangible assets may be:
amounts paid in accordance with the agreement of assignment (acquisition) of rights to the copyright holder (seller);
amounts paid to organizations for information and consulting services related to the acquisition of intangible assets;
registration fees, customs duties, patent fees and other similar payments;
non-refundable taxes;
remunerations paid to the intermediary organization through which the intangible asset was acquired;
other expenses directly related to the acquisition of intangible assets, such as travel expenses, interest on loans and borrowings.
When acquiring intangible assets, there may be additional expenses to bring them to a condition in which they are suitable for use for the intended purposes. Such expenses may be the amount of remuneration of workers involved in this, corresponding deductions for social insurance and security (UST and contributions to off-budget funds), material and other expenses. This kind of additional expenses increases the initial cost of intangible assets.
Let's consider the procedure for recording transactions for the acquisition of intangible assets for a fee using the example:
CJSC Prommash entered into a license agreement with LLC Perspektiva for the transfer (assignment) of exclusive rights to use an industrial design for a period of five years. The total cost of the license was 590,000 rubles. (including VAT 18% - 90,000 rubles). According to the agreement, payment must be made in equal installments annually. By the time the intangible equipment was put into operation, Prommash CJSC made the first payment in the amount of 118,000 rubles. (including VAT 18% - 18,000 rubles).
When acquiring the rights to use an industrial design, the following expenses were also incurred:
Payment for consulting services to a third-party organization for systematization of technical data on the purchased industrial design in order to master its production in the amount of 11,800 rubles. (including VAT 18% - 18,00 rubles);
Fee for registration of a license agreement at the State Patent Office in the amount of 24,00 rubles.
In addition, the organization independently (in accordance with the terms of the contract) made amendments to the technical documentation in order to improve the characteristics of the industrial design. At the same time, additional costs of this kind for bringing intangible assets to a condition suitable for operation (use) amounted to 8,000 rubles, including:
Payment for the organization’s employees who took part in this work – 5,000 rubles;
Deductions to social funds(conditionally) – 2,000 rubles;
Other costs (materials) – 1,000 rubles.
Debit 08-5 Credit 60
500,000 rub. (590,000 – 90,000) – the cost of acquiring an intangible asset is reflected as part of the enterprise’s capital investments (excluding VAT);
Debit 19 Credit 60
90,000 rub. - the amount of VAT payable to the seller for the purchased intangible asset is taken into account;
Debit 60 Credit 51
118,000 rub. – the first payment has been made to the seller (copyright holder) for the acquired rights to an industrial design.
According to the current tax legislation The taxpayer (buyer) has the right to reduce the total amount of VAT payable to the budget by the amount of tax deductions. In this case, tax deductions are accepted on the basis of invoices issued by sellers when the buyer purchases goods (works, services), as well as documents confirming the actual payment of tax amounts.
Consequently, VAT, paid in our example to the seller (Perspective LLC) as part of annual payments under the license agreement, is taken for deduction as these payments are actually transferred and subject to the issuance of appropriate invoices by the seller (copyright holder).
18,000 rub. – accepted for deduction of VAT paid to the seller (copyright holder) for granting exclusive rights to an industrial design;
Debit 08-5 Credit 60
10,000 rub. (11,800 – 1800) – charged to the capital investment account for the purpose of forming the initial cost of intangible assets, the cost of consulting services (excluding VAT) related to the acquisition of an intangible asset;
Debit 19 Credit 60
1800 rub. – VAT payable to the seller for consulting services related to the acquisition of an intangible asset is taken into account;
Debit 60 Credit 51
11,800 rub. – payment was made to a third party for consulting services;
Debit 68 subaccount “VAT calculations” Credit 19
18 00 rub. – VAT paid to the seller for consulting services is accepted for deduction;
Debit 08-5 Credit 51
2,400 rub. – charged to the account of capital investments in order to form the initial cost of intangible assets, the fee for registering a license agreement with the patent office.
Additional costs associated with bringing intangible assets to a state in which it will be suitable for use for the planned purposes are also subject to be charged to account 08 to form the initial cost of the object:
Debit 08-5 Credit 70
5,000 rub. – the amount of remuneration for workers involved in work on the industrial design;
Debit 08-5 Credit 69
2,000 rub. – UST and other extra-budgetary payments are accrued from the amount of remuneration of the enterprise employees involved in working on the industrial design;
Debit08-5 Credit 10
1,000 rub. – the cost of materials used in working on the industrial design has been written off.
Thus, the initial cost of the intangible right (exclusive right to an industrial design), acquired for a fee, amounted to 520,400 rubles. (500,000 + 10,000 + 2,400 + 5,000 + 2,000 + 1,000).
Debit 04 Credit 08-5
RUB 520,400 – an intangible asset is reflected in accounting at its original cost (commissioning of an intangible asset).
Please note that the initial cost of intangible assets does not include general business and other similar expenses, except when they are directly related to the acquisition of assets. (clause 8 of PBU 14/2000).
In addition to purchasing for a fee, enterprises and organizations can independently create intangible assets. To a greater extent, this applies to intellectual property objects developed by employees of these companies in the process of performing their job responsibilities or on her instructions. IN in this case Intangible assets are considered created if:
Exclusive rights to the results of intellectual activity obtained as a result of the performance of official duties or on a specific assignment of the employer belong to the employing organization;
Exclusive rights to the results of intellectual activity obtained by the author under an agreement with a customer who is not an employer belong to the customer organization;
A patent (certificate) for a trademark or for the right to use the appellation of origin of a product has been issued in the name of the organization.
In accounting, the initial cost of an intangible asset obtained in this way is formed by summing up all the actual costs of its creation, excluding VAT and other refundable taxes. TO similar expenses include remuneration of workers creating an object of intangible assets, the amount of the unified social tax (UST), materials used, services third party organizations, patent fees, etc.
As we can see, the procedure for forming the initial cost of intangible assets acquired for a fee or created in the organization itself (and all other types of intangible assets entering the enterprise’s balance sheet) is practically no different from accounting for the receipt of fixed assets. Accordingly, the scheme for reflecting such transactions in accounting will be the same (except that account 01 will be replaced in this case by account 04):
Debit 08-5 Credit 10,23,60,69,70, etc.
The costs of creating intangible assets are included in the capital investments of the organization;
Debit 04 Credit 08-5
Included in the initial cost of an intangible asset are the costs associated with its creation.
In accordance with paragraph 10 of PBU 14/2000, the initial cost of intangible assets received by an organization under a gift agreement (free of charge) is the market value on the date of acceptance of the objects for accounting. In accounting, the gratuitous receipt of intangible assets will be reflected by the posting:
Debit 04 Credit 91-1
Intangible assets received under a gift agreement have been capitalized.
Intangible assets can be made as a contribution to the authorized (share) capital of an organization, the initial cost of which is determined based on their monetary value agreed upon by the founders (participants) of the organization.
In accounting, this operation will be reflected by posting:
Debit 04 Credit 75
Intangible assets received as a contribution to the authorized capital of the organization have been capitalized.
Intangible assets can also be supplied to an organization under an agreement providing for payment in kind, i.e. under an exchange agreement. The initial cost of such intangible assets is the value of the transferred property, established on the basis of the price at which the organization in comparable circumstances usually determines the cost of similar goods (valuables).
The execution of the exchange agreement is reflected in the accounting records:
Debit 62 Credit 90-1
For the amount of revenue equal to the value of the received intangible asset;
Debit 90-3 Credit 68
For the amount of VAT on the goods (valuables) exchanged;
Debit 08-5 Credit 60
For the amount of the value of the intangible asset object;
Debit 19-2 Credit 60
For the amount of VAT on the received object of intangible assets;
Debit 60 Credit 62
Settlement of mutual claims;
Debit 04 Credit 08-5
The object of intangible assets has been accepted for accounting;
Debit 68 Credit 19-2
Accepted for offset (deduction) of VAT on acquired intangible assets.
Any object of intangible assets is accepted for accounting under an acceptance and transfer certificate, drawn up in accordance with the requirements of the legislation on accounting. The act must reflect the following information: the name of the intangible asset, from whom it came to the organization, where it will be used, the date of acceptance for accounting, initial cost, useful life, etc.
The composition of inventories is very diverse:
These are the actual raw materials and materials used in the production process of enterprises; construction materials; tools (objects of labor); fuel; spare parts; purchased semi-finished products; containers and packaging materials; special clothing and special equipment; other materials (stationery, equipment, etc.). This group also includes goods and finished products. However, due to the fact that accounting for goods and finished products has certain features.
Accounting and Valuation
The procedure for accounting for material and industrial inventories (MPI) is set out in the Accounting Regulations “Accounting for material and industrial inventories” PBU 5/01, approved by order of the Ministry of Finance of the Russian Federation dated June 9, 2001 No. 44n.
For accounting purposes, the following assets are accepted as inventory:
Used as raw materials, materials, etc. in the production of products intended for sale (performance of work, provision of services);
Intended for sale;
Used for the management needs of the organization.
Material and production inventories are accepted for accounting at actual cost (clause 5 of PBU 5/01). However, their assessment (the determination of this actual cost) may differ depending on the method by which the enterprise obtains the inventory data. They can be obtained by the organization:
For a fee;
Contributed as a contribution to the authorized (share) capital of the organization;
For payment by non-monetary means (barter);
Free of charge (by way of donation).
Actual cost materials purchased for a fee, the amount of the organization's actual acquisition costs is recognized, with the exception of VAT and other refundable taxes (except for cases provided for by the legislation of the Russian Federation).
Actual costs for purchasing materials may include:
amounts paid in accordance with the agreement to the supplier (seller);
amounts paid to organizations for information and consulting services related to the acquisition of materials;
customs duties and other payments;
non-refundable taxes paid in connection with the purchase of a unit of materials;
remunerations paid to the intermediary organization with whose participation the materials were purchased;
costs of procurement and delivery of materials to the place of their use, including insurance costs;
costs of paying interest on loans and borrowings, if they are related to the purchase of materials and incurred before the date of their acceptance for accounting;
accrued interest on commercial loans and costs directly related to the purchase of materials;
amount differences if they arose before the materials were accepted for accounting.
Let's look at an example:
CJSC Prommash entered into an agreement for the supply of materials with the manufacturing plant. The cost of materials under the contract is 236,000 rubles. (including VAT 18% - 36,000 rubles).
To control the quality of the materials received, a representative of the buyer enterprise (forwarder) was sent to the plant, whose travel expenses, according to the advance report submitted by him, amounted to 2,500 rubles.
According to the agreement, the buyer independently delivers the materials to his location (to the warehouse). For these purposes, a third party was paid transport organization RUB 35,400 (including VAT 18% - 5400 rubles).
The receipt of materials at the enterprise is carried out at the purchase price.
To pay for the materials of ZAO Prommash, a loan in the amount of 200,000 rubles was received from the bank. Moreover, the monthly interest rate for this loan is 2000 rubles. According to the accounting policy, for accounting purposes, the costs of paying interest on borrowed obligations are included in operating expenses.
In accounting, these transactions will be reflected by the following entries:
Debit 10 Credit 60
200,000 rub. (236000-36000) – materials were received (capitalized) from the supplier (excluding VAT);
Debit 19 Credit 60
36,000 rub. – reflected in the accounting for VAT payable to the supplier of materials;
Debit 10 Credit 71
2500 rub. – included in the actual cost of materials are travel expenses associated with the purchase of materials (according to the advance report);
Debit 10 Credit 60
30,000 rub. – (35,400-5,400) – included in the actual cost of materials are the costs of delivering them to the warehouse (excluding VAT);
Debit 19 Credit 60
5,400 rub. – reflected in the accounting of VAT on transport costs;
Debit 51 Credit 66
200,000 rub. – received short term loan at the bank to pay for materials;
Debit 60 Credit 51
236,000 rub. – payment was made to the supplier for the purchased materials (200,000 rubles - from the loan received, the remaining 36,000 rubles - from the funds of the enterprise itself);
Debit 60 Credit 51
RUB 35,400 – payment was made to the transport organization at the expense of own funds;
Debit 68 subaccount “VAT calculations” Credit 19
RUB 41,400 (36,000 +5,400) – VAT paid for materials and for their delivery is accepted for deduction;
Debit 91-2 Credit 66
2000 rub. – interest accrued for Bank loan(monthly);
Debit 51 Credit 66
2000 rub. – the accrued interest on the loan is listed.
