Balance sheet - this is a summary of information on the value of property and obligations of the organization, presented in tabular form. The balance sheet consists of two sections - Asset and Liability. The asset must always be equal to the liability, which is why the report form is called Balance.
The balance sheet is the most important form financial statements(form No. 1), by which one can judge the financial condition of the enterprise, what property it possesses and how much debt it has. The balance sheet contains data as of certain date(usually at the end of the year or quarter). In this way, the Balance Sheet is fundamentally different from another important form of reporting, the Profit and Loss Statement, which contains data on the financial performance of the organization for a certain period on an accrual basis from the beginning of the year(usually, for a year, 1st quarter, half a year or 9 months.)
Balance sheet structure
The balance sheet includes Assets and Liabilities, the totals of which are equal. The balance sheet asset consists of two sections:
- non-current assets (assets that are used for more than 1 year: equipment, buildings, intangible assets, long-term investments etc.);
- current assets (assets that use less than 1 year: raw materials, materials, short-term, cash, etc.).
Current assets are considered more liquid than non-current assets, i.e. can be quickly converted into money.
If the Asset of the balance sheet shows what kind of property the company owns, then the Liability discloses the sources of formation of this property. Liability balance sheet consists of three sections:
- capital and reserves ( own funds company owners)
- (loans, credits and other debts with a maturity of more than 1 year);
- (current debt to employees, suppliers, and other debts payable within 1 year).
Balance sheet form
At the moment, the form of the Balance Sheet is in force, approved by Order of the Ministry of Finance of the Russian Federation dated July 2, 2010 N 66n "On Forms of Accounting Statements of Organizations". You can download the form. It should be noted that the form approved by the Ministry of Finance is advisory in nature, the organization can add lines with its indicators, detailing the available data, or remove lines for which it does not have data.
Who needs a balance sheet
The balance sheet is the financial entity of the organization. The balance is necessary so that persons who have any relationship with the organization or plan to cooperate with it can assess its financial situation, how well the business is doing and whether bankruptcy will come soon. The balance sheet is studied by banks in order to assess the creditworthiness of the borrower. The balance is handed over to the tax and statistical authorities. The balance sheet is presented to shareholders as financial indicator work done by management.
The balance sheet is the main source of information for financial analysis, determining the stability of the financial position of the enterprise and the possibility of its uninterrupted operation. Usually, the Balance is analyzed together with the Profit and Loss Statement (for example, automatically, using), thus obtaining all the main coefficients that characterize the financial "health" of the enterprise.
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Balance sheet: details for an accountant
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Balance sheet items- these are indicators (lines) of the asset and liability of the balance sheet, characterizing certain types household funds or sources of their formation. The balance sheet items show the value of the balance on the synthetic account or sub-account as of a certain date.
Evaluation and analysis of balance sheet items is carried out in the program FinEkAnalysis in the block Liquidity assessment of the balance.
Homogeneous articles are combined into sections of the balance sheet. The list of balance sheet items must comply with the requirements economic analysis and control, as well as obtaining summary indicators for statements.
Balance asset items
The assets of the balance sheet of domestic organizations include articles that show groups of elements of economic turnover, combined depending on the stages of turnover of funds. So, in section I "Non-current assets" are reflected:
- intangible assets (patents, licenses, trademarks, business reputation, organizational expenses),
- fixed assets (buildings, machinery and equipment, land),
- profitable investments in material assets (property for leasing, property under a rental agreement),
- Other noncurrent assets.
Section II "Current assets" includes:
- stocks (raw materials, materials, finished products, goods shipped, deferred expenses, etc.),
- value added tax on acquired valuables,
Asset articles in accordance with law and tradition selected countries placed in a specific system. Separate asset items are placed in the balance sheet according to the degree of property mobility (by the degree of liquidity), that is, in direct proportion to the speed with which this part property acquires a monetary form in economic circulation.
In domestic practice, the balance sheet asset is built, as a rule, in ascending order of liquidity, in accordance with which the first section shows real estate, which almost until the end of its existence retains its original form. When building an asset in descending order of liquidity, items are in the first place Money, goods and stocks, work in progress, debtors, etc.
Liabilities of the balance sheet
The balance sheet liability consists of three sections. Section III of the balance sheet is presented own capital, and sections IV and V reflect the attracted capital. Section " Capital and Reserves" - section III of the Balance Sheet - includes the following items:
- own shares purchased from shareholders;
- retained earnings (uncovered loss).
- loans and credits;
- other long-term liabilities.
