One of the main tasks of the organization is making a profit. However, the financial result of the enterprise is not always positive. Accounting financial results and the use of profits allows the organization to monitor current activities and plan further work.
Each organization sums up the results of its activities for internal control. Such totals are called financial results. It can be positive or negative. The positive result is also called the profit of the enterprise. It arises in a situation where income exceeds expenses. In other words, the organization works "in a plus". Profit as a whole signals the effectiveness of activities, but if you analyze its dynamics (statistics for several years), you can identify an increase or decrease in its size, which indicates the effectiveness of work.
A loss appears in a situation where income does not cover expenses and the company is operating “in the red”. The emergence of this indicator is a wake-up call for management, talking about inefficiency and requiring action to improve performance.
The accounting of financial results and the use of profits is necessary to control the activities of the company, tactical and strategic planning, as well as for external users who can use it to make a decision on investing money by investors or on issuing a loan by a banking organization. Accounting provides data for analyzing the results of work.
There are several accounts for the accounting of the results of activities, and their application depends on the activity from which income is received and expenses are incurred. Income and expenses are divided into two groups:
The activities prescribed in the constituent documents and characteristic of the organization are normal. To account for financial results from ordinary activities, account 90 and subaccounts to it are used. Profit or loss from ordinary activities is recorded:
Other activities include those that are not typical of the firm. They can be called incidental income or expenses, since the organization did not originally plan to bear these expenses or receive such income.
Other income includes:
Other expenses are understood as:
To account for other income and expenses, account 91 and subaccounts to it are provided. Profit or loss from other activities is recorded:
The final financial result is determined at the end of the year and is reflected in accounts 99 and 84:
Profit is an excellent result of the firm's performance. But getting it is not enough for further growth. In this regard, it is necessary to take into account rational use arrived. Net profit is reflected in account 84 and arises after the payment of income tax. Subsequently, the net profit is distributed. The directions of net profit are determined by the management, they include:
The financial result of the economic activity of the enterprise is determined by the indicator of profit or loss formed during the calendar (economic) year.
The financial result is the difference between the amounts of income and expenses of the company. The excess of income over expenses means an increase in the property of the enterprise - profit, and the excess of expenses over income means a loss. The financial result obtained by the company for the reporting year in the form of profit or loss, respectively, leads to an increase or decrease in the company's equity capital.
The accounting regulations “Income of the organization” (PBU 9/99) and “Expenses of the organization” (PBU 10/99), approved by Orders of the Ministry of Finance of Russia dated 06.05.1999 No. 32n and No. 33n, respectively (with amendments and additions), recognize an increase in income , and expenses - a decrease in economic benefits as a result of the receipt or disposal of assets, as well as the extinguishment or occurrence of liabilities, leading to corresponding changes in the capital of the enterprise. In these regulations the grouping of income and expenses is given to reflect them in accounting and reporting, their definition and the procedure for recognition in accounting are given.
According to PBU 10/99 (clause 16), expenses are recognized in accounting if the following conditions are met:
The expense is made in accordance with a specific contract, the requirement of legislative and regulatory acts, business customs;
The amount of expense can be determined;
There is confidence that as a result of a particular transaction there will be a decrease in the economic benefits of the organization. There is assurance that a particular transaction will result in a decrease in the economic benefits of the entity when the entity has transferred the asset, or there is no uncertainty about the transfer of the asset.
If in respect of any expenses incurred by the organization, at least one of the above conditions has not been fulfilled, then the accounts receivable are recognized in the accounting of the organization.
Depreciation is recognized as an expense based on the amount of depreciation, determined based on the cost of the depreciable assets, the term useful use and the methods adopted by the organization for calculating depreciation.
Expenses are subject to recognition in accounting, regardless of the intention to receive revenue, operating or other income and from the form of the expense (cash, in-kind and other).
Expenses are recognized if reporting period, in which they took place, regardless of the time of the actual payment of funds and other form of implementation (the assumption of the temporal certainty of the facts of economic activity).
Expenses are recognized in the income statement:
Taking into account the relationship between the expenses incurred and receipts (correspondence of income and expenses);
By reasonably distributing them between reporting periods, when expenses determine the receipt of income over several reporting periods and when the relationship between income and expenses cannot be clearly determined or is determined indirectly;
For expenses recognized in the reporting period, when it becomes certain that they do not receive economic benefits (income) or receive assets;
Regardless of how they are taken for the purposes of calculating the taxable base;
When liabilities arise that are not contingent upon the recognition of the related assets.