Thus, the actual cost of materials purchased for a fee amounted to 232,500 rubles. (200,000 + 30,000 2500).
The actual cost of inventories that the organization produces independently (by the way, these also include semi-finished products of its own production) is determined based on the actual costs associated with the production of this type of inventories (clause 7 of PBU 5/01).
The actual cost of inventories contributed as a contribution to the authorized capital of the organization is determined based on their monetary value agreed upon by the founders or participants of the organization, unless otherwise provided by the legislation of the Russian Federation. In this case, the capitalization of such inventories is reflected in accounting as follows:
Debit 10 Credit 75
The cost of raw materials (materials) contributed to the authorized capital, specified in the constituent documents (charter, agreement), is reflected (excluding VAT);
Debit 19 Credit 75
The amount of VAT recovered from the founder (shareholder) and transferred to the recipient of the MPZ (based on the invoice) is reflected;
Debit 68 subaccount “VAT calculations” Credit 19
– accepted for deduction of VAT on property contributed to the authorized capital.
When receiving materials under contracts that provide for the fulfillment of obligations (payment) not in cash (for example, under an exchange agreement) actual cost of such materials, the value of assets transferred or to be transferred by the organization is recognized. The value of these assets is established on the basis of the price at which, in comparable circumstances, the organization usually determines the value of similar assets. If it is impossible to determine such a value, they proceed from the price at which similar stocks are purchased in comparable circumstances, that is, at market price, determined taking into account the requirements of Article 40 of the Tax Code of the Russian Federation.
Let's look at an example:
CJSC Prommash received raw materials worth 236,000 rubles under a barter agreement. (including VAT 18% - 36,000 rubles). in exchange, it transferred its products, also valued at 236,000 rubles. (including VAT 18% - 36,000 rubles). The cost of shipped products is 180,000 rubles.
According to the contract, ownership of the exchanged goods passes to both parties after they fulfill their obligations.
In accounting, these transactions should be reflected in the following entries:
236,000 rub. – the cost of raw materials is reflected on the balance sheet in safekeeping, since the enterprise received raw materials under a barter agreement, but ownership of it has not yet transferred;
Debit 62 Credit 90-1
236,000 rub. – reflects the company’s revenue from sales of its products in exchange for received raw materials
Credit 002
236,000 rub. raw materials are written off off-balance sheet (transfer of ownership to the buyer);
Debit 10 Credit 60
200,000 rub. – (236,000-36,000) – raw materials received from the supplier were capitalized (excluding VAT);
Debit 19 Credit 60
36,000 – reflected in the accounting for VAT received for raw materials;
Debit 60 Credit 62
236,000 rub. – settlements between participants in a commodity exchange transaction are closed;
Debit 68 subaccount “VAT calculations” Credit 19
36,000 rub. – VAT paid to the supplier for raw materials is accepted for deduction (non-monetary);
Debit 90-2 Credit 43
180,000 written off cost of goods sold;
36,000 rub. – VAT is charged on products sold;
Debit 90-9 Credit 99
20,000 rub. (236,000 - 36,000 – 180,000) – profit from product sales is determined.
In this situation, the assessment of the products transferred in exchange for the received raw materials was made by the enterprise based on the sales prices for these products (we will conventionally consider them close to market prices).
If materials and materials are received free of charge (under a gift agreement), the actual cost of materials is determined based on the market value on the date of their acceptance for accounting.
In accounting, these transactions are reflected by posting:
Debit 10 Credit 91-2
The cost of gratuitously received materials is reflected, determined on the basis of current market prices for such property.
Materials (except for equipment for installation), for which the price has decreased during the year or which have become obsolete or partially lost their original quality, are reflected in the balance sheet at the end of the reporting year at the price of possible sales, if it is lower than the initial cost of procurement (purchase), with attributing price differences to the financial results of the organization. Materials that do not belong to the organization, but are in its use or disposal in accordance with the terms of the agreement, are accepted for accounting on off-balance sheet accounts in the assessment provided for in the agreement.
The assessment of materials, the cost of which is determined in foreign currency upon acquisition, is carried out in rubles by recalculating the amount in foreign currency at the Bank of Russia exchange rate in effect on the date the organization accepted the materials under the contract for accounting.
It should be kept in mind that general order valuations and receipt of goods coincides with all other inventories. There are two significant differences in accounting:
To account for goods, our own primary documents;
It is possible to record goods at sales prices with the addition of a trade margin.
Unified unified documents for trade operations were approved by Decree of the State Statistics Committee of the Russian Federation dated December 25, 1998 No. 132 “On approval of unified forms of primary accounting documentation for recording trade operations.”
Goods, like other inventories, are reflected in accounting at actual cost. However, according to clause 13 of PBU 5/01, organizations engaged in retail trading activities, can evaluate goods purchased for sale by sales price With separate accounting trade margins.
In addition, for such organizations (both those engaged in wholesale and retail trade), it is possible to include costs for the procurement and delivery of goods to warehouses (bases), incurred until they are transferred for sale, as part of sales costs, and not in the actual cost of these goods. In accounting, such a transaction will be reflected by posting:
Debit 44 Credit 25.60 (delivery was carried out by our own transport or a third-party organization) - the costs of delivering goods to the organization’s warehouse are included in distribution costs (selling expenses).
The chosen method of valuing goods and accounting for delivery costs must be recorded in the organization’s accounting policies.
Depending on the chosen method, the cost of purchased goods in account 41 “Goods” should be reflected in the accounting records at purchase or sale prices. In the latter case, account 42 “Trade margin” will also be applied.
The size of the trade margin is regulated by the organization independently, based on the average amount of distribution costs (selected, for example, for a certain period), the level of profitability, and, of course, market (competitive) prices for similar goods. Moreover, the markup can be established both for the organization as a whole (as a rule, with a small range of goods), and in the context individual species or groups of goods (products).
Let's look at an example:
CJSC Prommash, in addition to its main (production) activities, carries out retail trade in purchased goods. For these purposes, it purchased goods for resale from a wholesale trade organization in the amount of 118,000 rubles. (including VAT 18% - 18,000 rubles).
According to the accounting policy for accounting purposes, the posting of goods in the organization is carried out at sales prices. All goods are subject to a single trade margin of 50%, which also includes VAT.
In the accounting of ZAO Prommash, these transactions should be reflected as follows:
Debit 41 Credit 60
100,000 rub. (118 00 – 18 000) – goods received from the supplier are capitalized (excluding VAT);
Debit 19 Credit 60
18,000 rub. – reflected in the accounting for VAT payable to the supplier for the goods;
Debit 41 Credit 42
50,000 rub. (100,000 x 50%) – a trade margin has been added to the goods received;
Debit 68 “sub-account for VAT calculations” Credit 19
18,000 rub. – VAT paid to the supplier for goods is accepted for deduction;
Debit 60 Credit 51
118,000 rub. – payment has been made to the supplier for the goods.
Finished products are evaluated in accordance with the rules established by PBU 5/01 “Accounting for inventories”, Methodical instructions on accounting of inventories.
Finished products are reflected in accounting at actual or standard (planned) production costs, including costs associated with the use of fixed assets, raw materials, materials, fuel, energy, labor resources and other costs for production of products in the production process or as direct cost items.
The chosen option for accounting for the release of finished products must be recorded in the accounting policy of the enterprise for accounting purposes. If an organization uses the method of accounting for finished products at actual cost, then the costs of their production are written off directly to account 43 “Finished products” at actual cost.
Let's look at an example:
The manufacturing enterprise ZAO Prommash produces metal fences from reinforcing bars.
Let's assume that the costs of the main production for the production of fences (10 sections) amounted to 480,000 rubles. (these costs include: wage main workers, cost of materials consumed, social security contributions, general production expenses, etc.).
General business expenses associated with the production of fences amounted to 100,000 rubles. The accounting policy of the organization for accounting purposes provides for the attribution of general business expenses to account 90.
At the beginning of the month, the balance of unsold finished products in the organization’s warehouse was 150,000 rubles. (3 sections).
During the reporting month, 11 sections of fences were sold for the amount of RUB 826,000. (including VAT – 126,000 rubles).
Consequently, the balance of products in the enterprise’s warehouse at the end of the month will be two sections of the fence (3+10-11).
Accordingly, the cost of one section will be equal to:
(15,000 rub. +480,000 rub.): (3 sec. +10 sec.) = 48,461.54 rub.
Based on this, the balance of finished products in the warehouse will be assessed as follows:
2 sec. x 48,461.54 = 96,923.08 rub.
The cost of goods sold will be equal to:
150,000 + 480,000 - 96,923.08 = 533,076.92 rubles.
The balance of finished products at the beginning of the month (Debit 43) is 150,000 rubles.
Debit 43 Credit 20
480,000 rub. – reflects the costs of manufacturing finished products for the month;
Debit 62 Credit 90-1
826,000 rub. – products were sold to customers (at sales prices);
Debit 90-3 Credit 68 “VAT calculations”
126,000 rub. – VAT is charged on products sold;
Debit 90-2 Credit 43
RUB 533,076.92 – the cost of products sold is written off;
Debit 90-2 Credit 26
The balance of finished products in the warehouse at the end of the month (Debit 20) is 96,923.08 rubles. (150,000 +480,000 – 533,076.92).
When reflecting finished products at standard (planned) cost in accounting, account 40 “Output of products (works, services)” is used. At the same time, collected on cost accounts actual expenses related to finished products are written off to the debit of account 40. From the credit of this account to the debit of account 43, the cost of finished products is written off at the accounting (planned) cost, and the difference between the accounting and actual costs is written off (or reversed) to the debit of account 90, subaccount 90 -2 “Cost of sales”.
Account 40 is closed monthly and the balance is reporting date does not have.
Let's look at an example:
At the beginning of the month, the balance of unsold finished products (fence sections) in the warehouse of Prommash CJSC was three units.
During the reporting period (month), 11 sections of fences were sold in the amount of 826,000 rubles. (including VAT – 126,000 rubles).
The company used reporting period(month) 1,500 units of reinforcing bars for the manufacture of 10 sections of fences (finished products). that is, to produce a unit of section you need 150 bars (1500: 10 sections).
Thus, the balance of products in the enterprise’s warehouse at the end of the month will be two sections of the fence (3+10-11).
For accounting purposes, the accounting policy of Prommash CJSC stipulates that finished products are reflected in accounting at standard (planned) cost.
The planned cost of one section was determined by the planning department of the enterprise in the amount of 30,000 rubles. (200 rubles x 150 rods). Consequently, the standard cost of all manufactured products is 300,000 rubles. (10 sections x 30,000 rubles).
Let's assume that the actual cost of manufactured products was 480,000 rubles. During the reporting period, 11 units of products were sold, the planned cost of which was 330,000 rubles. (30,000 x 11 units).
In the accounting of the enterprise, these transactions will be reflected by the following entries:
balance of finished products in the warehouse at the beginning of the month (Debit 43) – 90,000 rubles. (RUB 30,000 x 3 units);
Debit 40 Credit 20
480,000 rub. – the actual cost of manufactured products was written off (the costs of manufacturing products from the stamping and forging shops, taking into account deviations);
Debit 43 Credit 40
300,000 rub. (10 sections x 30,000 rubles) – finished products are capitalized at the enterprise’s warehouse at the planned cost;
Debit 90.2 Credit 40
180,000 rub. (480,000 – 300,000) – the deviation of the actual cost of finished products from its standard cost is written off.