- loans and credits;
- payables due less than 12 months after the reporting date;
- debt to the participants (founders) for the payment of income;
- other short-term liabilities.
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The word "balance" has the roots of the Latin phrase "bis lanz", which literally means "two scales", that is, in fact, the balance sheet shows the state of the company's financial balance.
The balance sheet is the main component of financial statements and it reflects the success economic activity enterprises for a given period of time.
The balance sheet is one of the main forms of accounting reporting on the state financial activities enterprise, presented in the form of a table of data characterizing all the property and debts of the organization in monetary terms for a certain period of time.
Who needs a balance sheet?
The totality of the balance sheet values literally reflects the financial image of the organization.
First of all, the balance sheet is necessary for the organization itself in order to have an accurate picture of the results of its core activities, which were obtained for a certain period (year, quarter, month).
The balance sheet shows how steadily the company is developing, both in terms of personal activities and in relation to cooperation with other organizations, which is characterized by two balance sheet totals, Asset and Liability.
Moreover, the main sign that the balance sheet is drawn up correctly is the equality of the final results of the Asset and Liability of the company.
Also, the balance sheet of the company is necessary for any legal entities who cooperate or are going to establish a business relationship with this company.
According to the balance sheet, you can determine the financial position of the organization and whether it will be able to function properly in the near future
The balance sheet of an enterprise is very important for banks, which will be able to assess, based on the indicators of this form, how creditworthy a future client is, and what maximum size credit can be given to him.
Each company is forced to provide a balance sheet to shareholders, statistical authorities and tax authorities with a fixed frequency.
Balance sheet structure
As already mentioned, the structure of the balance sheet consists of 2 main tables, one reflects the Asset of the organization, the other - Liabilities.
The balance sheet is considered correct if the numerical results of these tables match.
Let's take a closer look at what these tables characterize.
An asset is considered to be all the property of an enterprise (real estate, financial investments, vehicles, debts of debtors, equipment, etc.), expressed in monetary terms.
The balance sheet asset is the totality of everything that belongs to the enterprise and that can be converted into monetary currency.
The asset of the balance sheet, in turn, is divided into several sections.
- Fixed assets. The content of the section "Non-current assets" - information about the property used by the enterprise long term, or rather more than a year. To the outside current assets include: equipment, long-term investments, buildings, etc.
- Current Assets. The final indicator of this section is the sum of all property of the enterprise, which is spent and requires replenishment for a relatively short term, or rather, less than a year. Current Assets are materials, cash, short-term receivables, raw materials, and so on.
The main form of financial statements- this is a balance sheet, according to the state of which it is possible to assess the state of the organization on a certain date: the property and financial position of the company.
There are separate positions in the balance sheet that show what and in what quantity is listed on the balance of the enterprise at a certain moment. For convenience, all these indicators were combined and assigned to one or another section.
Remark 1
The balance sheet is usually divided into two parts: an asset and a liability. It is important to note that the sum of the assets of the enterprise's balance sheet is always equal to the sum of its liabilities, i.e. the balance is maintained.
The balance sheet asset consists of two sections:
- section I - "Current assets";
- section II - "Non-current assets".
The passive includes three sections, respectively:
- section III - "Capital and reserves";
- section IV - "Long-term obligations";
- section V - "Current liabilities".
Any section of the balance sheet consists of groups of articles (subsections), each of which reflects the types of assets and other liabilities of the company.
Definition 2
Articles- these are separate lines with which you can deal with the balance.
Section IV PBU 4/99 is devoted to the structure of the Balance Sheet, which is called the “Accounting Statements of the Organization”. It also provides a breakdown of the balance sheet items.
It would seem that everything is simple, but how to figure out which of the articles to attribute certain operations to, what is needed to decipher them correctly. To do this, you need to understand the meaning of all items of the balance sheet. Whether it is necessary to decipher such a concept as an asset of the balance sheet directly depends on how much you are an accountant by nature.
What to attribute to the Asset of the Balance Sheet
Definition 3Balance sheet asset- these are things, means or money from which our financial income grows and increases. According to the usual definition, this is just the left side of the balance. The accountant refers to it material values and NMA (intangible values), the property of the company, and also, do not forget about the composition and placement of existing values.
When filling out this part of the balance sheet, it is necessary to present and take into account the residual value of fixed assets, intangible assets, profitable investments in tangible assets, because it is she who is taken into account.
The next nuance: the amount of the reserve for the reduction in the value of material assets. It must be deducted from the value of the remaining goods and other inventories, of course, when an inventory has been carried out, the results of which require the creation of this reserve.