According to PBU 9/99, expenses from ordinary activities are revenue from the sale of products and goods, receipts associated with the performance of work, the provision of services (hereinafter referred to as revenue).
Revenue is recognized in accounting if the following conditions are met (clause 12 of PBU 9/99):
a) the organization has the right to receive this proceeds arising from a specific contract or otherwise confirmed in an appropriate way;
b) the amount of revenue can be determined;
c) there is confidence that as a result of a particular operation, there will be an increase in the economic benefits of the organization. The assurance that as a result of a particular transaction there will be an increase in the economic benefits of the organization exists in the case when the organization received an asset in payment or there is no uncertainty about the receipt of the asset;
d) the right of ownership (possession, use and disposal) to the product (goods) has passed from the organization to the buyer or the work is accepted by the customer (the service is provided);
e) the costs that will be incurred or will be incurred in connection with this operation can be determined.
If in respect of monetary funds and other assets received by the organization in payment, at least one of the above conditions has not been fulfilled, then the accounts payable, and not the proceeds, are recognized in the accounting of the organization.
An organization may recognize in accounting revenue from the performance of work, the provision of services, the sale of products with a long production cycle as soon as the work, service, product is ready or upon completion of the work, the provision of the service, or the manufacture of products in general.
Revenue from the performance of a specific work, the provision of a specific service, the sale of a specific product is recognized in accounting as soon as it is ready, if it is possible to determine the readiness of the work, service, product.
With respect to different in nature and conditions of performance of work, provision of services, manufacture of products, the organization can apply in one reporting period at the same time different ways revenue recognition provided for in clause 13 of PBU 9/99.
If the amount of proceeds from the sale of products, the performance of work, the provision of services cannot be determined, then it is accepted for accounting in the amount of the expenses recognized in accounting for the manufacture of these products, the performance of this work, the provision of this service, which will subsequently be reimbursed to the organization.
The financial result of the economic activity of the enterprise is formed from two of its terms, the main of which is the result obtained from the sale of products, goods, works and services, as well as from business transactions that are the subject of the enterprise's activities, such as the lease of fixed assets, transfer in the paid use of intellectual property objects and investment in the authorized capital of other enterprises.
The second part in the form of income and expenses not directly related to the formation of the main realized financial result (financial result from sales), forms other financial result, including operating and non-operating income and expenses. If during the reporting period the enterprise made a profit from the sale of products, goods, works, services and other operations that constitute the subject of its activity, then its entire financial result will be equal to the profit from sales plus other income minus other expenses. If the organization receives a loss on sales, then its total financial result will be equal to the sum of the loss on sales plus other expenses minus other income.
The overall financial result obtained in this way is adjusted for the amount of losses, expenses and income in connection with the extraordinary circumstances of the economic activity of the enterprise.
The realized financial result is determined at the end of each reporting period. If the financial result is profit, then it is reflected in the credit of account 99 "Profits and losses" in correspondence with the debit of account 90 "Sales". If the result of the company's activities is a loss, then it is reflected in the debit of account 99 "Profits and losses" in correspondence with the credit of account 90 "Sales".
Other income and expenses included in the overall financial result of the organization are reflected in accounting separately from the financial result from sales on account 91 "Other income and expenses" by means of a "detailed" reflection of certain items of income and expenses during the reporting period.
V financial statements income statement may be shown net of the corresponding expenses attributable to these income, where it is provided or not prohibited by the rules accounting or if selected articles income and related similar items of expenses are not material for the characteristic financial situation organizations.
Other income is reflected in the credit of account 91 "Other income and expenses" in correspondence with the debit of accounts for the accounting of funds, settlements, inventories and other relevant accounts.
Analytical accounting for account 91 "Other income and expenses" is kept for each type of other income and expenses. At the same time, the construction of analytical accounting for other income and expenses related to the same financial or business transaction should ensure the ability to identify the financial result for each transaction.
It should be borne in mind that entries on accounts 90 and 91 are made on an accumulative basis from the beginning of the reporting year so as to ensure the formation of the necessary information for drawing up a profit and loss statement (Form No. 2).