The balance of finished products in the warehouse at the end of the month (Debit 43) is 60,000 rubles. (90,000 +300,000 – 330,000).
In the situation considered, attention should be paid to the rather significant discrepancy between the actual and standard costs of finished products. This indicates that the planned output level has not been adjusted for a long time in terms of increased production costs.
When using this method, the accounting policy must also reflect the principle of distribution of deviations written off to account 90 by type of product, as well as work and services in analytical accounting. Such a discrepancy is necessary to form the full cost of products (works, services) sold.
Accounting and Valuation
At enterprises producing finished products, it is very rare that all costs of the reporting period are written off as the cost of these products. As a rule, at the end of the month there is always a carryover balance of work in progress (unreleased products) with corresponding costs. Organizations performing work (providing services) may also have unfinished work (orders) at the end of the month.
Work in progress (WIP) includes products that have not passed all stages of the production process, as well as incomplete products that have not passed testing and technical acceptance. In other words, work in progress means products (work, services) of partial readiness, i.e. has not undergone all processing (manufacturing) operations provided for technological process. WIP includes completed but not fully accepted by the customer products, completed but not accepted by the customer works and services. WIP also includes the balances of unfulfilled orders of auxiliary production and the balances of semi-finished products of own production. Materials and semi-finished products in production are classified as work in progress provided that they have already been processed.
The costs associated with the production of products constitute its cost. At the same time, during the reporting period, not all finished products are shipped to customers. In most cases, part of it remains in the warehouse. Accordingly, only the cost of goods sold is written off to the organization's expenses, but for this, enterprises need to clearly distribute their costs between the balances of work in progress in the warehouse and shipped products.
The option for estimating work in progress (or more precisely, the amount of costs corresponding to the balance of a given work in progress) depends on the type of production process.
Thus, according to paragraph 64 of the Accounting Regulations, work in progress in mass and serial production can be reflected in the balance sheet:
At actual production cost;
According to standard (planned) production cost;
By direct cost items;
At the cost of raw materials, materials and semi-finished products.
The organization independently determines how to calculate work in progress balances. It should be borne in mind that the chosen method must be recorded in the accounting policies of the organization for accounting purposes.
In case of single production, work in progress is reflected in the balance sheet at actual production costs.
Let's consider these methods in more detail.
The method of estimating work in progress at actual production cost is the most common and reliable. In this case, according to inventory data (or shop accounting), quantitative indicators of work in progress are determined at the end of the reporting period, and then by multiplying this quantity by the estimated average cost of a unit of work in progress, the actual production cost of the entire work in progress is calculated at the end of the month.
Let's look at an example:
Final product manufacturing enterprise(ZAO Prommash) are sections of metal fences made of reinforcing bars. Reinforcing bars (blanks) are stamped in the stamping shop of the plant, and then transferred to the forge shop for the manufacture of fence sections (finished products).
The cost of work in progress at the beginning of the reporting period, according to accounting data, was 200,000 rubles.
Accordingly, the balance of work in progress amounted to 340 pieces (580 + 450 + 810 – 1500).
The actual costs for producing rods in the stamping shop amounted to 180,000 rubles. in total, 300,000 rubles were written off to account 20 in the reporting period. (total costs of stamping and forging shops).
(200,000 rub. + 180,000 rub.): (580 pcs. + 450 pcs. + 810 pcs.) = 206.52 rub.
By multiplying the number of work in progress (bars) per month by the actual cost of a unit of work in progress, we obtain the cost of the balance of work in progress at the end of the reporting period:
RUR 206.52 x 340 pcs. = 70,216.80 rub.
Accordingly, the enterprise must write off the following amount to the accounting account for finished products (account 43 “Finished products”):
200,000 + 300,000 – 70216.80 = 429,783.20 rubles.
The balance of work in progress at the beginning of the month (Debit 20) is 200,000 rubles.
Debit 43 Credit 20
429,783.20 – expenses for the production of finished products are written off (cost of finished products);
Debit 90-2 Credit 26
100,000 rub. – general business expenses for the month are written off;
WIP balance at the end of the month (Debit 20) – RUB 70,216.80. (200,000 + 300,000 – 429,783.20).
Thus, the production cost of manufactured products will be equal to 529,783.20 rubles. (4290783.2 + 100,000).
With the method of assessing work in progress at standard (planned) cost, the accounting (planned) price of a unit of work in progress, calculated by the economic (planning) service of the enterprise, is used.
The use of accounting prices greatly facilitates the assessment of work in progress at the beginning and end of the reporting period, this is especially important for large industries with a large range of products. however, at the same time, it becomes difficult to determine the cost of finished products (commodity output), which with this method is determined by the following formula:
Balance of work in progress at the beginning of the month + Costs for the reporting month – Balance of work in progress at the end of the month = cost of finished products (commodity output).
With this method of assessing work in progress, it is necessary to take into account deviations from the cost of work in progress at accounting prices and the actual cost taken into account by accounting on account 20. Therefore, it is necessary to constantly adjust, that is, distribute these deviations between the commodity output and the balance of work in progress at the end of the reporting period. Let's look at this method in more detail using an example.
Let's look at an example:
The manufacturing enterprise (ZAO Prommash) manufactures metal fences (sections) from reinforcing bars. Reinforcing bars (blanks) are stamped in the stamping shop of the plant, and then transferred to the forge shop for the manufacture of fencing sections (Finished Products).
General business expenses are written off by the organization using the “direct costing” method to account 90, in accordance with the accounting policy for accounting purposes.
Let us also assume that the accounting price of a unit of work in progress (reinforcing bar) at the enterprise is determined in the amount of 200 rubles.
At the beginning of the month, according to inventory data, the following reinforcing bars were available:
In the stamping shop (not fully processed) - 580 pieces;
In the warehouse of the forge shop (in fact, these bars are already semi-finished products, but since the plant does not keep separate records of semi-finished products, their cost is included in the work in progress) - 450 pieces.
During the current month, 810 rods were produced. 1,500 pieces (10 metal sections) were used for the production of fences (finished products).
Accordingly, the balance of work in progress amounted to 340 pieces (580 + 450 + 810 – 1500).
The actual costs for producing rods in the stamping shop amounted to 180,000 rubles.
Nevertheless, the monthly costs, including the costs of the forge shop for the production of metal sections, according to accounting data amounted to 300,000 rubles. at the same time, the costs of the forge shop amount to 120,000 rubles. (300,000 – 180,000) are included directly in the actual cost of finished products (metal sections).
The actual cost of manufacturing rods (180,000 rubles) is higher than their cost at accounting prices (810 x 200 = 162,000 rubles).
Accordingly, the deviation during production is 18,000 rubles. (180,000 – 162,000).
In turn, the above deviations relate both to the balance of work in progress at the end of the month and to the commodity output, so they need to be distributed.
This distribution can be made in two ways:
1) The distribution of deviations is carried out in proportion to the quantitative indicators of commodity output and work in progress at the end of the month. The amount of deviations of actual costs from accounting prices related to commodity output will be calculated as follows:
1500 pcs.: (1500 pcs. + 340 pcs.) x 18,000 rub. = 14,673.91 rub.
The amount of deviations related to work in progress will be:
340 pcs.: (1500 pcs. + 340 pcs.) x 18,000 rub. = 3326.09 rub.
18,000 – 14,673.91 = 3326.09 rubles.
2) The distribution of deviations of actual costs from accounting prices is carried out by recalculating the accounting prices of work in progress at the end of the month.
In this case, first of all, it is necessary to determine the total cost of producing rods, taking into account deviations:
200 rub. x (580 pcs. + 450 pcs.) + 200 rub. x 810 pcs. + 18,000 rub. = 386,000 rub.
Then we calculate the average cost per unit of work in progress:
386,000 rub.: (1030 pcs. + 810 pcs.) = 209.78 rub.
And finally, we determine the cost of work in progress at the end of the month, taking into account deviations:
RUR 209.78 x 340 pcs. = 71,325.20 rub.
Naturally, for the next month it is necessary to consider this price as the accounting price for assessing the work in progress at the beginning of the next month.
The cost of spent rods in the amount of RUB 314,674.80 will be written off against the cost of finished products. (200 rubles x 1030 pcs. + 180,000 rubles – 71,325.20 rubles) and the costs of the forge shop directly for the manufacture of finished products – 120,000 rubles. The total cost will be 434,674.80 rubles. (314,674.80 + 120,000).
Let's consider the procedure for reflecting similar transactions in the accounting records of an enterprise according to the second option.
The balance of work in progress at the beginning of the month (Debit 20) is 206,000 rubles. (200 rub. x 1030 pcs.)
Debit 20 Credit 10,23,25,60,69,70, etc.
300,000 rub. – all costs for manufacturing products in the stamping and forging shops are taken into account (taking into account deviations);
Debit 40 Credit 20
RUB 314,674.8 – the cost of rods sent for the manufacture of finished products is written off (taking into account deviations);
Debit 40 Credit 20
120,000 rub. – the costs of manufacturing finished products in the forge shop were written off.
WIP balance at the end of the month (Debit 20) – RUB 65,325.20. (200,000 + 300,000 – 314,674.8 – 120,000).
As for the other two methods of assessing work in progress - by direct costs and by the cost of raw materials, supplies and semi-finished products - they are based on the fact that the work in progress includes only direct costs or only raw materials, materials and semi-finished products, and all other costs taken into account account 20, are written off to the cost of finished products. A feature of such an assessment is that it is necessary to maintain additional analytical accounting of direct costs (the cost of raw materials, supplies and semi-finished products) in the total costs of the enterprise for the reporting period.
At the same time, the principles for distributing direct costs to WIP balances at the end of the month are similar to the method of assessing WIP at actual production costs (that is, based on quantitative accounting of production products). in accounting, direct costs are understood as those associated with the production of a certain type of product, which can be directly and directly attributed to its cost (raw materials, materials, wages of main production workers, etc.). As a rule, these are the expenses of the main and auxiliary production reflected on account 20, without taking into account the general production and general business expenses allocated to this account.
First, let's look at an example of a method for estimating work in progress based on direct costs.
Let's look at an example:
The assessment of work in progress at a manufacturing enterprise (ZAO Prommash) is carried out based on direct costs.
The cost of work in progress at direct costs at the beginning of the reporting period, according to accounting data, was 150,000 rubles.
During the current month, 810 rods were produced. 1,500 pieces (10 metal sections) were used for the production of fences (finished products).
The actual costs for producing rods in the stamping shop amounted to 180,000 rubles. A total of 300,000 rubles were written off to account 20 in the reporting period. (total costs of stamping and forging shops).
Average cost units of work in progress in this case will be equal to:
(150,000 rub. + 180,000 rub.): (580 pcs. + 450 pcs. + 810 pcs.) = 179.35 rub.
By multiplying the number of work in progress (bars) at the end of the month by the actual cost of a unit of work in progress, we obtain the cost of the balance of work in progress at the end of the reporting period:
179.35 rub. x 340 pcs. = 60979 rub.
150,000 + 300,000 – 60,979 = 389,021 rub.
General business expenses of the enterprise for the current month amounted to 100,000 rubles.
In the accounting records of the enterprise, these transactions must be reflected as follows:
Debit 20 Credit 10,23,25,60,69,70, etc.
300,000 rub. – collected all the costs of manufacturing products for the month;
Debit 43 Credit 20
RUB 389,021 – expenses for the production of finished products are written off (cost of finished products);
Debit 90-2 Credit 26
100,000 rub. – general business expenses for the month are written off.
WIP balance at the end of the month (Debit 20) – 60,979 rubles.