Next, accounts receivable, simply put, money owed to us. Let's say that the company has taken an inventory of calculations and debts of customers and buyers to us, its management creates a reserve for doubtful debts. Then we add the amount to the balance sheet without this reserve (subtract it).
Remark 2
And one more thing, financial investments are shown in the asset balance without the created reserve for their depreciation, that is, minus it.
The first section of the asset of the balance sheet
The first section of the asset of the balance sheet is called "Non-current assets". It contains:
- various non-current assets,
- Deferred tax assets,
- financial investments,
- profitable investments in material assets,
- fixed assets,
- intangible assets.
When creating a company, the founders pursue certain goals, one of which is to receive income from their activities. To make a profit for a long time, any enterprise uses certain assets of the organization. Which ones, we will consider below.
Line 110 "Intangible assets" takes into account the amount that is obtained from the interaction of two accounts: 04 "Intangible assets" (debit balance) - 05 "Depreciation of intangible assets" (credit balance). The residual value of intangible assets thus obtained is indicated in this line. When the company, based on accounting policy considerations, calculates depreciation for all intangible assets without account 05, then the balance sheet line will reflect the debit balance of account 04.
It must also be understood that in situations where the useful life of nm cannot be established, then it (the asset) is called intangible with an indefinite period of use and is not depreciated. Previously, in such situations, the organization independently determined the useful life either longer than the period of its activities, or longer than twenty years. Now, for the reliability of the calculation economic benefits that will be received in the future, the depreciation method that is based on them is selected. Simply put, the old practice gives way to the new natural causes because an unreliable calculation of future economic benefits takes away the firm's choice and has to amortize intangible assets on a straight-line basis.
Accounting and valuation of intangible assets is carried out based on the Accounting Regulation “Accounting for Intangible Assets” (PBU 14/2007), which the Ministry of Finance of Russia approved on December 27, 2007 No. 153n (hereinafter referred to as PBU 14/2007).
Line 120 "Fixed assets" contains information about fixed assets (FA) of the company, which are accounted for on account 01 "Fixed assets".
Definition 4
OS objects- material values that are used as a means of labor during the manufacture of products, in the process of performing work, providing services and managing an organization. These include:
- buildings and constructions,
- cars and equipment,
- Computer Engineering,
- vehicles,
- productive and breeding cattle,
- perennial plantations,
- on-farm roads,
- other relevant items.
Also taken into account:
- capital investments for radical land improvement (drainage, irrigation and other land reclamation works);
- capital investments in leased fixed assets;
- land plots, objects of nature management (water, subsoil and other natural resources);
- specialist. tools, special devices, special equipment, special clothing (if provided accounting policy organizations).
They are accepted for accounting on account 01 and are part of the OS.
We also indicate here leased property on the balance sheet of the lessee, which is taken into account by agreement of the parties, the fixed assets of the leased enterprise (if the company is leased as a property complex).
The organization takes into account all these assets as fixed assets if they simultaneously meet the following conditions:
- the object is suitable for use in the creation of goods, is necessary for the performance of work or the provision of services, as well as for the needs of the organization related to management;
- the object can be used for a long time, in other words, for a period of more than 12 months or a normal operating cycle if it is more than 12 months;
- the organization does not plan to resell this object in future activities;
- the facility will bring economic benefits (income) to the company in the future.
There are objects that are not debited from account 01. If an object is leased or gratuitous use, it is transferred for conservation, determined for completion or re-equipment, and also, the object is in the process of restoration, then it is not written off from account 01.
Fixed assets are accounted for on the basis of their residual value. Based on goals accounting the enterprise has the right to independently choose the useful life of the property, while depreciation will be charged in the chosen way, which it cannot change during the life of this property. Only if the asset is changed in any way, for example, modernized or reconstructed, its useful life can be changed.
In accordance with ext. 15 of the Accounting Regulations “Accounting for Fixed Assets” PBU 6/01 of the company at the beginning of the reporting year, it is allowed to revaluate fixed assets at their current (replacement) cost.
It is necessary to re-evaluate OS objects by recalculating their cost: initial or current (recovery) You will also have to recalculate the depreciation amounts that were charged for the entire time the objects were used. In accounting, the results of the revaluation of fixed assets carried out as of the first day of the reporting year are reflected separately from each other. The results of such a revaluation are not included in the data of the financial statements of the previous reporting year, they are accepted when compiling the data of the Balance Sheet at the beginning of the reporting year.
Line 130 "Construction in progress".
The size of the organization's investments in construction in progress (except for fixed assets that were put into operation before state registration) We enter the balance sheet on line 130.
