February 11, 2020 @ 4:28 pm - posted by Aleksey

Correspondence of accounts of accounting of accounting of the goods.

Goods purchased in installments are covered by the warranty period of service (repair). The sale of goods in installments and making regular payments is carried out at prices in effect on the day of sale, and are not subject buy a compare essay now to change.

Ownership of the goods transferred in accordance with the contract at the disposal of the buyer, passes to him after the final settlement. When selling vehicles, the business entity makes a note “Installment” in the certificate-calculation or the act of acceptance-transfer issued by the manufacturer. These vehicles are not issued power of attorney with the right of alienation, and these vehicles are not deregistered in the State Traffic Inspectorate until the buyer submits a contract with the mark of the business entity on full payment (paragraph 10 as amended by the Cabinet of Ministers of Ukraine from 04.02. 99 No. 138).

When selling goods in installments, the buyer pays interest on the loan, the amount of which is set by the entity, but not higher than the current at the time of sale of goods annual rates for financial loans of the bank servicing the entity selling goods in installments.

Repayment of the loan provided to the buyer in the sale of goods in installments is carried out by depositing cash in the cashier’s office or by non-cash transfer through banking institutions by enterprises (institutions) the amount of the next payment and interest on the loan withheld from the buyer’s salary (scholarship).

When making regular cash payments to the cashier of the business entity to confirm the amount paid, it is mandatory to issue a check through ECCA, which is affixed directly to the contract (other marks and receipts for payment and correction of the amount under the contract are invalid).

Accounting for the sale of goods in installments by the business entity is carried out in the following order. When selling goods in installments, their selling price is fully included in the volume of retail trade on the date of actual release of goods to the buyer. Therefore, the total value of goods sold on credit is recorded on the credit account 702 “Income from the sale of goods” and the debit of accounts:

ZO “Kasa” (or ЗІ “Accounts in banks”) – for the amount of the initial payment for the goods made by buyers; 36 “Settlements with buyers and customers” – for the remaining value of goods sold on credit.

Interest payable by buyers for the loan, according to a special calculation are attributed to deferred income and are reflected in the debit entry of account 36 “Settlements with buyers and customers” and the credit of account 69 “Deferred income”.

In this case, interest on the loan is calculated for each month using 1/2 of the annual interest rate on the actual loan, which the buyer used in the month for which the next installment was paid until the full repayment of the debt.

Example. Under the contract of sale of goods in installments, the trading company sold the goods to an individual at a selling price of UAH 6,000. with installment payment for 6 months. Interest rate for using the loan-72% per annum, monthly -6% (72: 12 months) down payment paid by the buyer (50% of the cost of goods), – UAH 3,000.

As buyers repay the debt for goods purchased on credit, the amount paid into the cashier of the trading company (including interest on the loan), in accounting is recorded on the debit of account 30 “Cashier” and the credit of account 36 “Settlements with buyers and customers “.

At the same time, an entry is made for crediting to the income from the sale of the reporting period the amount of interest paid by buyers for the loan (previously accounted for as deferred income):

D-t rah. 69 “Deferred income”

K-t rah. 702 “Income from the sale of goods”.

The cost of goods sold in installments at book prices is debited to account 902 “Cost of goods sold” from the credit of account 282 “Goods in trade”. The order of reflection in the account of the considered example is given in table 9.5.

For late payment of regular payments for goods purchased in installments from buyers or from enterprises (institutions, organizations) where they work (study), a penalty is charged in the amount specified in the contract (but not more than 1/365 of the established annual interest rate on the loan from the overdue amount for each day of delay).

19.03.2011


Accounting for basic operations and features of retail business

General principles of trade accounting. Accounting for posting goods. Accounting for the sale of goods by various forms of payment. Accounting for the return of goods, depreciation of inventories at the end of the reporting period. Accounting for costs associated with trading activities. Commission trade accounting

General principles of trade accounting

Retail turnover is the proceeds from the sale directly to the public of consumer goods for personal consumption both in cash and by non-cash payment, as well as the proceeds from the sale of goods of own production purchased on the side or received by barter.

Wholesale and sales enterprises and warehouses can use purchase or sale prices to account for goods. Only retail prices can be applied in retail trade and catering establishments.

Purchased goods are credited to the balance sheet of the enterprise at cost. A significant part of the costs according to PBU 9, increases the initial cost of purchased goods. These are the costs of loading and unloading, transportation of goods, insurance of risks of transportation of goods, payment for information, brokerage and other similar services in connection with the search and purchase of goods. The retail sale method is used to estimate the disposal of inventories of retailers. The cost of goods sold is defined as the difference between the selling (retail value) of goods sold and the amount of trade margin on these goods.