The balanced result of account 91 "Other income and expenses" in the form of profit and loss is monthly written off, like the balance of account 90 "Sales", to the final accumulative account of financial results 99 "Profits and losses": the balance in the form of profit - to the credit of account 99 s the debit of account 91, the balance in the form of losses - to the debit of account 99 from the credit of account 91.
Extraordinary income and expenses are reflected directly on account 91 "Other income and expenses": income - on credit, expenses - on debit in correspondence with the corresponding accounts for accounting for monetary funds, inventories, settlements, etc.
On account 99, at the end of the first quarter, the interim financial result for the first quarter is revealed, at the end of the second quarter - for the first half of the year, at the end of the third quarter - for 9 months of the year and at the end of the fourth quarter - the final financial result for the entire reporting period.
The information structure of account 99 "Profits and losses" for the formation of the final financial result must ensure the receipt of:
1) systematic reliable information on accounting profit - an indicator necessary to determine the taxable base for income tax by making appropriate tax adjustments to accounting profit;
2) information on the formation of the final indicator of net retained earnings that comes to the disposal of the founders (participants) of the enterprise for distribution at the end of the economic and financial year and is transferred in December of the reporting year to account 84 "Retained earnings (uncovered loss)".
In the system of accounts, reflecting the financial results of the enterprise for the reporting year, all the necessary information about the indicators contained in the financial statements of profit and loss (Form No. 2) must be formed.
Analytical data on all accounts of this group participate as turnovers and balances in the formation of indicators of the profit and loss statement for the reporting year.
At the end of the calendar year, the final calculation of the amount of income tax due to the budget at the established tax rate is made, as a matter of priority, from the amount of the actual accounting profit received by the company for the reporting year. In this case, the amount of taxable profit differs from the accounting profit of the enterprise by the amount of those positive and negative adjustments that are established Tax Code Russian Federation on income taxation.
A complete list of all adjustments to the reported profit to the taxable level is given in the form of a certificate attached to the tax declaration for calculating tax from actual profit.
Due to the fact that the profit indicator in the current quarterly reporting does not represent the final financial result, the current payments of income tax calculated on a quarterly basis, as well as intra-quarter payments, are of an advance nature. This current (in fact, advance) distribution of profits is now reflected during the year on the debit of account 99 "Profits and losses" in correspondence with the credit of account 68 "Calculations of taxes and fees".
The amount remaining after deducting the tax accrued from the profit is called net profit, which does not correspond to international accounting practice. In foreign literature, this term has a different meaning, it means the balanced result of comparing all the income and expenses of the enterprise, i.e. the entire financial result.
With the convergence of Russian accounting practice with international accounting and reporting standards, the concept of net profit as remaining at the disposal of the enterprise practically ceased to exist. Its place was taken by a new concept - “retained earnings of the reporting year”. This part of the profit is now managed by the enterprise after the completion of the process of its formation. From the net profit, the enterprise (both before and now) reimburses payments under the sanctions of the relevant authorities for non-compliance with tax rules and the payment of similar mandatory payments to social state extra-budgetary funds (pension fund, social and health insurance funds).
These expenses are reflected in accounting as they are accrued by a record:
Debit account 99 "Profit and loss"
Credit account 68 "Calculations of taxes and fees",
Credit account 69 "Settlements for social insurance and security."
From the accounting profit, the enterprise, as a matter of priority, reimburses the costs of paying current payments for income tax, current payments of taxes to the local budget paid from net profit, as well as fines covered by net profit, penalties for non-compliance with tax rules and violation of the procedure for settlements with state off-budget social funds, payments to which are equal to tax payments.
The amount of accounting profit received after deducting the listed operating expenses is retained, i.e. the net profit at the disposal of the founders of the enterprise for its use after the approval of the results of production and financial activities for the past reporting year. In accordance with clause 83 of the Regulations on accounting and financial reporting in the Russian Federation in the balance sheet, the financial result of the reporting period is reflected as retained earnings (uncovered loss), i.e. the final financial result revealed for the reporting period, less taxes due from profits established in accordance with the legislation of the Russian Federation and other similar mandatory payments, including sanctions for non-compliance with tax rules.