The actual costs of the company for the construction of facilities made before the completion of these very works, as well as before the introduction of these facilities into operation, must be paid to account 08 "Investments in non-current assets" subaccount 08-3 "Construction of fixed assets", they must be taken into account in the composition construction in progress.
Equipment for installation is accepted for accounting also at its actual cost at the time of receipt, taking into account the cost of delivery.
It must be reflected in the debit of account 07 "Equipment for installation", while it must be understood that the equipment that needs installation includes objects that can be used only after the assembly of all its parts, as well as attached to something: supports, foundation of the building , to the floor, ceilings between floors, in a word, to any load-bearing structures of buildings and structures. It also includes sets of spare parts for such equipment.
Line 135 "Profitable investments in material assets" includes property purchased for temporary use for the purpose of generating income (for leasing rental). Here, the accountant will show the debit balance on account 03, minus the depreciation that has accumulated on the credit of account 02, the subaccount “Depreciation of property related to income investments”.
Let's see what investments can be called profitable.
Definition 5
Profitable investments can be considered property that the organization bought for the purpose of leasing and uses it for this purpose. In cases where the property is acquired for one's own personal use, even if it is rented out from time to time, it cannot be attributed to this category in any case.
Line 140 "Long-term financial investments".
In line 140 of the Asset of the Balance Sheet, it is necessary to make all types of financial investments that are made by the organization for a period of more than a year. It shows the sum of the balances of account 58 "Financial investments" and account 55 "Special accounts in banks" sub-account, indicating sub-account 3 "Deposit accounts" in terms of amounts that relate to long-term investments. They must be calculated taking into account the reserve for the depreciation of financial investments, i.e. reduce - the credit balance of account 59 "Reserve for the depreciation of financial investments" in terms of financial investments for a period of more than a year.
To recognize an asset as a financial investment, it must meet all of these conditions simultaneously:
- documents that confirm his right to financial investments, as well as the opportunity to receive funds and other assets received from this right, must be properly executed.
- transition to organization financial risks associated with financial investments, such as price fluctuation risk, debtor insolvency risk, liquidity risk);
- the ability to bring economic benefits (income) in the near future as interest, dividends or an increase in their value (as the difference between the sale (repayment) price of a financial investment and its purchase price, as a result of its exchange, use to pay off the obligations of the organization, growth of the current market value etc.).
Issued interest-free loans or acquired interest-free bills are not taken into account as financial investments, because then investments do not provide economic benefits, income either in percentage form or in the form of an increase in their value, and, accordingly, they cannot be indicated as financial investments.
Clause 3 of the Regulations on Accounting “Accounting for Financial Investments” PBU 19/02, approved by Order of the Ministry of Finance of Russia dated December 10, 2002 No. 126n (hereinafter referred to as PBU 19/02), provides the main accounting objects considered a financial investment. So, in more detail, it can be:
- securities state or municipality;
- securities of other organizations, these include debt securities, which indicate the date and cost of redemption (bonds, bills);
- contributions to the authorized (share) capital of foreign organizations, including subsidiaries and dependent business companies;
- loans issued to other organizations;
- deposits in organizations related to loans;
- receivables received subject to the contract of assignment of the right to claim;
- contributions, taking into account the simple partnership agreement of the enterprise - comrade;
- other similar assets.
When purchasing securities with an unspecified maturity, you need to consider them as long-term in the case when the company bought them with the aim of generating income on them for more than a year.
Financial investments are taken to accounting in the amount of the investor's costs upon their fact.
According to the Chart of Accounts, the financial investments that the organization makes are shown on the debit of account 58 “Financial investments” and on the credit of those accounts that take into account the values that are to be transferred on account of these investments.
Line 145 Deferred tax assets.
On line 145 of the balance sheet, we show the debit balance on account 09 “Deferred tax assets”. If our organization belongs to small enterprises, then it can declare in its accounting policy that it will not apply the Accounting Regulation “Accounting for income tax settlements” PBU 18/02, approved by order of the Ministry of Finance of Russia dated November 19, 2002 No. 114n (hereinafter referred to as PBU 18/02).
Deferred tax assets are recognized by those entities applying this PBU.
Interestingly, account 09 can show a very small balance. However, this amount is significant. It shows the amount that will reduce income tax in subsequent reporting periods. Judging from this, deferred tax assets in the balance sheet should be reflected in a separate line, because we cannot include this amount in other non-current assets.