In retail, in most cases, the transfer of risks and rewards of ownership of the goods coincides with the transfer of legal ownership at the time of release of goods to buyers. In the case of sale of goods in installments of the final settlement, the income is reflected in the accounting after the buyer makes the last installment.

Commission fee is a payment for intermediary services of a commission agent for the sale of goods received from the principal under the commission agreement. As the commission agent does not sell its own stocks, but provides sales services, sub-account 703 “Income from the sale of works and services” should be used to account for the income of the commission agent.

Accounting for posting goods

The method of accounting for the receipt of goods in retail trade is shown in table 1.

To display the transport and procurement costs (TCC), one of the following methods is selected:

inclusion in the cost of purchased goods (“direct method”); taking them into account on a separate sub-account with the total amount with subsequent distribution at the end of the month between the value of the balance of goods and the value of goods sold (conditionally – “distribution method”).

Table 1. Correspondence of accounts of accounting of accounting of the goods.

No. s / n

 

Contents of operations

Accounting records

Dt

Kt

1. Receipt of goods from Ukrainian suppliers with subsequent payment

one.

Accounted for at purchase prices in the warehouse of the retail enterprise:

- cargo

- container

 

281

 

631

284

631

2.

The amount of VAT tax credit in the presence of a tax invoice is reflected

641 (644)

631

3.

Settlements with suppliers by non-cash payment were made

631

311

2. Receipt of goods from Ukrainian suppliers with prepayment

a) when using account 371 “Settlements on advances issued” to account for prepayment

four.

Prepay payment to suppliers is transferred from the current account

371

311

five.

The amount of VAT tax credit in the presence of a tax invoice is reflected

641

644

6.

Accounted for at purchase prices in the warehouse of the retail enterprise:

- cargo

- container

 

281

 

631

284

631

7.

The amount of VAT accounted for in the tax credit on the date of payment is reflected

644

631

8.

The previously listed advance is credited

631

371

b) without the use of account 371 “Settlements on advances issued”

9.

Prepay payment to suppliers is transferred from the current account

631 *

311

ten.

The amount of VAT tax credit in the presence of a tax invoice is reflected

641

644

eleven.

Goods and containers are posted

281

284

631

631

12.

The amount of VAT is displayed

644

631

3. Receipt of goods from enterprises that are not VAT payers, including from single tax payers at the rate of 10%

thirteen.

Accounted for at purchase prices in the warehouse of the retail enterprise:

- cargo

- container

 

281

 

631

284

631

4. Purchase of goods for cash

14.

Issued cash cash sub-report on the purchase of goods (the amount of cash payment of one enterprise to another enterprise (individual – business entity) should not exceed 3 thousand UAH in one day

 

372

 

301

15.

Accounted for at purchase prices in the warehouse of the retail enterprise:

- cargo

- container

 

281

 

372

284

372

16.

The amount of VAT tax credit in the presence of a tax invoice is reflected

641

372

5. Purchase of goods for import

17.

Goods are posted at the invoice value in the warehouse of the retail trade enterprise:

281

632

eighteen.

Duty is displayed

281

377

19.

Customs duties are displayed

281

377

20.

The excise duty on excisable goods is reflected

281

377

21.

The VAT paid at the moment of customs clearance of goods is reflected

In case of registration of the tax bill the following records are made:

- issuance of a promissory note

- redemption of the bill

- inclusion of the promissory note amount in the tax credit

 

641

 

377

 

643

621

 

621

643

621

641

641

311

6. Reflection of actual costs of purchasing goods as part of the initial cost (except for amounts paid to suppliers and taxes specified in paragraph 5)

22.

The received loading and unloading services are reflected

281

631

23.

Insurance of risks of transportation of stocks is reflected

281

655

24.

Expenses for procurement, forwarding services, transportation of goods to the place of their storage, carried out by third-party enterprises are reflected

281

631

25.

Costs for transportation of goods by own transport at the cost of transportation, which include:

 

 

- cost of fuels and lubricants

281

203

- payment for maintenance of vehicles by third parties

281

631

- costs of drivers’ salaries and social security contributions

281

661, 651, 652, 653

- depreciation of vehicles

281

131

- the cost of repairing your own vehicle

281

631, 661, 201

- the cost of materials used to equip vehicles, their insulation or cooling

281

201

- costs associated with parking and parking *

281

372,631

 

26.

Direct remuneration of persons engaged in the purchase of goods was accrued, and deductions for social activities were made

281

661, 651, 652, 653

Comments are closed.