In the current financial statements, the financial result is defined as the balance of account 99 “Profits and losses”. In the annual financial statements, this indicator is reflected after the reformation of the balance made in December according to the data on the balance of account 84 "Retained earnings (uncovered loss)", subaccount 1 "Retained earnings (loss) of the reporting year", while the corresponding balance on account 99 in the form profit or loss is transferred to account 84, subaccount 1 "Retained earnings (loss) of the reporting year". Retained earnings are credited to sub-account 84-1, and uncovered loss is credited to the debit of the same sub-account.
In order to identify whether the organization has a profit or a loss has been received at the end of the reporting period, it is necessary to determine the financial result. In the article we will tell you in detail what the concept of "financial result" means, what is the method of determining it and what transactions it is reflected in the accounting.
The financial result is understood as an indicator that characterizes the results of the enterprise's activities, namely, a profit is received or a loss is incurred. The period for determining the financial result is a calendar month.
The value of the financial result is influenced by such indicators as the value, income from non-sale transactions, as well as expenses incurred in connection with the manufacture, purchase and sale of products.
The financial result is defined as the difference between the profit from the sold products (goods, services, works) and the costs of its production (purchase). Also, the indicator of the financial result is revealed minus taxes and fees that are payable to the budget, as well as costs associated with the sale (delivery of goods to retail network, salaries to sellers, storage costs, etc.).
To identify the value of the financial result in accounting, data analysis is performed:
The financial result is determined by closing the reporting period (month). To do this, the balances of accounts 90 and 91 are rolled up. With this operation, the accountant identifies overall result from the main activities (account "Sales") and from other operations (account "Other income and expenses").
The procedure for reflecting the financial result includes the following stages:
Financial performance indicators are cumulative in nature, its value for the reporting period is summed up with the values for the previous months (quarters).
LLC "Flagman" at the end of February 2016 sold products (ceramic dishes) in the amount of 951,000 rubles, VAT 145,068 rubles. at a cost of 674,000 rubles. The costs for the sale of dishes amounted to 34,300 rubles. As of .02.2016, the payment proceeds amounted to RUB 911,000, VAT RUB 138,966.
Let's say the transfer of ownership of the goods passes to the buyer at the time of shipment.
The accountant of LLC "Flagman" will reflect the transactions in the accounting in the following way:
| Dt | CT | Description | Sum | Document |
| 62 | 90 | Reflected revenue from the sale of ceramic dishes | RUB 951,000 | Packing list |
| 90 | 68 VAT | VAT included | RUB 145,068 | Packing list |
| 90 | RUB 674,000 | Costing | ||
| 90 | 44 | RUB 34,300 | Expense report | |
| 62 | RUB 911,000 | Bank statement | ||
| 90 | 99 | The financial result for February 2016 (profit) 951,000 rubles was taken into account. - 145,068 rubles. - 674,000 rubles. - 34 300 rubles. | RUB 97 632 |
Let's change the conditions: the buyer receives the ownership of the goods at the time of payment. Let's also assume that selling expenses are to be written off against the cost of goods sold in February 2016.
Under the changed conditions, the accounting of the operation to reflect the financial result of LLC "Flagman" will look like this:
| Dt | CT | Description | Sum | Document |
| 45 | Reflected the cost of ceramic dishes | RUB 674,000 | Costing | |
| 62 | Crediting of the received payment for the sale of ceramic dishes | RUB 911,000 | Bank statement | |
| 62 | 90 | Recognized revenue from sales | RUB 911,000 | |
| 90 | 68 VAT | VAT included | RUB 138,966 | Bank statement, consignment note |
| 90 | 45 | Reflected the cost of ceramic ware, the amount from the sale of which was recognized in the accounting (674,000 rubles * 911,000 rubles / 951,000 rubles) | RUB 645 650 | Costing, bank statement, invoice |
| 90 | 44 | Reflected implementation costs | RUB 34,300 | Expense report |
| 90 | 99 | The financial result for February 2016 (profit) RUB 911,000 was taken into account. - RUB 138,966 - 645 650 rubles. - 34 300 rubles. | RUB 92,084 | Balance sheet, statement of financial results |
The final operation for the reporting period in accounting is the determination of the financial result, the size of which always depends on the viability of the company. In a mathematical sense, it is represented by the result obtained from the difference between the income and costs of the firm, and can be either a positive value, that is, profit, or negative, that is, a loss. Let's figure out how the financial result is calculated in practice.
