Tax aspects of finished goods accounting - Accounting financial accounting

Tax Accounting Aspects of Finished Products

For profit tax purposes, organizations can determine the proceeds from the sale of finished goods either by the method of shipment of products (accrual basis) or by the method of payment for shipped products (cash method).

If you select accrual method , revenue is recognized in the reporting (tax) period in which they occurred, regardless of the actual receipt of funds or other property (works, services ) in payment for shipped products.

If you select cash method , revenue is recognized after the funds are deposited into accounts with banks and (or) the cashier or after receipt of other property in payment for shipped products.

At present, for the purposes of profit taxation, one main method of recognizing the proceeds of sales - the accrual method - should be applied. The exclusive right to use the cash method is available only to those organizations that, on average, for four quarters of the reporting year, the amount of proceeds from sales of products without VAT does not exceed 1 million rubles. (excluding VAT) for each quarter.

Thus, for organizations that have adopted in accounting policy for tax purposes the procedure for recognizing income on an accrual basis, the date of receipt of income is recognized as the date of sale of products regardless of the actual receipt of cash and other funds in payment for shipped products, work performed, services rendered.

For organizations that have adopted in the accounting policy for tax purposes the procedure for recognizing income using the method of payment (cash method), the date of receipt of income is the day when funds and (or) other assets are received in payment for the cost of shipped products, work performed, services provided, as well as repayment of debts to the organization in a different way.

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Sales of finished products to customers are subject to VAT. Sales of products (works, services) are reflected at market value, including VAT.

The earliest of the following dates (paragraph 1 of Article 167 of the Tax Code) is the moment of determining the VAT tax base:

- the day of shipment (transfer) of finished goods, goods (works, services), property rights;

- the day of payment, partial payment for the forthcoming deliveries of finished goods, goods (works, services), transfer of property rights.

Thus, for any receipt by the seller (supplier) of payment, partial payment for future deliveries of products, performance of work, rendering of services, he is obliged to charge VAT and pay it to the budget. That is, all organizations have to use only the accrual (shipment) method to determine when to determine the VAT tax base.

From January 1, 2009, the procedure for settlements on advance payments has undergone significant changes. If the organization receives payment amounts, partial payment for future deliveries of products sold in the United States, the organization must present the amount of VAT to the buyer of this product. At the same time, the amount of tax is determined by the calculation method as a percentage of the tax rate (10 or 18%), to the tax base accepted for 100% and increased by the appropriate amount of the tax rate, i.е. tax rates should be applied 10/110 or 18/118.

The tax base does not include payment, partial payment received by the organization for the future delivery of products, which:

- has a production cycle lasting more than six months. For such products, the organization determines the tax base as it is shipped;

- is taxed at a tax rate of 0%;

- ns is subject to taxation.

Let's consider an example of the account of calculations with buyers and customers for the shipped production in the form of advance payments.

Example: In October of this year, the organization received a partial payment in the amount of 295,000 rubles from the buyer for the forthcoming delivery of finished goods.

In November this year, the organization received from the buyer one more partial payment for the forthcoming delivery of products in the amount of 70,800 rubles.

In December of this year, the organization shipped finished products to the buyer for the amount of 365,800 rubles, including VAT - 55,800 rubles.

The cost of shipped products was 250 000 rubles. The costs associated with the sale amounted to 20,000 rubles.

No.

п/п

Content of the operation

Amount

Correspondence

accounts

Debit

Credit

1

2

3

4

5

Operations reflected in October of this year

1

Received prepayment under the delivery agreement

295 000

51

62/2

2

VAT accrued on the amount of partial payment received (295,000 rubles x 18: 18)

45 000

62/2

68/1

3

Transferred to the VAT budget

45 000

68/1

51

Operations reflected in November of the current year

4

Received prepayment under the delivery agreement

70,800

51

62/2

5

VAT accrued on the amount of partial payment received (70,800 x 18: 18)

10 800

62/2

68/1

6

VAT is transferred to the budget

10 800

68/1

51

Operations reflected in December of the current year

7

Sales of products are reflected

365 800

62/1

90/1

8

VAT charged

55 800

90/3

68/1

9

The actual cost price of the sold products is written off

250 000

90/2

43

10

Charges for sales written off

20 000

90/2

44

11

The financial result of the sale is reflected (365 000 - 55 000 - 250 000 - - 20 000)

40 000

90/9

99

12

VAT is deductible

55 800

68/1

62/2

13

Partial payment offset is reflected

365 800

62/2

62/1

14

The income tax was charged (40,000 x 20%: 100%)

8000

99

68/2

15

The income tax is transferred to the budget

8000

68/2

51

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Consider the transactions related to payment, partial payment of products associated with the transfer of advance payment for the forthcoming supply of products, works, services.

On January 1, 2009, the buyer organization transferring the amount of payment, partial payment for future deliveries of products, may present a VAT amount claimed by the seller of this product as a deduction.

The deductions of the VAT amounts claimed by the sellers to the buyer when purchasing the products are made in full after the registration of this product. In this connection, the VAT amounts accepted for deduction by the buyer are subject to recovery in the case of the transfer of the sums of payment by the buyer, partial payment for the forthcoming deliveries of the products. Restoration is subject to tax amounts in the amount previously accepted by the buyer for a deduction in respect of payment, partial payment for the future supply of products.

Example: Using the data of the previous example, we will consider the operations for accounting settlements with suppliers for advances made for the forthcoming supply of products:

No.

п/п

Content of the operation

Amount

Correspondence

accounts

Debit

Credit

1

2

3

4

5

Operations reflected in October of this year

1

The prepayment to the vendor is listed

295 000

60/2

51

2

VAT charged on partial payment amount

45 000

19/4

60/2

3

Approved for VAT deduction

45 000

68/1

19/4

Operations reflected in November of the current year

4

The prepayment to the vendor is listed

70,800

60/2

51

5

VAT charged on partial payment amount

10 800

19/4

60/2

6

Approved for VAT deduction

10 800

68/1

19/4

Operations reflected in December of the current year

7

Completed finished products (VAT excluded)

310 000

43

60/1

8

The amount of VAT on purchased products is reflected

55 800

19/4

60/1

9

VAT recovered before deduction

55 800

19/4

68/1

10

The recovered amount of VAT is charged to settlements on advances issued

55 800

60/2

19/4

11

The offset of the amounts of previously issued advances for the forthcoming supply of products

365 800

60/1

60/2

12

The amount of VAT on the balance sheet production accepted for deduction is to be deducted

55 800

68/1

19/4

When selling products under a commission agreement for the committent, the date of receipt of the sale proceeds is the date of sale of the property belonging to him, indicated in the commissioner's notice of the sale and (or) the commissioner's report.

The amount of commission paid by the commission agent to the commission agent must be reflected in the tax accounting as part of other expenses of the organization.

The amount of the commission fee paid by the commissioner may be deductible.

The commission agent should not take into account when taxing profits the property, including money, received by the commission agent in connection with the performance of obligations under the commission agreement, as well as to reimburse the costs incurred by the commission agent, if such costs are not included in the costs of the commission agent in accordance with the conditions of the prisoner contract.

The commission fee to the profits of the commission agent, accounted for when taxing profits, is the commission.

Income in the form of commission fees is reflected by the commission agent in the tax accounting on the date the commissioner accepts the commissioner's report.

From the received commission commissioner is obliged to charge and pay VAT.

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