The procedure for assessing WIP balances using the cost of raw materials, materials and semi-finished products will look like this:
Let's look at an example:
Let's use the quantitative data from the previous example. The assessment of work in progress at a manufacturing enterprise (ZAO Prommash) is carried out based on the cost of raw materials.
At the beginning of the month, according to inventory data, the following reinforcing bars were available:
In the stamping shop warehouse – 580 pcs;
In the forge shop (unprocessed) - 450 pcs.
The cost of work in progress (raw materials and materials) at the beginning of the reporting period, according to accounting data, was 100,000 rubles.
During the current month, 810 rods were produced. 1,500 pieces (10 metal sections) were used for the production of fences (finished products).
Accordingly, the balance of WIP amounted to 340 pieces (580 + 450 + 810 - 1500).
The actual costs of raw materials and supplies for the production of rods in the stamping shop amounted to 60,000 rubles. A total of 300,000 rubles were written off to account 20 in the reporting period. (total costs of stamping and forging shops).
The average cost per unit of work in progress in this case will be equal to:
(100,000 rub. + 60,000 rub.): (580 pcs. + 450 pcs. + 810 pcs.) = 86.96 rub.
By multiplying the number of work in progress (bars) at the end of the month by the actual cost of a unit of work in progress (1 bar), we obtain the cost of the balance of work in progress at the end of the reporting period:
86.96 rub. x 340 pcs. = 29,566.40 rub.
Accordingly, the enterprise will have to write off the following amount to the accounting account for finished products (account 43 “Finished Products”):
100,000 + 300,000 – 29,566.40 = 370,433.60 rubles.
General business expenses of the enterprise for the current month amounted to 100,000 rubles.
In the accounting records of the enterprise, these transactions must be reflected as follows:
The balance of work in progress at the beginning of the month (Debit 20) is 150,000 rubles.
Debit 20 Credit 10,23,25,60,69,70, etc.
300,000 rub. – collected all the costs of manufacturing products for the month;
Debit 43 Credit 20
RUB 370,433.60 – expenses for the production of finished products are written off (cost of finished products);
Debit 90-2 Credit 26
100,000 rub. – general business expenses for the month are written off.
WIP balance at the end of the month (Debit 20) – RUB 29,566.40.
As can be seen from the presented examples, the less the composition of costs collected on account 20 is accepted for evaluation, the smaller the amount of the balance of work in progress in accounting.
Many enterprises, in addition to their main activities, also receive income from investments in securities, authorized capital of third-party organizations, provision of loans, etc. Such accounting transactions are classified as financial investments.
Accounting and Valuation
The procedure for assessing and reflecting financial investments in accounting is established by the Accounting Regulations “Accounting for Financial Investments” PBU 19/02, approved by Order of the Ministry of Finance of the Russian Federation dated December 10, 2002 No. 126n.
Paragraphs 8 and 9 of PBU 19/02 define the concept of the initial cost of financial investments, which is understood as the amount of the organization’s actual costs for their acquisition, excluding VAT and other refundable taxes (except for cases provided for by the legislation of the Russian Federation on taxes and fees). In this case, such expenses could be:
the amount paid in accordance with the contract to the seller;
amount paid for information and consulting services
from intermediary fees;
from other costs directly related to the acquisition of financial assets.
If costs are not significant, other than those paid directly to the seller, they can be written off as operating expenses for the corresponding reporting period.
Financial investments can be acquired by an organization at the expense of borrowed money(loans, credits). In this case, the cost of received credits (loans) can be reflected in accounting in two ways:
In full amount as part of other (operating) expenses (clause 11 of PBU 10/99);
As part of the initial cost of financial investments in the amount of expenses incurred before these investments were taken into account, and in the amount of expenses incurred after they were recorded on the balance sheet of the organization, in accordance with PBU 19/02 and paragraph 15 of PBU 15/01.
The method chosen by the organization must be recorded in its accounting policies for accounting purposes.
It should be borne in mind that general business expenses are not included in the actual costs of financial investments, except in cases of their direct connection with implementation. For example, in the case when an authorized person of an organization is sent to sign constituent documents, travel expenses may be included in the initial cost of financial investments (contribution to the authorized capital of another organization).
In accounting, the amount of financial investments is reflected at their original cost in account 58 “Financial investments”. TO this account Sub-accounts can be opened by type of financial investment (for example, 58-1 “Units and shares”, 58-2 “Debt securities”, etc.).
Let's look at an example:
CJSC Prommash purchased securities from a third party in the amount of 100,000 rubles. (the operation is not subject to VAT in accordance with paragraph 12 of paragraph 2 of Article 149 of the Tax Code of the Russian Federation).
In addition, the enterprise incurred expenses for payment of consulting services associated with the acquisition of these financial investments in the amount of 5,900 rubles. (including VAT 18% - 900 rubles). According to subparagraph 1 of paragraph 2 of Article 170 of the Tax Code of the Russian Federation, the amounts of VAT charged to the buyer when purchasing goods (work, services) used for transactions not subject to this tax are taken into account in the cost of such goods (services, work). Thus, the amount of VAT paid for consulting services related to the acquisition of securities (as transactions exempt from payment of this tax) should be included in the cost of these services.
The organization paid for the purchased securities using a short-term bank loan. At the same time, the loan amount (RUB 100,000) was credited by the bank to the company’s current account.
Before posting the securities on its balance sheet, the company paid the bank interest on a loan in the amount of 5,000 rubles. total amount interest paid to the bank according to loan agreement, amounted to 20,000 rubles. Let us assume that the enterprise's accounting policy for accounting provides for a materiality level of 5%, common to all accounting and reporting indicators.
Consequently, in the situation under consideration, the enterprise has the right not to include other costs in the initial cost of financial investments if their total value does not exceed 5,000 rubles. (100,000 x 5%).
In our example, additional costs (cost of consulting services and interest on the loan) amount to 10,900 rubles. (5900 + 5000). Thus, the enterprise cannot attribute these costs to other expenses, but must necessarily take them into account in the initial cost of the securities.
In accounting, these transactions will be reflected in the following entries:
Debit 51 Credit 66
100,000 rub. – received a short-term loan to pay for financial investments;
Debit 60(76) Credit 51
100,000 rub. – funds were transferred in payment for purchased securities;
Debit 58 Credit 60(76)
100,000 rub. – the received securities are capitalized;
Debit 60 Credit 51
RUB 5,900 – payment has been made for consulting services related to the acquisition of securities;
Debit 58 Credit 60
RUB 5,900 – the cost of consulting services (including VAT) is included in the initial cost of financial investments.
Debit 66 Credit 51
5,000 rub. – interest has been paid to the bank until the moment of capitalization in the accounting of financial investments, interest can be reflected in two ways:
1) Debit 58 Credit 66
5000 rub. – reflected in the initial cost of financial investments are interest paid to the bank until the moment of capitalization in the accounting of investments;
2) Debit 91-2 Credit 66
5,000 rub. – interest paid to the bank before the moment of capitalization of financial investments was written off as other (operating) expenses;
Debit 66 Credit 51
15,000 rub. (20,000-5,000) – interest was paid to the bank after capitalization in the accounting of financial investments;
Debit 91-2 Credit 66
15,000 rub. – interest paid to the bank after capitalization in the accounting of financial investments is written off as other (operating) expenses of the organization.
In addition to acquisition for a fee, financial investments can be received by the organization in other ways (as contributions to the authorized capital, by way of donation (free of charge), when carrying out commodity exchange (barter) transactions, etc.).
The initial cost of financial investments made as a contribution to the authorized (share) capital of the organization is recognized as their monetary value, agreed upon by the founders (participants) of the organization, unless otherwise provided by the legislation of the Russian Federation (clause 12 of PBU 19/02).
Let's look at an example:
According to the constituent documents, part of the contributions to the authorized capital of Prommash CJSC in the amount of 100,000 rubles. was contributed in the form of financial investments (debt securities - bonds).
In accounting, their receipt will be reflected by the posting:
Debit 58 Credit 75
100,000 rub. debt securities contributed as a contribution to the authorized capital of the organization were capitalized.
In terms of the formation of the initial cost of financial investments received by an organization free of charge, PBU 19/02 defines them only for securities for which the initial cost will be recognized (clause 13 of PBU 19/02):
Current market value as of the date of acceptance for accounting;
The amount of cash that can be received as a result of the sale of such securities on the date of their acceptance for accounting. In this case, the assessment is carried out either by the organization itself, or on its behalf by a professional appraiser.
Despite the fact that, according to the norms of PBU 19/02, the above procedure applies only to securities, in my opinion, it can be extended to other types of financial investments received free of charge (except for loans, which by definition can only be remunerated).
In this case, in accounting, the capitalization of such assets will be reflected by the posting:
Debit 58 Credit 91-1
Financial investments received by the organization free of charge are capitalized, while simultaneously assigning their value to other income.
The initial value of financial investments received by an organization under an agreement providing for the fulfillment of obligations (payment) by non-monetary means (for example, by exchange, offsetting counterclaims, etc.) is recognized as the value of assets transferred or to be transferred by the organization (clause 14 of PBU 19 /02). The value of assets transferred or to be transferred by an organization is established based on the price at which, in comparable circumstances, the organization usually determines the value of similar assets. This means that the initial cost of financial investments in such a situation is determined by a barter agreement, but not lower than the value of the goods (work, services) transferred in exchange.
Let's look at an example:
In exchange for the upcoming supply of products, Prommash CJSC received promissory notes from Sberbank of Russia from a third-party organization. The value of the exchanged property is determined by a barter agreement in the amount of 118,000 rubles.
After receiving the bills, the enterprise transferred products to the organization, the cost of which is 80,000 rubles.
The transfer of ownership of the exchanged property under the terms of the contract occurs when it is transferred to the buyer or transport organization - the carrier.
In accounting, these transactions must be reflected in the following entries:
Debit 58 Credit 62-2
118,000 rub. – the enterprise received bank bills against the upcoming delivery of products;
Debit 62-2 Credit 62-1
118,000 rub. – the debt for payment for sold products is closed with advance payments;
Debit 90-3 Credit 68 subaccount “VAT calculations”
18,000 rub. (RUB 118,000: 118 x 18) – VAT is charged on products sold;
Debit 62-2 Credit 68 subaccount “VAT calculations”
VAT previously calculated on advance payments has been reversed;
Debit 90-2 Credit 43
80,000 rub. the cost of goods sold is written off;
Debit 90-9 Credit 99
20,000 rub. (118,000 - 18,000 – 80,000) – profit from sales of products is reflected.
Financial investments in shares of other organizations listed on a stock exchange or over-the-counter market are reflected in the statements at the actual market value, if the latter is lower than their book value. The resulting deviation in value is attributed to the results of economic activities, increasing the loss and decreasing the balance sheet profit by charging this amount to the credit of account 59 “Provisions for impairment of financial investments”
The difference between actual costs and their nominal value during their circulation period is evenly attributed to losses in case of excess of actual costs or reflected as deferred income in case of excess of nominal value.
Financial investments in bonds and other securities that are circulated on the secondary market stock market and whose quotations are regularly published, when preparing the annual report they are shown at the actual market price if it is lower than them book value.
The difference in cost is included in the debit of account 91 “Other income and expenses” and the credit of account 59 “Provisions for depreciation of financial investments”
CJSC Prommash was created in accordance with the Decree of the President of the Russian Federation of July 30, 2000. Legal address: 450017 Bashkiria, Ufa, st. Akhmetova, 318 building 1.
The main activities are: production of finished products and retail trade of purchased goods.
Full name: Closed Joint-Stock Company"Prommash".
The company has: a charter, an emblem, a round seal, stamps, forms and other details, as well as a bank account.
The company employs 210 people. The enterprise acquired the right of a legal entity from the moment of registration, has separate property, an independent balance sheet, can enter into agreements in its own name, acquire property and personal non-property rights and bear obligations, be a plaintiff and defendant in courts.