This indicator depends on the volume of sales of goods / services, the productivity of the firm's property, income from transactions not related to sales and many other indicators. The financial result can be expressed as follows: the company receives either income or loss. Therefore, the activities of the enterprise are considered as:
However, they begin to analyze the activities of the company, having already received the results of the work. We will consider how to calculate the financial result.
The result of the firm's work in the period under review is displayed as revenue from the sale of the manufactured product, and the final financial result as profit and net profit. It is on the size of net profit, which is the final result, that the economist is guided by. The calculation is carried out in stages, since profit is an ambiguous concept and there are several types of it:
Coming to the calculation, the accountant operates with the following formulas:
The calculation involves the accounts of sales (90), other income and expenses (91). The accountant makes monthly calculations of the total values, summarizing the turnovers on these accounts and transferring them to the effective profit and loss account - 99.
Account 90 is used to account for the results obtained from the main activities of the company. All transactions are generated on it for certain subaccounts. The proceeds are accumulated on the credit account. 90/01. This amount is reduced by the generalized costs:
The results of the calculations are displayed on subaccount 90.09. At the close of the monthly period, the amount is correlated with the account. 99, and at the end of the year, the entire account is reset to zero.
Accounting of the results obtained by the company from other activities is carried out on the account. 91. Similar incomes are accumulated on K-that account. 91/01. For example, it can be:
On the D-that count. 91/02 fixes other non-production costs: fines, penalties, taxes, penalties paid to counterparties and other costs assessed by regulatory authorities.
At the end of the month, the result from the listed operations is calculated and displayed on the 91/09 subaccount, and then correlated with the account. 99 count. At the end of the year, the account is closed.
On account 99 net profit is calculated as the final total for all activities for the year. For K / that accounts reflect profit, for D / that - total loss. In addition, account 99 is used to reflect extraordinary income and expenses, as well as tax sanctions and income tax.
Aggregated data are generated monthly per account. 99. By comparing its turnovers, the amount of profit or loss is calculated, that is, the financial result. The credit balance reflects the amount of profit, and the debit balance reflects the loss. At the end of the year, the calculated account balance. 99 is transferred to the retained earnings account - 84, and all specified accounts (90.91.99) are closed. This operation is called balance reformation.
The main accounting entries will be as follows:
|
Operations |
||
|
From the main activity of the company: |
||
|
profit made |
||
|
loss occurred |
||
|
From other operations: |
||
|
profit made |
||
|
loss occurred |
||
|
At the end of the year, with the reformation of the balance, the result is displayed: |
||
|
net profit |
||
|
net loss |
The procedure for maintaining accounting of financial results is a sequence of formation in accounting registers, by reflecting a double entry of business transactions. In the Federal Law No. 129-FZ dated November 21, 1996 "On accounting", the profit (loss) of the organization is defined as - the accounting profit (loss) is the final financial result (profit or loss) revealed for the reporting period on the basis of the accounting of all business operations of the organization and assessment of items balance sheet.
Profit or loss identified in the reporting year, but related to the operations of previous years, are included in the financial results of the organization for the reporting year.
Income received in the reporting period, but related to the following reporting periods, is reflected in the balance sheet as a separate item as deferred income. These incomes are to be charged to the financial results of the commercial organization at the beginning of the reporting period to which they relate.
In the event of the sale and other disposal of the organization's property (fixed assets, stocks, securities, etc.), the loss or income from commercial organizations is charged to the financial result.
In the balance sheet, the financial result of the reporting period is reflected as retained earnings (uncovered loss), that is, the final financial result revealed for the reporting period, minus the obligatory payments due from profit established in accordance with the legislation, including sanctions, for non-compliance with tax rules ...
The subject of accounting for financial results is the financial and economic activity of economic entities, which consists in the execution of business contracts. Contractual relations, depending on the subject composition and subject, increase or decrease economic benefits, the difference between economic benefits, and there is a financial result - profit or loss.
The financial result is the end result, the goal of the enterprise. The procedure for its formation is presented in the form No. 2 of the "Profit and loss statement".
The profit and loss statement in accordance with PBU 4/99 "Financial statements of the organization" should characterize the financial results of the organization for the reporting period.
In accordance with PBU 9/99, “the income of an organization is recognized as an increase in economic benefits as a result of the receipt of assets (cash, other property) and (or) the repayment of liabilities, leading to an increase in the capital of this organization, with the exception of contributions from participants (property owners).