To form a profit in accounting is not the same as to form it in a tax one, it is considered in different ways. From this it turns out that the conditional tax on accounting profit differs from the amount of income tax that the company must pay to the budget. This leads to the fact that the tax (conditional) on accounting profit diverges from the amount of income tax that the organization needs to pay to the budget.
Whatever one may say, in accounting we must show exactly the conditional tax, and with it all the differences between this conditional tax and the real income tax.
Definition 6
Differences are temporary and permanent. From these, permanent tax liabilities, deferred tax assets and deferred tax liabilities are derived.
Definition 7
Deferred tax asset can be calculated as the product of the deductible temporary difference and the income tax rate. In accounting, a deferred tax asset is reflected in the following entry:
DEBIT 09 "Deferred tax assets" CREDIT 68 sub-account "Calculations for income tax" - deferred tax asset accrued.
When expenses are accepted in installments for tax purposes, deductible temporary differences result. In accounting, they arise immediately if:
- the amount of depreciation accrued in accounting exceeds the amount calculated according to the rules of Ch. 25 PC RF;
- for tax purposes and in accounting, the company writes off commercial and administrative expenses differently;
- in accounting, a loss is carried forward to the future, reducing income for taxation in subsequent reporting periods;
- the overpayment of income tax is not returned to the organization, instead it is credited against future payments;
- the enterprise in accounting has included unpaid costs in the cost of materials, although it uses the cash method of accounting for income and expenses in tax accounting.
When the deferred tax asset is determined, it must be entered into the balance sheet, in other words, it must be reflected in accounting - in the analytical accounting of the corresponding asset and liability account, in the assessment of which the deductible temporary difference came out.
Paragraph 19 of PBU 18/02 entitles organizations to show in the balance sheet the balanced (rolled up) amount of deferred tax assets and deferred tax liabilities. To this end, you need to find out the difference in the balance of accounts 09 "Deferred tax assets" and 77 "Deferred tax liabilities". If the debit on account 09 is higher than the credit balance on account 77, then we will show their difference in line 145 of the balance sheet. This time, line 515 "Deferred tax liabilities" (balance sheet liability) remains empty. This scheme also works in the reverse order: if the balance on account 77 is greater than the balance on account 09, then this difference between must be reflected on line 515. Then, in this particular case, line 145 is not included in the balance sheet.
Line 150 "Other non-current assets".
Where can assets be attributed that are inexpensive, and generally insignificant? All indicators that did not find a place in other lines of the “Non-current assets” section should be included in line 150. It is customary to include those whose value and value can be considered insignificant as other non-current assets. In other words, indicators that do not carry value for those who use this reporting.
Such assets may include research, development and technological (R&D) expenses. They cannot be recognized as objects of intangible assets, while they are deposited to account 04 "Intangible assets".
What does Section II "Current Assets" include?
In accounting, current assets include those that are relatively quickly able to transfer their value to costs. Let's include here:
- inventories (raw materials, materials, goods, costs in work in progress, deferred expenses, etc.),
- VAT on purchased assets,
- long-term and short-term accounts receivable,
- short-term financial investments,
- cash.
Line 210 "Stocks".
It is logical that the information that we provide in the balance of inventories (IPZ) is a copy of the inventory data taken from inventories and acts, they must be 100% identical. Accordingly, the inventory itself should be carried out before issuing annual reports.
On account 10 "Materials" we enter data on materials that are the property of the enterprise at the end of the period. We do this based on the cost at which they were originally purchased.
In the event that the cost of materials has changed a lot, has significantly decreased, the company needs to create a reserve (fund) for the decrease in the cost of material assets and apply account 14 “Reserves for the decrease in the cost of material assets”. This requirement is conservative and clearly demonstrates the principle of prudence.
If the values have partly lost their quality due to: price reduction during the reporting year, obsolescence, partial loss of their original quality, they must be shown in the balance sheet at the price of a possible sale at the end of the reporting period. This is done when it is lower than at the beginning of the purchase. The difference in prices will be attributed to financial results. The same mechanism of action should be applied to finished products and goods, and not just to materials alone.
Line 210 is the sum of all the rest, namely:
- 211 "Raw materials, materials and other similar values";
- 212 "Animals for rearing and fattening";
- 213 "Costs in work in progress";
- 214 "Finished products and goods for resale";
- 215 "Goods shipped";
- 216 "Deferred expenses";
- 217 "Other inventories and costs".
These lines decipher line 210 "Reserves" and do not need significant decoding, their meaning is in the name itself.
Line 210 displays expenses for the purchase of inventories, to which it is possible to attribute assets if their value does not exceed 20,000 rubles. The funds spent on the acquisition of such assets are shown on account 10 "Materials".