The founders are not liable for the debts and obligations of the enterprise, and the enterprise is not liable for the debts and obligations of the founders. The founders are responsible for losses within the limits of their contribution.
Relations of the enterprise with other legal and individuals in all areas of economic activity are built on the basis of an agreement (contract). An enterprise is free to choose the subject of the contract, determine obligations, and any other conditions of economic relations that do not contradict current legislation.
The property of the enterprise consists of fixed assets and working capital, as well as other valuables, the value of which is reflected on an independent balance sheet.
The sources of formation of the enterprise’s property are:
monetary and material contributions of the founders;
income received from business activities;
income from securities; loans from banks and other lenders.
Approved
by order General Director
CJSC “Prommash”
Position
According to accounting policies for accounting purposes
CJSC Prommash for 2006
These Regulations establish the basis for the formation and disclosure of the accounting policy of Prommash CJSC, which is a set of principles and rules that determine the methodology and organization of accounting in the company.
General provisions
1.1. The accounting policy of Prommash CJSC is an internal document that defines a set of methods for maintaining the company’s accounting records - primary observation (documentation, inventory), cost measurement (valuation and calculation), current grouping (accounts and double entry) and final generalization (balance sheet and reporting) facts of economic activity that are regulated by the legislation of the Russian Federation, the Charter of the company, and internal documents of Prommash CJSC.
The main activities of the Company are:
production of finished products;
wholesale.
Work in progress (WIP) includes products that have not passed all stages of the production process, as well as incomplete products that have not passed testing and technical acceptance. In other words, work in progress means products (work, services) of partial readiness, i.e. not having undergone all processing (manufacturing) operations provided for by the technological process. WIP includes completed but not fully accepted by the customer products, completed but not accepted by the customer works and services. WIP also includes the balances of unfulfilled orders of auxiliary production and the balances of semi-finished products of own production. Materials and semi-finished products in production are classified as work in progress provided that they have already been processed.
The costs associated with the production of products constitute its cost. At the same time, during the reporting period, not all finished products are shipped to customers. In most cases, part of it remains in the warehouse. Accordingly, only the cost of goods sold is written off to the organization's expenses, but for this, enterprises need to clearly distribute their costs between the balances of work in progress in the warehouse and shipped products.
In our country, the problem of assessing enterprises as objects of sale and purchase arose with the beginning of the privatization process. In December 1990, a Temporary Methodological Regulation appeared on assessing the value of property of state-owned enterprises and organizations subject to redemption or sale.
These Methodological Provisions were prepared by the State Planning Committee and the Ministry of Finance in accordance with the plan for the development of urgent measures for the transition to a market economy.
The main provisions of the methodology were as follows.
It was proposed to evaluate fixed assets at replacement cost minus depreciation. Replacement cost was determined on the basis of price lists, and in their absence - on analogues or on the basis of the original (book) cost of fixed assets, multiplied by aggregated price change factors developed by the State Committee for Prices and State Construction. Depreciation was calculated based on depreciation rates for the complete restoration of fixed assets and their service life. Moreover, the level of wear could be adjusted depending on the degree of loss of fixed assets of their original consumer properties.
The assessment of inventory items related to working capital, as well as low-value and wearable items, was carried out at current wholesale and retail prices.
When determining the final estimated value of the enterprise's property, it was recommended to adjust the residual value of fixed and working assets taking into account the financial condition of the enterprise, demand for manufactured products (services provided), profitability of production, development prospects and changes economic indicators, location of the enterprise and other factors.
But often enterprises have excess stocks of equipment and materials that do not contribute to increasing their income, but, on the contrary, require costs for their maintenance, and often they cannot be supplied due to the lack of demand for them in the market. Accounting for excess inventories that are not in demand on the market leads to an unreasonable overestimation of the value of the enterprise’s property. Conversely, valuing assets at book value in an inflationary environment leads to an undervaluation of their value. Thus, valuing an enterprise at its residual value does not reflect its real market value.
The approach to valuing an enterprise based on property value is legitimate from the point of view of costs, but not from the point of view of utility. The investor is primarily interested in future profitability and the conditions for ensuring it. It is for these reasons that methods based on the residual value of assets have received limited distribution in Western practice.
As is known, the economic activity of any enterprise consists of three continuous interrelated economic processes: supply (procurement and acquisition of material and technical resources), production of products and their marketing (sales). These processes are carried out simultaneously, for which the labor of workers, fixed and working capital is used.
In the process of this work, we deepened and generalized our knowledge of accounting and valuation of property, liabilities and business transactions, and also applied this knowledge for practical use.
We got acquainted with the main regulatory documents, primary documents and forms for the assets of the enterprise.
1. The federal law No. 129 – Federal Law dated November 21. 1996 “On accounting” (with subsequent additions).
2. Civil Code RF from 21.03. 2002 (with changes and additions)
3. Regulations on accounting and reporting in the Russian Federation (approved by order of the Ministry of Finance of the Russian Federation dated July 29, 1998 No. 34n with subsequent amendments and additions).
4. Chart of accounts for accounting the financial and economic activities of an enterprise and instructions for its application (approved by order of the Ministry of Finance of the Russian Federation dated October 21, 2000 No. 94n).
5. Regulations on the composition of costs for the production and sale of products (works and services), included in the cost of products (works and services), and on the procedure for the formation of financial results taken into account when taxing profits (approved by Decree of the Government of the Russian Federation dated August 5, 1992 No. 552 c subsequent changes and additions).
6. Guidelines for inventory of property and financial obligations (approved by order of the Ministry of Finance of the Russian Federation dated December 9, 1998 No. 60n).
7. Accounting Regulations “Accounting Policy of the Organization” PBU 1/98 (approved by order of the Ministry of Finance of the Russian Federation dated December 9, 1998 No. 60n).
8. Accounting regulations “Accounting for agreements (contracts) for capital construction” PBU 2/94 (approved by the regulations to the order of the Ministry of Finance of the Russian Federation dated December 20, 1994 No. 167).
9. Accounting Regulations “Accounting for the property and liabilities of an organization, the value of which is expressed in foreign currency” PBU 3/2000 (approved by the regulations to the order of the Ministry of Finance of the Russian Federation dated January 10, 2000 No. 2n).
10. Regulations on accounting “Accounting statements of an organization” PBU 4/99 (approved by the regulations to the order of the Ministry of Finance of the Russian Federation dated July 6, 1999 No. 43n).
11. Accounting regulations “Accounting for inventories” PBU 5/01 (approved by order of the Ministry of Finance of the Russian Federation dated June 9, 2001 No. 44n).
12. Accounting regulations “Accounting for fixed assets” PBU 6/01 (approved by order of the Ministry of Finance of the Russian Federation dated March 30, 2001 No. 26n).
13. Accounting Regulations “Accounting for Intangible Assets” PBU 14/2000 (approved by order of the Ministry of Finance of the Russian Federation dated November 16, 2000 No. 94n).
14. Accounting Regulations “Accounting for Financial Investments”. PBU 19/02 (approved by order of the Ministry of Finance of the Russian Federation dated December 10, 2002 No. 126n).
15. Regulations on accounting of fixed assets (approved by order of the Ministry of Finance of the Russian Federation dated November 13, 2003 No. 91n).
16. Belobzhedsky I.A. Enterprise property: accounting and audit // Accounting. – 2003. - No. 6. – p.36.
17. Vetrov A.A. Balance: Assessment of the economic potential of an enterprise // Accounting. – 2002. - No. 6. – p.12.
18. Gabzalilova G.M., Methodological instructions for completing course work in the discipline “Accounting”, Ufa State. aviation tech. University, Ufa, 2004
19. Lyubushin N.P., Zharinov V.V., Borodina N.V. “Theory of Accounting”, Moscow 2005.
20. Kondrakov N.P., “Accounting”, Moscow, INFRA-M, 2001.
21. Kozlova E. P., T. N. Babchenko, E.N. Galanina “Accounting in organizations”, Moscow 2006.
22. Molchanov S. S. “Accounting”, M.: Eksmo 2007.
23. Muravitskaya N.K., Lukyanenko G.I., Moscow, Knorus 2007.
24. International standards financial statements. 2006: edition in Russian Askeri-Assa, 2007.
25. Solovyova O.V. Foreign accounting and reporting standards. - M.: Eksmo 2005.
26. Magazine “General Ledger” for 2007.
27. Magazine “Accounting” for 2006-2007.
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Introduction
As a result of its activities, any enterprise carries out any business transactions and makes certain decisions. Almost every such action is reflected in accounting.
Accounting is an orderly system of collecting, registering and summarizing in monetary terms information about the property, obligations of the organization and their movement through continuous continuous and documentary accounting of all business transactions. Accounting covers the economic activities of an organization not in some part, but in full and reflects all business transactions without exception and their results in monetary terms.
The topic of the work is relevant because to determine the result of financial and economic activities, the enterprise uses an assessment of the property, liabilities and business operations of the organization.
The purpose of this work is to study the assessment of property, liabilities and business operations of an enterprise, as well as to consider the document flow of business operations.
The goal determines the objectives of the study:
consider the concept of assessing the property and obligations of an organization;
study the essence of valuation of enterprise property;
study the assessment of the organization’s obligations and business operations;
review documentation of business transactions.
The theoretical and methodological basis for writing the work consisted of two groups of sources. The first category includes educational literature (textbooks and teaching aids, reference and encyclopedic literature, accounting legislation, commentaries on legislation). The second category includes periodical press materials.
The work consists of an introduction, 4 chapters, conclusions, an appendix, and a list of sources used. The introduction substantiates the relevance of the choice of topic, defines the goal and corresponding tasks, and characterizes the sources of information.
The first chapter discusses the concept of assessing the property and obligations of an organization, as well as the requirements for assessment.
The second chapter examines in detail the valuation of an enterprise's property: valuation of fixed assets, valuation of intangible assets and accounting for their receipts, valuation of inventories and finished products, valuation of financial investments.
In the third chapter, the essence of assessing the obligations and business operations of an organization was examined, and their classification was given.
The fourth chapter examined the procedure and rules for preparing documentation of business transactions, as well as their classification.
1 . The concept of assessing the property and obligations of an organization
To determine the result of financial and economic activities important has an assessment of the organization's property, liabilities and business operations.
Over the past few years, in connection with the adoption of the Law on Accounting, the Regulations on Accounting and Financial Reporting in the Russian Federation, and the system of national accounting standards (PBU), the rules for assessing accounting objects have changed significantly and have become more consistent with international standards.
Other valuation methods (including by reserving) can be used only in cases where the legislation of the Russian Federation allows and regulations bodies regulating accounting.
For accounting purposes, depreciation of fixed assets and intangible assets is calculated regardless of the results of the organization’s economic activities in the reporting period.
Valuation is a method of monetary expression of accounting objects (property, liabilities and business transactions) by adding up the costs incurred in them to reflect them in accounting and financial statements. The use of assessment ensures the reality and comparability of indicators of economic activity of enterprises.
To obtain general indicators about various funds, their sources, and operations with them, their correct assessment is necessary. Valuation is carried out using money, its basic principles are established by the government (for example, fixed assets and intangible assets are valued at historical cost).
There are two main requirements for assessment. The assessment of all accounting objects must be real and uniform:
1) the reality of the assessment - a reflection of the actual value of certain types of funds and the sources of their formation (correspondence of the monetary expression of accounting objects to their actual value). The reality of balance sheet items is ensured by the reliability of accounting data and the principles of assessing economic assets. The reality of the assessment requires accurate calculation (calculation) of the actual cost of all accounting objects;
2) unity of assessment - uniformity and immutability. The same accounting objects are valued equally in all organizations during the entire period of their stay at the same stage of the circulation. Such uniformity of assessment is achieved by establishing mandatory provisions, instructions, accounting and calculation rules.
