Accounting from the agent - Accounting financial accounting...

Agent Accounting

Example 6.10. Contract for the purchase of goods

LLC Success (principal) concluded an agency agreement with ZAO "Vostok" (agent), under which the latter undertakes to purchase goods for the principal and pay for the services of the transport company to deliver the purchased goods to the principal's warehouse. According to the agreement, agency fees amount to 5% of the value of goods and services received on behalf of the principal (VAT included). In this case, the reward can be withheld by the agent from the amounts due for return to the principal, after the approval of the agent's report. As for future expenses, the principal transferred the agent 500 000 rubles.

After the expiry of the time period stipulated in the contract, the agent submitted a report to the principal, specifying in it the following costs incurred:

1) payment to the supplier of the goods under the delivery agreement for the amount of 428 000 rubles.

2) payment of transportation company services in the amount of 59 000 rubles. (including VAT - 9000 rub.).

The agent's own costs related to the intermediary activity (accounted for in Account 44, "Sales Costs"), for the period under review amounted to 20,000 rubles.

In accounting, these operations are reflected in the following records.

March 11, 2014:

DEBIT 51 Settlement accounts - CREDIT 76 "Settlements with different debtors and creditors"; Sub-account Settlements with principal on committed obligations - 500 000 rubles. - funds received from the principal for execution of the contract (primary document - bank statement on the settlement account).

March 13, 2014:.

DEBIT 60 "Settlements with suppliers and contractors" - CREDIT 51 & "Settlement bills - 428 000 rubles. - the advance payment for the goods was transferred to the supplier under the signed contract (the primary document is the bank statement on the settlement account);

DEBIT 76 "Settlements with different debtors and creditors" "Subaccount" Calculations with suppliers and contractors within the framework of an agency contract " - CREDIT 51 & "Settlement bills - 59 000 rubles. - the advance payment of the transport company for transportation of the goods under the signed contract (the primary document - bank statement on the settlement account) is listed.

March 24, 2014:.

DEBIT 76 "Settlements with different debtors and creditors" "Subaccount" Calculations with suppliers and contractors within the framework of an agency contract " - CREDIT 60 "Settlements with suppliers and contractors - 428 000 rubles. - the supplier shipped the goods to the principal (the primary document is the shipping documents).

March 31, 2014:.

DEBIT 76 "Settlements with different debtors and creditors" Sub-account Settlements with principal on committed obligations - CREDIT 76 "Settlements with different debtors and creditors"; "Subaccount" Calculations with suppliers and contractors within the framework of an agency contract " - 487 000 rubles. - the agent provided the principal with a report on the performance of the assigned obligations (the primary document is the agent's report);

DEBIT 62 "Settlements with buyers and customers" - CREDIT 90 Sales sub-account Revenue - 25 960 rubles. - the remuneration charged to the agent (primary document - agent report);

DEBIT 90 Sales subaccount VAT - CREDIT 68 "Calculations on Taxes and Duties" Sub-account Calculations but VAT - 3960 rubles. - VAT accrued on remuneration (primary document - invoice);

DEBIT 76 "Settlements with different debtors and creditors" Sub-account Settlements with principal on committed obligations - CREDIT 62 "Settlements with buyers and customers" - 13 000 rubles. - the amount remaining from the advance of the principal is credited to the agent's remuneration (the primary document is the accounting reference);

DEBIT 90 Sales sub-account Sales costs - CREDIT 44 "Sales costs - 20 000 rubles. - the own expenses of the agent are written off to the cost of sales (the primary document is the accounting reference);

DEBIT 90 Sales Sub-account Profit/loss from sales - CREDIT 99 "Profit and Loss" - 2000 rubles. - the financial result from the agency contract is determined (the primary document is the accounting reference);

DEBIT 51 Settlement accounts - CREDIT 62 "Settlements with buyers and customers" - 11 350 rubles. - the principal transferred the remaining amount of commission to the agent (the primary document is the bank statement on the settlement account).

Also We Can Offer!

Other services that we offer

If you don’t see the necessary subject, paper type, or topic in our list of available services and examples, don’t worry! We have a number of other academic disciplines to suit the needs of anyone who visits this website looking for help.

How to ...

We made your life easier with putting together a big number of articles and guidelines on how to plan and write different types of assignments (Essay, Research Paper, Dissertation etc)