There are three ways to evaluate inventory in accounting when they are introduced into production (or other write-offs):
- at the cost of each unit;
- at the average cost, when assessing the inventory for each type, when the total cost of all stocks of one type is divided by the number of types.
- FIFO method (first in, first out). Here, inventories are written off at the cost of inventories, which were received first. Accordingly, it is considered: those stocks that are received first will be sold first.
Line 213 "Costs in work in progress".
Line 213 of the balance sheet asset shows the cost of work in progress (WIP) and work in progress (services), which are the cost of products that have not gone through all stages of processing, although technological process are provided for incomplete products that have not yet passed tests and technical acceptance.
In mass and serial production for WIP accounting, the following are reflected:
- according to the actual or standard (planned) production cost;
- by direct cost items;
- at the cost of raw materials, materials and semi-finished products.
In the case of the production of one unit of output, the PPP is reflected in the costs that are actually incurred.
The company issues an order on the accounting policy, according to which it fixes the WIP valuation method chosen by it.
In the balance sheet, WIP is reflected in the same assessment as in accounting. The WIP amount is confirmed by the necessary calculations (relevant accounting statements).
When we consider an organization whose activity is not trade, but found that it separates commercial expenses for sold and unsold products (goods, services), then filling out line 213, we do not take into account the entire balance of account 44 “Sales expenses”.
Undescribed costs for packaging and transportation, if they are accounted for on account 44 as part of selling expenses, are reflected in line 217 “Other stocks and costs” of the balance sheet. Various organizations that have the right to make settlements with customers in stages (fixed in the contract), line 213 may reflect the cost of work that is at least partially accepted by the customer (debit balance of account 46 “Completed stages of work in progress”). It can be construction, scientific, design, geological and other organizations.
The cost of completed stages of work, indicated in forms No. KS-2 and KS-3, which are signed by the customer, is reflected in the debit of account 46 in correspondence with account 90 "Sales".
Line 214 "Finished products and goods for resale" reflects the actual or standard cost of products that are already ready. For trading companies, there is an opportunity to bring the purchase price of their goods, which consists of the costs upon their purchase.
On line 214 we reflect the sum of all debit balances on accounts 41 "Goods" and 43 "Finished products". If the company is engaged in trade and indicated the goods at the sale price, then the balance on account 41 must be reduced by the amount of the credit balance on account 42 “Trade margin”.
Firms that produce goods, on line 214, take into account the cost of unsold products that have not passed all the stages intended by the technological process, in the right situations - that have passed tests and technical acceptance. Accounting policy determines the actual or standard (planned) cost.
From time to time, companies purchase as components (finished products) for their products, and their cost is not taken into account when forming the cost of the goods sold. The customer pays for these components separately. Such products are recorded as goods on account 41 "Goods". They need to be entered in line 214 of the balance sheet, where we reflect their value.
Trade organizations show on line 214 the value of the balance of purchased goods.
Public catering organizations also show here the remains of raw materials in the kitchens and pantries, the remains of goods in the buffets.
Any balance of goods is reflected in the balance exactly at the cost of their purchase, which is formed according to the rules of the accounting policy approved by the company.
The indicator of line 214 of section I is increased (decreased) by the debit (credit) balance of account 15 (in the part related to the cost of purchased goods) if the organization uses account 15 “Procurement and acquisition of material assets” when accounting for purchased goods.
In addition, line 214 must reflect the cost of finished products or goods, which will be reduced by the amount of the created reserve for reducing the cost of material assets.
Line 215 "Goods shipped" shows the debit balance on account 45 "Goods shipped", which takes into account all information about products that are already shipped, but not sold. Profit from the sale of this product by the seller in accounting is not yet recognized, because the ownership of this product has not been transferred to the buyer. Situations when this happens:
- if the firm - the seller sells goods (products) using an intermediary - a commission agent or uses an agent who has the right to act on his own behalf, at a time when the intermediary has not yet sold the product;
- according to the exchange (barter) agreement, if the goods have already been shipped, the right of ownership to the participant in the transaction comes precisely at the moment of fulfillment of his obligations for the counter delivery.
As long as the ownership of the goods with the shipment has not yet passed to the buyer, the cost of such products is indicated on line 215. This happens when, for example, the contract itself states that the buyer receives the ownership right not at the time of shipment, but at the time of payment for the products .
The main feature is the reflection of the shipment and sale of goods in the account of the supplier, when a contract of sale is concluded with a special procedure for the transfer of ownership - this is the reflection of the transferred goods that have not yet been paid by the buyer on account 45 “Goods shipped”.