The rules and procedure for assessing accounting objects are regulated by the Regulations on accounting and financial reporting in the Russian Federation, as well as various accounting regulations (PBU). What they have in common is the assessment of objects at their actual cost.
The assessment is carried out as follows:
property acquired for a fee is assessed by summing up the actual costs incurred for its purchase (which includes the costs of acquiring the object, interest paid on a commercial loan provided during the acquisition, markups (surcharges), commissions paid to supply, foreign economic and other organizations, customs duties and other payments, costs of transportation, storage and delivery carried out by third-party organizations), with the exception of value added tax and other refundable taxes (except for cases provided for by the legislation of the Russian Federation);
property received free of charge is valued at the current market value on the date of acceptance for accounting (data on the current price must be confirmed by documents or by experts);
property manufactured in the organization itself is determined based on the actual costs associated with the production of these fixed assets.
The actual expenses incurred include the cost of purchasing property, interest paid on a commercial loan, markups (surcharges), commissions, customs duties and other payments, costs of transportation, storage and delivery carried out by a third party.
The current market value is formed on the basis of the price in effect on the date of recording of property received free of charge for this or a similar type of property. Information about the current price must be confirmed by documents or experts.
The cost of production refers to the actual costs incurred for the production of a property (the cost of consumed raw materials, materials, fuel, etc.).
Accounting by foreign currency accounts organizations and transactions in foreign currency are carried out in rubles on the basis of foreign currency conversion at the exchange rate of the Central Bank of the Russian Federation on the date of the transaction.
2 . Valuation of the organization's property
2.1 Valuation of fixed assets
Fixed assets are accepted for accounting at their original cost. However, its formation depends on the above methods of obtaining fixed assets.
In accordance with paragraph 8 of PBU 6/01, the initial cost of fixed assets acquired for a fee (or constructed by the organization itself) is recognized as the amount of actual costs for their acquisition, construction and production, excluding value added tax and other refundable taxes. Actual costs (expenses) may include:
Amounts paid in accordance with the contract to the supplier (seller), as well as for delivery of the report and bringing it into a condition suitable for use;
Amounts paid to organizations under the agreement construction contract and other contracts for work performed;
Amounts paid to organizations for information and consulting services related to the acquisition of fixed assets;
Remuneration of the intermediary organization through which the fixed asset was acquired;
Customs duties and customs fees;
State duties, non-refundable taxes paid in connection with the acquisition of fixed assets;
Other costs directly related to the acquisition, construction and production of fixed assets.
Social and other similar expenses are not included in the actual costs of acquisition, construction or production of fixed assets, except when they are directly related to the acquisition, construction or production of fixed assets. An example of this type of general business expenses included in the initial cost of an object is travel expenses of enterprise employees associated with the acquisition of fixed assets.
Thus, the initial cost of fixed assets takes into account the amounts of actual costs associated with the acquisition (manufacturing and construction) that arose only before the fixed assets were accepted for accounting (i.e., before they were put into operation on the basis of an acceptance certificate - object transfer).
When purchasing fixed assets for cash, the following entries will be made in accounting:
Debit 08 Credit 60 - equipment received from the supplier was capitalized (excluding VAT);
Debit 19 Credit 60 - reflected in the accounting for VAT payable to the equipment supplier;
Debit 08 Credit 10,23,69,70, etc. - written off as capital expenses are the costs of bringing the fixed asset to a condition suitable for use;
Debit 01 Credit 08 - fixed assets were put into operation;
Debit 60 Credit 51 - payment was made to the equipment supplier;
Debit 68 Credit 19 - accepted for offset as tax deduction VAT paid to the equipment supplier.
If the acquired fixed asset was not paid for in cash, but, for example, received through a commodity exchange (barter) transaction, then its initial value is recognized as the value of the assets transferred or to be transferred by the organization as payment. Moreover, the value of such valuables transferred or to be transferred by the organization is established based on the price at which, in comparable circumstances, the organization usually determines the cost of similar valuables (clause 11 of PBU 6/01).
In this case, such an operation is reflected in accounting using transactions similar to those indicated above. Only payment to the supplier will be reflected by closing mutual settlements with the same organization, but as a buyer:
Debit 62 Credit 90-1 (91-1) - reflects the sale of property (work, services) transferred (performed, provided) in exchange for received fixed assets;
Debit 90-3 (91-2) Credit 68 subaccount “Calculations for VAT” - VAT is charged on the property (work, services) transferred in exchange;
Debit 60 Credit 62 - closing settlements under a commodity exchange (barter) agreement.
The initial cost of fixed assets received under a gift agreement (free of charge) is recognized as their current market value on the date of acceptance for accounting as investments in non-current assets. In this case the wiring is done:
Debit 01 Credit 91-1 - fixed assets received free of charge were capitalized.
The capitalization of fixed assets contributed to the contribution to the authorized capital of the organization recognizes their monetary value, agreed upon by the founders (participants) of the organization.
Debit 01 Credit 75 - an object of fixed assets received as a contribution to the authorized capital of the organization has been capitalized.
The cost of fixed assets at which they are accepted for accounting is not subject to change, except in cases established by the legislation of the Russian Federation and PBU 6/01. Changes in the initial cost of fixed assets, in which they are accepted for accounting, are allowed in cases of completion, additional equipment, reconstruction, partial liquidation and revaluation of fixed assets.
Replacement cost is the cost of reproduction of fixed assets, i.e. acquisition or construction of inventory facilities based on current prices at the time of revaluation. Revaluation is carried out either by decision of the Government of the Russian Federation, or by decision of the organization itself.
The original cost is converted into replacement value as a result of the revaluation of fixed assets.
The procedure for revaluation of fixed assets is defined in paragraph 15 of PBU 6/01.
It is not individual objects that are subject to revaluation, but a group of homogeneous fixed assets at current (replacement) cost. Revaluation is carried out by recalculating its original cost or current (replacement) cost, if this object revalued previously, and the amount of depreciation accrued for the entire period of use of the object at documented market prices.
During operation, fixed assets lose their original properties, i.e. physically and mentally worn out. Accordingly, their value decreases by its value as they wear out. Residual value is the difference between the original (replacement) cost of an item of fixed assets and the amount of accrued depreciation (amortization).
In the balance sheet, fixed assets are reflected at their residual value.
2.2 Valuation of intangible assets and accounting for their receipt
In accordance with paragraph 6 of PBU 14/2000, all intangible assets are accepted for accounting at their original cost. However, the procedure for determining this value differs depending on the method of receipt of intangible assets into the organization.
The formation of the initial value of intangible assets, as well as fixed assets, depends on the methods of their receipt by the organization:
purchase for a fee;
free receipt from legal entities and individuals;
as a contribution towards contributions to the authorized capital of the organization;
by creating them by the organization itself;
acquisition on exchange terms.
To account for them, two accounts are provided in the Chart of Accounts: 04 “Intangible assets” - active, 05 “Amortization of intangible assets” - passive.
In the debit of account 04, intangible assets are accounted for at their original cost, i.e. the cost of acquisition and creation, including all costs incurred by the organization until the transfer of the object into operation. All of these costs are in the nature of capital investments of the organization - investments in non-current assets.
All costs are preliminarily collected on account 08 “Investments in non-current assets”, subaccount 5 “Purchase of intangible assets”.
The most common option for an organization to receive intangible assets is to acquire them for a fee (purchase).
The initial cost of such property is determined as the sum of all actual acquisition costs, with the exception of VAT and other refundable taxes (except for cases provided for by the legislation of the Russian Federation). In this case, the actual expenses for the acquisition of intangible assets may be:
amounts paid in accordance with the agreement of assignment (acquisition) of rights to the copyright holder (seller);
amounts paid to organizations for information and consulting services related to the acquisition of intangible assets;
registration fees, customs duties, patent fees and other similar payments;
non-refundable taxes;
remunerations paid to the intermediary organization through which the intangible asset was acquired;
other expenses directly related to the acquisition of intangible assets, such as travel expenses, interest on loans and borrowings.
When purchasing intangible assets, additional costs may arise to bring them to a state in which they are suitable for use for the intended purposes. Such expenses may be the amount of remuneration of workers involved in this, corresponding contributions to social insurance and security (UST and contributions to extra-budgetary funds), material and other expenses. These types of additional expenses increase the initial cost of intangible assets.
In accounting, these transactions will be reflected in the following entries:
Debit 08-5 Credit 60 - reflected in the capital investments of the enterprise, the cost of acquiring an intangible asset (excluding VAT);
Debit 19 Credit 60 - the amount of VAT payable to the seller for the purchased intangible asset is taken into account;
Debit 68 subaccount “Calculations for VAT” Credit 19 - accepted for deduction of VAT paid to the seller (copyright holder) for granting exclusive rights to an industrial design;
Debit 08-5 Credit 60 - charged to the capital investment account for the purpose of forming the initial cost of intangible assets
In addition to purchasing for a fee, enterprises and organizations can independently create intangible assets. To a greater extent, this applies to intellectual property objects developed by employees of these companies in the performance of their official duties or on their instructions. In this case, intangible assets are considered created if:
Exclusive rights to the results of intellectual activity obtained as a result of the performance of official duties or on a specific assignment of the employer belong to the employing organization;
Exclusive rights to the results of intellectual activity obtained by the author under an agreement with a customer who is not an employer belong to the customer organization;
A patent (certificate) for a trademark or for the right to use the appellation of origin of a product has been issued in the name of the organization.
In accounting, the initial cost of an intangible asset obtained in this way is formed by summing up all the actual costs of its creation, excluding VAT and other refundable taxes. Such expenses include remuneration of workers creating an object of intangible assets, the amount of the unified social tax (UST), materials used, services of third-party organizations, patent fees, etc.
In accordance with paragraph 10 of PBU 14/2000, the initial cost of intangible assets received by an organization under a gift agreement (free of charge) is the market value on the date of acceptance of the objects for accounting. In accounting, the gratuitous receipt of intangible assets will be reflected by the posting:
Debit 04 Credit 91-1 - intangible assets received under a gift agreement are capitalized.
Intangible assets can be made as a contribution to the authorized (share) capital of an organization, the initial cost of which is determined based on their monetary value agreed upon by the founders (participants) of the organization.
In accounting, this operation will be reflected by posting:
Debit 04 Credit 75 - intangible assets received as a contribution to the authorized capital of the organization are capitalized.
Intangible assets can also be supplied to an organization under an agreement providing for payment in kind, i.e. under an exchange agreement. The initial cost of such intangible assets is the value of the transferred property, established on the basis of the price at which the organization in comparable circumstances usually determines the cost of similar goods (valuables).
Any object of intangible assets is accepted for accounting under an acceptance and transfer certificate, drawn up in accordance with the requirements of the legislation on accounting. The act must reflect the following information: the name of the intangible asset, from whom it came to the organization, where it will be used, the date of acceptance for accounting, initial cost, useful life, etc.
2.3 Valuation materially- inventories and finished products
The composition of inventories is very diverse. These are the actual raw materials and materials used in the production process of enterprises; construction materials; tools (objects of labor); fuel; spare parts; purchased semi-finished products; containers and packaging materials; special clothing and special equipment; other materials (stationery, equipment, etc.). This group also includes goods and finished products.
Material and production inventories are accepted for accounting at actual cost (clause 5 of PBU 5/01). However, their assessment (the determination of this actual cost) may differ depending on the method by which the enterprise obtains the inventory data. They can be obtained by the organization:
For a fee;
Contributed as a contribution to the authorized (share) capital of the organization;
For payment by non-monetary means (barter);
Free of charge (by way of donation).
The actual cost of materials purchased for a fee is the amount of the organization's actual costs for the acquisition, with the exception of VAT and other refundable taxes (except for cases provided for by the legislation of the Russian Federation).