Receipts from other legal and individuals:
The income of the organization, depending on their nature, the conditions for receiving and the direction of the organization's activities, are subdivided:
Income from ordinary activities is revenue from the sale of products and goods, receipts associated with the performance of work, the provision of services. Income from ordinary activities is reflected in account 90 "Sales".
In organizations whose subject of activity is the provision for a fee for temporary use of their assets under a lease agreement, the provision for a fee of rights arising from patents for inventions, industrial designs and other types of intellectual property, participation in the authorized capital of other organizations, proceeds are considered income, receipt which is associated with the specified type of activity. Income received by the organization from these types of activities, when it is not the subject of the organization's activities, are classified as other income.
The above classification of income is given on the basis of PBU 9/99 "Income of the organization".
Recognition of income.
In accordance with PBU 9/99, revenue is recognized in accounting under the following conditions:
If in respect of monetary funds or other assets received by the organization in payment, at least one of the above requirements has not been fulfilled, then the accounting recognizes not revenue, but accounts payable.
Revenue from the performance of work, the provision of services, the sale of products with a long production cycle can be recognized as soon as the service, product is ready, or upon completion of the work, the provision of the service, or the manufacture of the product as a whole.
If the amount of revenue cannot be determined, then it is taken into account in the amount of the recognized expenses for the manufacture of these products, the performance of work, the provision of services, which will subsequently be reimbursed to the organization.
Other receipts are recognized in accounting in the following order:
Accounting for financial results from the sale of products (works, services)
Organizations receive the bulk of their profits from the sale of products, goods, works and services. Profit from the sale of products is determined as the difference between the proceeds from the sale of goods, products (works, services) in current prices excluding VAT and excise taxes, export duties and other deductions provided for by the legislation of the Russian Federation, and the costs of its production and sale.
In accordance with clause 9 of PBU 4/99, changes in the adopted content and form of the balance sheet, profit and loss statement and explanations are allowed in exceptional cases, for example, when the type of activity is changed. The organization should ensure that the justification for each such change is justified and should be disclosed in the explanatory note to the report.
The financial result from the sale of goods (works, services) is determined by account 90 "Sales", which is designed to summarize information about income and expenses associated with the ordinary activities of the organization, as well as to determine the financial result for them. This account reflects, in particular, revenue and cost of the main activities. When recognized in accounting, proceeds from the sale of goods, products, performance of work, provision of services, are reflected in the credit of account 90 "Sales" and the debit of account 62 "Settlements with buyers and customers". At the same time, the cost of goods, products, works, services sold are debited from the credit of accounts 43 “Finished products”, 44 “Sales costs”, 20 “Main production”, etc. to the debit of account 90 “Sales”.
Sub-accounts can be opened to account 90 "Sales":
Subaccount 90-9 "Profit / loss from sales" is designed to identify the financial result (profit or loss) from sales for the reporting month. Entries on subaccounts 90-1 "Revenue", 90-2 "Cost of sales", 90-3 "Value added tax (hereinafter referred to as VAT)", 90-4 "Excise" are made cumulatively during the reporting year. Monthly comparison of the aggregate debit and credit turnover on sub-accounts 90-2 "Cost of sales", 90-3 "VAT", 90-4 "Excise" and credit on sub-account 90-1 "Revenue" determines the financial result (profit or loss from sales) for the reporting month. This financial result is written off monthly (final turnovers) from subaccount 90-9 "Profit / loss from sales" to account 99 "Profits and losses". Thus, the synthetic account 90 "Sales" has no balance at the reporting date.
At the end of the reporting year, all sub-accounts opened to account 90 “Sales” (except for sub-account 90-9 “Profit / loss from sales”) are closed by internal records to sub-account 90-9 “Profit / loss from sales”.
Analytical accounting for account 90 "Sales" is maintained for each type of goods sold, products, work performed, services rendered, etc.
For the accounting of other income and expenses of the reporting period, account 91 "Other income and expenses" is intended.
On the credit of account 91 "Other income and expenses" during the reporting period, the following are reflected:
The debit of account 91 "Other income and expenses" during the reporting period is reflected:
Sub-accounts can be opened to account 91 "Other income and expenses":
Sub-account 91-9 "Balance of other income and expenses" is designed to identify the balance of other income and expenses for the reporting month.