Line 216 "Deferred expenses" fixes the debit balance of account 97 "Deferred expenses".
Definition 8
Future expenses- represent the costs that the company has incurred in the reporting period, but they relate to the following reporting periods.
The moment of writing off these expenses to the cost accounting accounts, in other words, the period for recognizing deferred expenses, each company determines based on specific documents. The company can also independently determine this period in the event that the documents cannot specify the period when these expenses will be recognized. Such decisions are issued in the order or at the disposal of the head. And then already, deferred expenses are written off as expenses in equal shares at the time approved by the order.
Considering this cost item in accounting, it should be noted that if you receive periodicals by subscription, they will not be deferred expenses. It is better to record these amounts as advanced payments, and then write them off to accounting accounts according to the periodicity of receipt of these publications. It is convenient to reflect the balance of the cost of a paid subscription for which newspapers, magazines and any other periodicals have not yet been received as an advance paid to the supplier as part of short-term receivables.
When a company has a non-exclusive right to use someone else's facilities intellectual property(innovations in computer programming, databases and information) payment for such services occurs as a one-time payment. This fixed amount is paid as a one-time royalties and is also deferred.
Again, when the contract itself contains a condition under which the organization undertakes to pay for the use of intellectual property over a certain period, in this case the user company is obliged to reflect these amounts in the expenses of the current period, and account 97 “Deferred expenses” does not touch. Also, you should act when the amount of a one-time payment cannot be written off at a time. It is written off to expenses by the period of the term of use of the object fixed in the contract (clause 39 PBU 14/2007).
Line 220 "VAT on acquired values".
Line 220 reflects the debit balance of account 19 "Value Added Tax on Acquired Values". It characterizes the amounts that are allocated in invoices that are received, but not presented for deduction from the budget or not recorded in the purchase book. This line shall indicate the amounts of VAT that are not accepted for withholding as of January 1 of the year following the reporting one.
This is the balance of "incoming" VAT on purchased inventories, intangible assets, capital investment, works and services, not accepted for deduction. You need to know that due to the absence or incorrect execution of documents, the amounts of “input” VAT may remain unaccounted for on account 19. This is at the end of the period, but in the subsequent these nuances should be taken into account.
The amounts of "input" VAT that have already been deducted must be debited from the credit of account 19 to the debit of account 68, the subaccount "VAT settlements". If it is understood that there is no possibility of recovering "input" VAT from the budget, these amounts must be debited from the credit of account 19 to the debit of account 91-2, subaccount "Other expenses".
The amounts of "input" VAT that have already been deducted must be debited from the credit of account 19 to the debit of account 68, the subaccount "VAT settlements". If it is understood that there is no possibility of recovering “input” VAT from the budget, these amounts are debited from the credit of account 19 to the debit of account 91-2, subaccount “Other expenses”.
In the absence of the status of a VAT payer, the company or when it was released from the obligations of a tax payer under Art. 145 of the Tax Code of the Russian Federation, the amount of "input" tax must be credited to the cost of purchased goods (works, services).
We also act in the case of the purchase of products for transactions that are not subject to VAT in accordance with paragraphs 2 and 4 of Art. 170 of the Tax Code of the Russian Federation. At this point, we write off VAT from account 19 to the debit of the property accounting accounts that correspond to it or from the cost accounting account (accounts 08, 10, 20, 26, 41, 44, etc.)
"Input" VAT, when it relates to expenses, which in turn are normalized for the purposes of determining income tax (advertising expenses, hospitality expenses), must be deducted in the part that relates to expenses within these standards.
When generating annual reports, when the total amount of normalized expenses in tax accounting has already been calculated, the amount of VAT deductible not accepted, if they relate to excess expenses, must be debited from account 19 to the debit of account 91 “Other income and expenses”.
It should be taken into account that the amounts in tax accounting are not included in expenses.
In the composition of expenses for tax accounting, we do not consider the amount of "input" VAT, when it is not included in the cost of the acquired property (works, services) and is not accepted, while it is written off in accounting to account 91.
Lines 230 and 240 "Accounts receivable".
This line is for filling and displaying the actions between the buyer and the customer. It takes into account the debts that the company will receive within 12 months (line 230) and the debt of debtors for a period of more than 12 months after the reporting date (line 240). This is the debit balance on accounts 62 “Settlements with buyers and customers” and 76 “Settlements with various debtors and creditors”.