Actual costs for purchasing materials may include:
amounts paid in accordance with the agreement to the supplier (seller);
amounts paid to organizations for information and consulting services related to the acquisition of materials;
customs duties and other payments;
non-refundable taxes paid in connection with the purchase of a unit of materials;
remunerations paid to the intermediary organization with whose participation the materials were purchased;
costs of procurement and delivery of materials to the place of their use, including insurance costs;
costs of paying interest on loans and borrowings, if they are related to the purchase of materials and incurred before the date of their acceptance for accounting;
accrued interest on commercial loans and costs directly related to the purchase of materials;
amount differences if they arose before the materials were accepted for accounting.
The actual cost of inventories that the organization produces independently (by the way, these also include semi-finished products of its own production) is determined based on the actual costs associated with the production of this type of inventories (clause 7 of PBU 5/01).
The actual cost of inventories contributed as a contribution to the authorized capital of the organization is determined based on their monetary value agreed upon by the founders or participants of the organization, unless otherwise provided by the legislation of the Russian Federation. In this case, the capitalization of such inventories is reflected in accounting as follows:
Debit 10 Credit 75 - reflects the cost of raw materials contributed to the authorized capital, specified in the constituent documents (charter, agreement) (excluding VAT);
Debit 19 Credit 75 - reflects the amount of VAT recovered from the founder (shareholder) and transferred to the recipient of the MPZ (based on the invoice);
Debit 68 subaccount “Calculations for VAT” Credit 19 - accepted for deduction of VAT on property contributed to the authorized capital.
When receiving materials under contracts that provide for the fulfillment of obligations (payment) not in cash (for example, under an exchange agreement), the actual cost of such materials is recognized as the cost of assets transferred or to be transferred by the organization. The value of these assets is established on the basis of the price at which, in comparable circumstances, the organization usually determines the value of similar assets.
If materials and materials are received free of charge (under a gift agreement), the actual cost of materials is determined based on the market value on the date of their acceptance for accounting.
In accounting, these transactions are reflected by posting:
Debit 10 Credit 91-2 - reflects the value of gratuitously received inventories, determined based on current market prices for such property.
Materials (except for equipment for installation), for which the price has decreased during the year or which have become obsolete or partially lost their original quality, are reflected in the balance sheet at the end of the reporting year at the price of possible sales, if it is lower than the initial cost of procurement (purchase), with attributing price differences to the financial results of the organization. Materials that do not belong to the organization, but are in its use or disposal in accordance with the terms of the agreement, are accepted for accounting on off-balance sheet accounts in the assessment provided for in the agreement.
The assessment of materials, the cost of which is determined in foreign currency upon acquisition, is carried out in rubles by recalculating the amount in foreign currency at the Bank of Russia exchange rate in effect on the date the organization accepted the materials under the contract for accounting.
Finished products are evaluated in accordance with the rules established by PBU 5/01 “Accounting for inventories”, Guidelines for accounting for inventories.
Finished products are reflected in accounting at actual or standard (planned) production costs, including costs associated with the use of fixed assets, raw materials, materials, fuel, energy, labor resources and other costs for production of products in the production process or as direct cost items.
The chosen option for accounting for the release of finished products must be recorded in the accounting policy of the enterprise for accounting purposes. If an organization uses the method of accounting for finished products at actual cost, then the costs of their production are written off directly to account 43 “Finished products” at actual cost.
When reflecting finished products at standard (planned) cost in accounting, account 40 “Output of products (works, services)” is used. In this case, the actual expenses related to finished products collected in the cost accounting accounts are written off to the debit of account 40. From the credit of this account to the debit of account 43, the cost of finished products is written off at the accounting (planned) cost, and the difference between the accounting and actual costs is written off ( or reversed) in the debit of account 90, subaccount 90-2 “Cost of sales”.
Account 40 is closed monthly and has no balance at the reporting date.
When using this method, the accounting policy must also reflect the principle of distribution of deviations written off to account 90 by type of product, as well as work and services in analytical accounting. Such a discrepancy is necessary to form the full cost of products (works, services) sold.
2.4 Evaluation of financial investments
Many enterprises, in addition to their main activities, also receive income from investments in securities, authorized capital of third-party organizations, provision of loans, etc. Such accounting transactions are classified as financial investments.
The procedure for assessing and reflecting financial investments in accounting is established by the Accounting Regulations “Accounting for Financial Investments” PBU 19/02, approved by Order of the Ministry of Finance of the Russian Federation dated December 10, 2002 No. 126n.
Paragraphs 8 and 9 of PBU 19/02 define the concept of the initial cost of financial investments, which is understood as the amount of the organization’s actual costs for their acquisition, excluding VAT and other refundable taxes (except for cases provided for by the legislation of the Russian Federation on taxes and fees). In this case, such expenses could be:
the amount paid in accordance with the contract to the seller;
amount paid for information and consulting services
from intermediary fees;
from other costs directly related to the acquisition of financial assets.
If costs are not significant, other than those paid directly to the seller, they can be written off as operating expenses for the corresponding reporting period.
Financial investments can be acquired by an organization using borrowed funds (loans, credits). In this case, the cost of received credits (loans) can be reflected in accounting in two ways:
In full amount as part of other (operating) expenses (clause 11 of PBU 10/99);
As part of the initial cost of financial investments in the amount of expenses incurred before these investments were taken into account, and in the amount of expenses incurred after they were recorded on the balance sheet of the organization, in accordance with PBU 19/02 and paragraph 15 of PBU 15/01.
The method chosen by the organization must be recorded in its accounting policies for accounting purposes.
It should be borne in mind that general business expenses are not included in the actual costs of financial investments, except in cases of their direct connection with implementation. For example, in the case when an authorized person of an organization is sent to sign constituent documents, travel expenses may be included in the initial cost of financial investments (contribution to the authorized capital of another organization).
In accounting, the amount of financial investments is reflected at their original cost in account 58 “Financial investments”. Sub-accounts can be opened for this account by type of financial investment (for example, 58-1 “Units and shares”, 58-2 “Debt securities”, etc.).
In addition to acquisition for a fee, financial investments can be received by the organization in other ways (as contributions to the authorized capital, by way of donation (free of charge), when carrying out commodity exchange (barter) transactions, etc.).
The initial cost of financial investments made as a contribution to the authorized (share) capital of an organization is recognized as their monetary value, agreed upon by the founders (participants) of the organization, unless otherwise provided by the legislation of the Russian Federation (clause 12 of PBU 19/02).
In accounting, their receipt will be reflected by the posting:
Debit 58 Credit 75 - capitalization of debt securities contributed as a contribution to the authorized capital of the organization.
In terms of the formation of the initial cost of financial investments received by an organization free of charge, PBU 19/02 defines them only for securities for which the initial cost will be recognized (clause 13 of PBU 19/02):
Current market value as of the date of acceptance for accounting;
The amount of cash that can be received as a result of the sale of such securities on the date of their acceptance for accounting. In this case, the assessment is carried out either by the organization itself, or on its behalf by a professional appraiser.
The initial value of financial investments received by an organization under an agreement providing for the fulfillment of obligations (payment) not in cash (for example, by exchange, offsetting counterclaims, etc.) is recognized as the value of assets transferred or to be transferred by the organization (clause 14 of the PBU 19/02). The value of assets transferred or to be transferred by an organization is established based on the price at which, in comparable circumstances, the organization usually determines the value of similar assets. This means that the initial cost of financial investments in such a situation is determined by a barter agreement, but not lower than the value of the goods (work, services) transferred in exchange.
Financial investments in shares of other organizations listed on a stock exchange or over-the-counter market are reflected in the statements at the actual market value, if the latter is lower than their book value. The resulting deviation in value is attributed to the results of economic activities, increasing the loss and decreasing the balance sheet profit by charging this amount to the credit of account 59 “Provisions for impairment of financial investments”
The difference between actual costs and their nominal value during their circulation period is evenly attributed to losses in case of excess of actual costs or reflected as deferred income in case of excess of nominal value.
Financial investments in bonds and other securities that are traded on the secondary stock market and whose quotes are regularly published are shown at the actual market price when preparing the annual report, if it is lower than their book value.
The difference in cost is included in the debit of account 91 “Other income and expenses” and the credit of account 59 “Reserves for depreciation of financial investments”.
3 . The essence of assessing the obligations and business operations of an organization
The Civil Code of the Russian Federation interprets the concept of obligation as follows (Article 307): “by virtue of an obligation, one person (debtor) is obliged to perform a certain action in favor of another person (creditor), somehow transfer property, perform work, pay money, etc. . or refrain from a certain action, and the creditor has the right to demand that the debtor fulfill his obligation.”
The Federal Law of the Russian Federation “On Insolvency (Bankruptcy)” provides a definition monetary obligations(Article 2) “the debtor’s obligation to pay the creditor a certain sum of money under a civil contract and on other grounds provided for by the Civil Code of the Russian Federation.”
Moreover, in a narrower sense, promissory note is a document issued by a borrower to a lender when receiving a loan.
Over the past few years, in connection with the adoption of the Law on Accounting, the Regulations on Accounting and Financial Reporting in the Russian Federation, and the system of national accounting standards (PBU), the rules for assessing accounting objects have changed significantly and have become more consistent with international standards.
An organization's property and liabilities are assessed in order to reflect them in accounting in monetary terms.
Debt assessment is carried out to determine the real market value of the creditor or accounts receivable company, taking into account the date of its origin, projected repayment periods, legal justification for the debt (agreements, invoices, letters, acts, payment documents, court decisions (if any), etc.), imposed fines and accrued penalties.
Debt assessment is carried out for the purposes of:
1) conducting an analysis of the company’s financial performance;
2) assignment of rights of claim;
3) settlement of mutual claims of enterprises in court;
4) revaluation of balance sheet lines.
The liabilities of the enterprise include accounts payable, namely loans, credits and obligations to suppliers, contractors, personnel and government bodies, as well as founders and shareholders. The most common type accounts payable are obligations to suppliers or contractors for services rendered, work performed, inventories supplied that were not paid on time or with a deferred payment under the contract.
The assessment of accounts payable is carried out as part of a business assessment. Accounts payable can be transferred to third parties only with the permission of the creditor (lender). As a rule, this situation occurs in friendly or affiliated companies, when one of them pays off the obligations of the other to the bank or third parties.
The assessment of liabilities, in particular accounts payable, necessarily takes into account interest rates, under which the credit (loan) was received, as well as the timing and likelihood of payment of the obligations incurred. Ideally, for a functioning company, the amount of accounts payable should match the value reflected in the balance sheet, taking into account interest.
There is the following classification of obligations:
1) By maturity:
Current liabilities are those that must be satisfied within a year or the company's normal operating cycle, whichever is longer. These include liabilities for goods and services purchased but not paid for, unpaid taxes and any other charges and expenses, as well as advances received, prepayments, commercial acceptance, bills payable, short-term loans, the current portion of long-term liabilities;
Long-term liabilities are those that must be satisfied more than one year or operating cycle after the reporting date. These include: term loans from banks, insurance companies, bonds, unsecured debentures or bills. Because It is impossible to predict the exact interest rate on bonds, so they are sold at a premium or at a discount.
2) By subjects one should distinguish:
obligations to the owner of the organization;
obligations to third parties.
Obligations to the owner are of two types: those arising from the initial and subsequent contributions of the owners to the authorized (share) capital (fund). These liabilities are accounted for in account 80 “Authorized capital” and are reflected in the balance sheet under the same item; arising in the course of the organization's activities. They are accounted for in accounts 82 "Reserve capital", 83 " Extra capital", 84 "Retained earnings (uncovered loss)" and are reflected in the corresponding items of the balance sheet. These types of obligations to owners together form the concept of "equity capital".
Liabilities to third parties are debts on loans and borrowings, various types of accounts payable (suppliers and contractors, subsidiaries and affiliates, personnel of the organization, etc.) and other obligations. Taken together, obligations to third parties form the concept of " borrowed capital"These obligations are reflected in sections IV and V of the balance sheet.