Entries on sub-accounts 91-1 "Other income" and 91-2 "Other expenses" are made cumulatively during the reporting year. Monthly comparison of debit and credit turnover on subaccount 91-2 “Other expenses” and credit turnover “Other income” determines the balance of other income and expenses for the reporting month. This balance is written off monthly (final turnovers) from subaccount 91-9 "Balance of other income and expenses" to account 99 "Profits and losses". Thus, the synthetic account 91 "Other income and expenses" has no balance at the reporting date.
At the end of the reporting year, all sub-accounts opened to account 91 “Other income and expenses” (except for sub-account 91-9 “Balance of other income and expenses”) are closed by internal records to sub-account 91-9 “Balance of other income and expenses”.
Analytical accounting for account 91 "Other income and expense" is maintained for each type of other income and expense. At the same time, the construction of analytical accounting for other income and expenses related to the same financial, business transaction should ensure the ability to identify the financial result for each transaction.
Accounting for shortages and losses from damage to valuables is reflected on account 94 "Shortages and losses from damage to valuables", which summarizes information on the amounts of shortages and losses from damage to material and other valuables (including cash) identified in the process of their procurement, storage and sale , regardless of whether they are subject to attribution to the accounts of accounting for production costs (sales costs) or the perpetrators.
The debit of account 94 "Shortages and losses from damage to valuables" reflects missing or completely spoiled inventory items - at their actual cost;
For missing or completely damaged fixed assets - their residual value (initial cost less the amount of accrued depreciation). For shortages and damage to values, records are made on the debit of account 94 "Shortages and losses from damage to values" from the credit of the accounting accounts of the named values.
On the credit of account 94 "Shortages and losses from damage to valuables", the amounts are reflected in the amounts and values recorded on the debit of the specified account ...
Expenses recorded on account 97 "Deferred expenses" are written off to the debit of accounts 20 "Main production", 23 "Auxiliary production", 25 "General production expenses", 26 "General expenses", 44 "Sales expenses".
Analytical accounting for account 97 "Deferred expenses" is carried out by type of expenses.
Accounting for deferred income is carried out on account 98 "Deferred income", it is intended to summarize information on income received (accrued) in the reporting period, but related to future reporting periods, as well as forthcoming receipts of arrears for shortages identified in the reporting year for previous years, and the differences between the amount to be recovered from the guilty persons, and the value of the valuables accepted for accounting when deficiencies and damage are detected.
Sub-accounts can be opened to account 98 "Deferred income":
Subaccount 98-1 "Income received in future periods" takes into account the movement of income received in the reporting period, but relating to future reporting periods: rent or apartment rent, payment for public Utilities, revenue for freight traffic, for the carriage of passengers on monthly and quarterly tickets, subscription fees for the use of communications, etc.
On the credit of account 98 "Deferred income" in correspondence with accounts for accounting for cash or settlements with debtors and creditors, the amount of income related to future reporting periods is reflected, and on debit - the amount of income transferred to the corresponding accounts at the beginning of the reporting period, to which these incomes are attributed.
Analytical accounting for subaccount 98-1 "Income received in future periods" is maintained for each type of income.
Subaccount 98-2 "Gratuitous receipts" takes into account the value of assets received by the organization free of charge.
On the credit of account 98 "Deferred income" in correspondence with accounts 08 "Investments in fixed assets"and others reflect the market value of assets received free of charge, and in correspondence with account 86" Target financing "- the amount of budget funds sent commercial organization to finance costs. The amounts recorded on account 98 "Deferred income" are debited from this account to the credit of account 91 "Other income and expenses":
Analytical accounting for subaccount 98-2 "Gratuitous receipts" is maintained for each gratuitous receipt of values.
On subaccount 98-3 "Upcoming receipts of arrears for shortages identified in previous years", the movement of forthcoming receipts of arrears for shortages identified in the reporting period for past years is taken into account.
The credit of account 98 "Deferred income" in correspondence with account 94 "Shortages and losses from damage to valuables" reflects the amount of shortages of valuables identified for the previous reporting periods (before the reporting year), found guilty, or the amounts awarded to recovery on them by the court. At the same time, these amounts are credited to account 94 "Shortages and losses from damage to valuables" in correspondence with account 73 "Settlements with personnel for other operations" (subaccount "Settlements for compensation for material damage").