When a company has a claim on a customer, the debt should be treated as an asset. Although limitation of actions occurs after 3 years, and if a statement about it is expressed in a dispute before the court makes a decision (Article 196 of the Civil Code), the debtor can fulfill its obligations even after the deadline. It is possible to issue an order to write off such a debt if there is: a lawsuit in court, a written refusal of the debtor and its exclusion from the register.
Such an operation is done by wiring:
- DEBIT 91-2 "Other expenses".
- CREDIT 62 "Settlements with buyers and customers" - reflects the amount of debt.
- The debtor's debt, written off at a loss, is fixed for another five years on the off-balance account 007 "Debt of insolvent debtors written off at a loss".
If there is a high probability of no debt repayment, you need to create a reserve for doubtful debts by recording:
- DEBIT 91-2 "Other expenses".
- CREDIT 63 "Provisions for doubtful debts" - for the amount of debt, indicating the reason in the explanatory note.
Line 250 "Short-term financial investments".
Financial investments, the accounting of which is regulated by PBU 19/02, include securities, contributions to the authorized (share) capital of other organizations, loans granted, deposits, receivables acquired under an assignment agreement of the right to claim, contributions under a simple partnership agreement, etc.
Financial investments are considered short-term if their maturity does not exceed 12 months.
It should be taken into account that as part of short-term financial investments, organizations do not reflect their own shares bought back from shareholders for subsequent resale or cancellation. Own repurchased shares are reflected in the liabilities side of the balance sheet in line 411 of the Capital and Reserves section.
Line 260 "Cash".
This indicates the entire amount of cash (on hand, in bank accounts, in transfers) that the organization has.
In the standard form, there are no separate lines for decoding line 260, but the company can include the necessary lines in the balance sheet and separately indicate the availability of cash in them.
Cash in foreign currency accounts (line 263) are converted into rubles at the exchange rate of the Bank of Russia on the date of the currency transaction as well as at the reporting date. This is stated in clause 7 of the Accounting Regulation “Accounting for assets and liabilities, the value of which is expressed in foreign currency”(PBU 3/2006), approved by order of the Ministry of Finance of Russia dated November 27, 2006 No. 154n (hereinafter - PBU 3/2006).
Line 300 "Balance".
Line 300 of the balance sheet, initially, reflects the sum of all assets of the organization - both non-current and current. The indicator of line 300 is formed as the sum of lines 190 "Total for section I" and 290 "Total for section I".
It should be noted that the total amount of the organization's assets, reflected in line 300 of the balance sheet asset, should be equal to the total amount of the organization's liabilities - the indicator of line 700 of the balance sheet liability.
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The basis for building a balance sheet is the grouping of accounting objects according to their functional role in the process of economic activity and sources of formation.
The balance sheet consists of 5 sections:
- fixed assets;
- current assets;
- capital and reserves;
- long term duties;
- Short-term liabilities.
In the conclusion of the balance sheet there is a special line for assets and liabilities - "balance currency".
Typical balance sheet structure contains the following numbers.
Assets. Section 1. Non-current assets.
- Intangible assets: rights to objects of intellectual property; patents, trademarks, service marks, organizational expenses; business reputation of the organization.
- fixed assets: land plots and objects of nature management; buildings, machinery, equipment, construction in progress.
- Profitable investments in material values: property for leasing, provided under a rental agreement.
- Financial investments: investments in subsidiaries, dependent companies; loans granted to the organization for a period of more than 12 months; other financial investments.
Section 2. Current assets.
- Stocks: raw materials, materials and similar values; costs in work in progress; finished products, goods for resale and shipped; Future expenses.
- Accounts receivable: buyers and customers; bills receivable; debt of subsidiaries and dependent companies; indebtedness of participants on contributions to the authorized capital.
- Financial investments: loans provided by the organization for a period of less than 12 months; own shares purchased from shareholders; financial investments.
- Cash: settlement accounts; currency accounts; cash.
Passive. Section 1. Capital and reserves.
Authorized capital. Extra capital. Reserve capital: reserves formed in accordance with the law and founding documents. Undestributed profits.
Section 2. Long-term obligations.
- Borrowed funds: loans maturing more than 12 months after the reporting date; loans maturing more than 12 months after the reporting date.
- Other obligations.
Section 3. Short-term obligations.
- Borrowed funds: loans repayable within 12 months after the reporting date; loans maturing within 12 months after the reporting date.
- Accounts payable: suppliers and contractors; bills payable; debt to subsidiaries and dependent companies; before the staff of the organization; before the budget and state off-budget funds; to the participants on the payment of income; advances received.
- revenue of the future periods: reserves for future expenses and payments.