3) If possible, estimate the amount of obligations:
actual obligations arise from an agreement, contract or on the basis of legislation, their amount can be strictly and unambiguously calculated. These include accounts payable to suppliers, short-term bills payable, dividends payable, excise duty payable, shares of long-term debts payable in the current period, salary obligations, income received in advance;
estimated liabilities are liabilities Exact sum which cannot be determined until a certain date. Examples estimated liabilities debts on income tax, property tax, warranty obligations, reserve for vacation pay;
Contingent liabilities are non-existent liabilities that may or may not become actual liabilities depending on whether certain events arising from past transactions occur or do not occur in the future. Contingent liabilities arise in the event of deferred litigation, tax disputes, discounted notes receivable, guarantee of another company's debts, or violation of government regulations.
A contingent liability is recognized in the financial statements if two conditions are met:
1) it must be probable and
2) its value can be reliably quantified.
If these conditions are not met, then information about contingent liabilities should be reflected in the notes to the financial statements.
There are three main types of salary obligations:
obligations to pay wages;
obligations to withhold taxes and other payments from wages;
payroll tax liabilities.
An obligation may arise due to a contract or legal norm, as well as business customs. The settlement of liabilities usually involves an outflow of the corresponding assets in the form of payment of cash or transfer of other assets (provision of services). Repayment of obligations can also occur in the form of replacing obligations of one type with another, converting obligations into capital, or removing claims from the creditor.
Liabilities are usually measured by the amount of money needed to pay a debt or, in market conditions, the value of goods or services that must be provided.
4 . Documentation of business transactions
liability valuation intangible asset accounting
Primary accounting documents- a written certificate of a completed business transaction or giving the right to carry it out. According to the Law “On Accounting” dated November 21, 1996 No. 129-FZ, all business transactions must be reflected in accounting on the basis of source documents. At the same time, the primary accounting documents can be accepted for accounting only if they are compiled according to the forms contained in the albums of unified forms of primary accounting documentation. A business transaction that is not properly documented has no place as a legal economic event (there is no accounting object).
Accounting documents document any business transactions in the sequence in which they are performed. This ensures continuous, continuous accounting of all accounting objects; legal basis accounting records, which are made on the basis of documents that have evidentiary value; use of documents for current control and operational management of the economic activities of organizations; control over the safety of property, as documents confirm the financial responsibility of employees for the valuables entrusted to them; strengthening the rule of law, since documents serve as the main source of information for subsequent monitoring of the correctness, appropriateness and legality of each business transaction during documentary audits.
Primary accounting documents must contain the following mandatory details listed in clause 2 of Art. 9 of the Federal Law of the Russian Federation of November 21, 1996 No. 129-FZ “On Accounting”:
1) name of the document;
2) date of preparation of the document;
3) name of the organization;
5) measures of business transactions in physical and monetary terms;
6) the names of the positions of the persons responsible for the execution of the business transaction;
7) correctness of its design;
8) personal signatures of these persons.
The list of persons authorized to sign primary accounting documents is approved by the head of the enterprise in agreement with the chief accountant.
Depending on the nature of the operation and data processing technology, additional details may be included in the primary documents.
Documents received by the accounting department must be checked. First of all, they check the form, during which they establish the required number of completed details, the presence and correctness of signatures, and the clarity and legibility of filling out the document. Then an arithmetic check is carried out to determine the correctness of the calculations in the document. After this, the documents are checked on their merits, the legality and expediency of business transactions are established.
Documents verified and accepted by the accounting department are subject to accounting processing, which includes their pricing, grouping and marking (account assignment).
Valuation (taxation) of documents is a monetary assessment of the material assets indicated in the document.
Grouping is the selection of homogeneous documents into packs, which allows you to make notes with general results. Based on groups primary documents often create summary documents.
Marking (account assignment) is the determination and recording of corresponding accounts for each business transaction reflected in the documents.
After marking up, the data from documents on business transactions is recorded in synthetic and analytical accounts, and the used documents are archived. The path that documents take from the moment they are extracted to the time they are deposited in the archive is called document flow.
All documents currently used in business activities can be divided according to the following main characteristics.
1) In relation to the enterprise, documents are divided into:
external - documents are drawn up by correspondents of the enterprise, come from third-party organizations and reflect the relationship of the enterprise with its counterparties (payment requirements);
internal - documents are drawn up at the enterprise itself by its employees and administrators to formalize internal business transactions (receipt cash order).
2) By volume of reflected business transactions:
primary - contain information about one business transaction (receipt and expense cash orders, invoices);
summary - intended to summarize information about the entire set of business transactions of the same type for a certain period of time (cashier report, product report, log of business facts).
3) By the number of positions taken into account:
single-line - contain one accounting position;
multi-line - contain two or more accounting positions (payroll).
4) According to their purpose, documents are divided into:
administrative - contain permission to carry out a certain business transaction (manager’s order to issue funds for reporting, orders). These documents authorize the operation, but the information they contain is not reflected in the accounting registers.
acquittals - contain information about the execution of the order (cashier report, invoices, requirements, receipt order). These documents reflect the actual completion of the transaction, and the information contained in them is entered into accounting registers.
documentation accounting registration are intended for registration of accounting records for the purpose of further use in the accounting process (calculation of depreciation (depreciation) of fixed assets). Combined documents combine the features of administrative (permitting), supporting documents and accounting documents (cash order, payroll sheet).
material - serve to formalize operations on the movement of inventory items (acceptance and transfer certificate of main
funds);
cash - intended for processing transactions with cash and non-cash funds of an enterprise (payment request-order);
settlement - used to formalize the settlement relationship of the enterprise with its counterparties for external obligations (invoice).
6) By filling method:
documents filled out manually;
documents filled out using electronic computer technology.
Primary accounting documents are filled out by an accountant. These include: various certificates, calculations, development sheets, etc. The information reflected in these documents is also entered into accounting registers. Documents reflecting issues of general management of the enterprise and its production and operational activities are drawn up by the organization’s management bodies.
All primary documents received by the accounting department must be checked in form, arithmetically and in essence - this is one of the stages of accounting processing.
During a formal check, it is determined whether the appropriate form was used, whether all the necessary details are indicated, whether the document contains the necessary signatures, and whether there are any erasures, blots or unspecified corrections. A counting check allows you to establish the correctness of arithmetic calculations. The purpose of the substantive check is to identify the legality and expediency of the business transaction recorded in the document. At the same time, it is also checked whether this operation was actually performed and to the specified extent. If errors are detected in cash registers and bank documents they should be rewritten anew; corrections are not allowed. It is not allowed to execute transactions that contradict the law and the established procedure for handling funds and other valuables.
Forms of primary documents classified as forms strict reporting, must be numbered in the order established by ministries and departments (numbering, typographical method).
Responsibility for the timely and correct preparation of documents, for the accuracy of data, as well as for the timely transfer of documents to the accounting department lies with the persons who compiled and signed these documents.
Document flow rules and processing technology accounting information are approved as part of the accounting policies adopted by the enterprise. For the rational organization of document flow in an enterprise there must be approved by order(by order) of the manager the document flow schedule. Control over compliance by performers with the document flow schedule is carried out by the chief accountant of the enterprise.
Conclusion
In this course work The concept of assessing the property and liabilities of an organization, as well as the requirements for assessment, were studied. The assessment of the enterprise's property is considered: assessment of fixed assets, assessment of intangible assets and accounting for their receipts, assessment of inventories and finished products, assessment of financial investments. The essence of assessing the obligations and business operations of an organization was also considered, and their classification was given. The procedure and rules for preparing documentation of business transactions, as well as their classification, were determined.
To determine the result of financial and economic activities, the assessment of the organization’s property, liabilities and business operations is of great importance.
Valuation of property and liabilities is a way of expressing in accounting and reporting certain types of property and the sources of its formation in monetary terms.
Two main requirements must be presented to the assessment: the assessment of all accounting objects must be real and uniform
Methods for assessing types of property and liabilities are approved when the organization adopts an accounting policy.
The rules for document flow and technology for processing accounting information are approved as part of the accounting policy adopted by the enterprise. For the rational organization of document flow at an enterprise, a document flow schedule must be approved by order (instruction) of the manager. Control over compliance by performers with the document flow schedule is carried out by the chief accountant of the enterprise.
List of usesovated sources and literature
1. Federal Law No. 129 - Federal Law of November 21. 1996 “On accounting” (with subsequent additions).
2. Regulations on accounting and reporting in the Russian Federation (approved by order of the Ministry of Finance of the Russian Federation dated July 29, 1998 No. 34n with subsequent amendments and additions).
3. Lyubushin N.P. Accounting theory: Textbook for students. universities / N.P. Lyubushin, V.V. Zharinov, N.V. Borodina. - M.: INFRA-M., 2006. - 428 p.
4. Kondrakov N.P. Accounting: Textbook for students. universities / N. P. Kondrakov. - M.: INFRA-M., 2007. - 520 p.
5. Molchanov S.S. Accounting: textbook / S.S. Molchanov. - M.: Eksmo, 2007. - 325 p.
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One of the tasks of accounting is the formation of information about the assets, liabilities of the company, its income, expenses and significant facts of the organization’s activities. Most often, the subject of accounting is business transactions.
Business processes and business operations
In the activities of a manufacturing enterprise or organization that performs work or provides services, three processes are distinguished:
- supply,
- production,
- implementation.
Processes consist of a set of business operations.
A business transaction in accounting is an action (fact), the result of which is changes in the composition, distribution of property and the sources of its formation. For example, the movement of cash, material assets, liabilities.
Business processes in accounting are reflected as business transactions are carried out - in this case, the subject of accounting becomes the fact of the transaction and the result.
Business operations and processes of the enterprise - diagram
Types of business transactions
Accounting in the business accounting system distinguishes 4 types of transactions depending on their impact on the balance sheet.
Business transactions in accounting: classification table
|
Impact on balance |
Correspondence account sign |
|
|
by debit |
on loan |
|
|
active |
active |
|
passive |
passive |
|
active |
passive |
|
passive |
active |
Type I are transactions that reduce one asset item “at the expense” of another. Examples: arrival of finished products at the warehouse, receipt of funds from the current account to the cash register. There is a change in the composition of the organization’s property, but not its total amount:
Type II - postings affect only liability items. For example: reserve capital is increased at the expense of profits. Such business transactions in accounting lead to changes in the composition of liabilities and sources of funds without affecting their overall assessment:
Type III – transactions, as a result of which the value of property increases, and at the same time liabilities increase. Examples are transactions of purchasing fixed assets, obtaining a loan. In this case, the balance currency changes:
IV type – accounting entries, reducing the level of obligations or equity organization due to a decrease in assets. A common example: accounts payable. A business transaction affects both an asset and a liability item and leads to their reduction:
- material – movement of goods and materials,
- monetary – transactions with funds,
- settlement – relationships with counterparties for settlements.
This principle is also used to classify primary accounting documents.
Business transactions in accounting: examples
Let us consider, as an example, the list of business operations of an enterprise engaged in the assembly and sale of wristwatches. In April, a batch of goods was assembled: the cost of components was 284,000 rubles, wages for assemblers were 110,000 rubles. The product was sold for RUB 655,018. (including VAT RUB 99,918).
Correspondence of accounts and content of business transactions: table
|
Components are written off for production |
||||
|
Payments to production employees were accrued |
||||
|
Insurance premiums accrued |
69 (according to subaccounts) |
|||
|
A batch of goods has been sold |
90-1 “Revenue” |
|||
|
The cost of the sold batch was written off |
90-2 “Cost” |
|||
|
VAT charged |
Transactions No. 1 and 5 are examples of types I and II - they will lead to changes in assets and liabilities, but will not affect the balance sheet currency. Transactions No. 2, 3, 6, 7 are an example of accounts that affect the total balance sheet of the enterprise.