As the debt for shortages is repaid, account 73 "Settlements with personnel for other operations" is credited in correspondence with the accounts of funds, while reflecting the amounts received on the credit of account 91 "Other income and expenses" (profits of previous years revealed in the reporting year) and the debit of account 98 "Deferred income".
On subaccount 98-4, "The difference between the amount to be recovered from the guilty persons, and the cost for the shortage of values", the difference between the amount recovered from the guilty persons for the missing material and other values and the cost recorded in the accounting of the organization is taken into account.
On the credit of account 98 "Deferred income" in correspondence with account 73 "Settlements with personnel for other operations" (subaccount "Settlements for compensation for material damage"), the difference between the amount to be recovered from the guilty persons and the cost of missing values is reflected. As the debt recorded on account 73 "Accounts with staff on other transactions" is repaid, the corresponding amounts of the difference are debited from account 98 "Deferred income" to the credit of the account Profit and loss account, reflected on account 99 "Profits and losses".
Account 99 "Profits and Losses" is intended to summarize information on the formation of the final financial result of the organization's activities in the reporting year.
The final financial result (net profit or net loss) is made up of the financial result from ordinary activities, as well as other income and expenses. The debit of account 99 "Profits and losses" reflects the losses (losses, expenses), and the credit - the profits (income) of the organization. Comparison of debit and credit turnovers for the reporting period shows the final financial result of the reporting period.
Account 99 "Profits and Losses" during the reporting year reflects:
At the end of the reporting year, when drawing up the annual financial statements, account 99 "Profits and losses" is closed. In this case, with the final entry in December, the amount of net profit (loss) of the reporting year is debited from account 99 "Profits and losses" on credit (debit) of account 84 "Retained earnings (uncovered loss)".
The construction of analytical accounting for account 99 "Profit and Loss" should provide the formation of the data necessary for drawing up a profit and loss statement.
Accounting for permanent tax liabilities.
In accordance with PBU 18/02 "Accounting for calculations of corporate income tax" permanent tax liabilities are multiplied by the income tax rate, reflected in the debit of account 99 "Profits and losses", subaccount "Permanent tax liability", and the credit of account 68 "Calculations on taxes and fees ", subaccount" Calculations of income tax "
Upon disposal of the assets for which the deferred asset has arisen, the deferred tax assets are written off from the credit of account 09 "Deferred tax assets" to the debit of account 99.
The deferred tax liability upon disposal of the asset or the type of liability for which it was accrued is debited from the debit of account 77 "Deferred tax liabilities" to the credit of account 99 "Profits and losses".
If the organization does not receive any assets for which taxable temporary differences and deferred tax liabilities have arisen, then there is no increase in taxable profit in the reporting period and subsequent reporting periods. The deferred tax liability on such assets is also written off to the credit of account 99 from the debit of account 77.
The amount of the accrued contingent expense (ie the amount of income tax according to accounting data) is reflected in the debit of account 99 "Profits and losses", subaccount "Conditional expenses for income tax", and credit of account 68 "Calculations for income tax" , subaccount "Calculations of income tax". The amount of the accrued contingent income is reflected in the debit of account 68 and the credit of account 99, subaccount "Conditional income".
The accrual of a tax sanction for income tax is reflected in the debit of account 99 and the credit of account 68. Payments for recalculations for income tax are also reflected in accounts 99 and 68.
Let's represent in the form of a table the correspondence of accounts for the accounting of financial results and the use of profit.
Table 5
Correspondence of accounts for financial performance and profit use
The procedure for maintaining accounting of financial results is a sequence of operations for reflecting information in accounting registers and disclosing it in financial statements.
In accordance with the Federal Law on accounting, all business transactions carried out by an organization must be formalized with supporting documents. Organization documents are presented in the form of: organizational and administrative (orders, payment documents, etc.); primary documents drawn up in accordance with the legislation on accounting. All documents of the organization are subject to mandatory storage for at least five years, the process of document movement is formed in the form of a document flow schedule. After the primary accounting documents have entered the accounting department, they are processed. One of the processing elements is the consolidation of the sum data of several documents into one cumulative document, which is called the accounting register. The data from the accounting registers goes to the order journal, then to main book, and then disclosed in the financial statements.
