Other expenses: Are expenses arising from events or operations separate from the normal operations of businesses. Other expenses of businesses include
Cost of collecting corporate income:
Corporate income tax includes current corporate income tax and deferred corporate income tax arising during the year as the basis for determining the business results of the enterprise in the current year.
1.2.3 Tasks of revenue and cost accounting in enterprises.
Organize recording, monitoring, accurately reflecting, fully and promptly, and closely monitoring revenue and revenue deductions.
Accountants must open detailed books to track each revenue item according to the unit's requirements.
taste.
Reflect and fully record the current situation and fluctuations in quantity.
and the value of products and goods. Track payment details with buyers and the state budget on taxes, fees, and charges for sold products and goods.
Based on the actual production and business process of the enterprise, cost accounting must apply appropriate accounting methods (method of calculating cost of goods sold, method of calculating cost price, method of depreciation).
Record all expenses incurred during the production and business process. Collect and allocate expenses appropriately.
Analyze and evaluate the consumption of products and goods.
1.3 Accounting for revenue and other income.
1.3.1 Accounting for sales revenue and service provision
1.3.1.1 Conditions for revenue recognition:
According to accounting standard No. 14:
Sales revenue is recognized when all five (5) following conditions are satisfied:
- The enterprise has transferred the significant risks and rewards of ownership of the products or goods to the buyer;
- The enterprise no longer holds the right to manage the goods as the owner of the goods or the right to control the goods;
- Revenue is determined relatively reliably;
- The enterprise has obtained or will obtain economic benefits from the sales transaction;
- Identify costs associated with sales transactions.
Revenue from a service transaction is recognized when the outcome of the transaction can be reliably measured. In cases where a service transaction involves multiple periods, revenue is recognized in the period according to the results of the work portion.
completed at the Balance Sheet date of that period. The outcome of a service transaction is determined when all four (4) following conditions are satisfied:
- Revenue is determined relatively reliably;
- Ability to obtain economic benefits from the transaction of providing that service;
- Determine the completed work on the date of the Balance Sheet;
- Determine the costs incurred for the transaction and the costs to complete the transaction to provide that service.
1.3.1.2 Documents used:
- VAT invoice
- Sales invoice
- Warehouse delivery note
- List of sold goods sent for sale
- List of services provided to customers.
- Receipt.
- Bank statement.
1.3.1.3 User account:
- Account 511: Sales revenue and service provision has 5 sub-accounts:
Account 5111: Revenue from sales of goods
Account 5112: Revenue from sales of finished products
Account 5113: Service revenue
Account 5114: Subsidy and subsidy revenue
Account 5117: Revenue from investment real estate business Account 511 has no ending balance.
- Account 512 "Internal revenue" has 3 sub-accounts
Account 5121: Revenue from sales of goods
Account 5122: Revenue from sales of products
Account 5123 Service revenue
- Content of account structure 511:
Debit account 511
Have | |
- The amount of special consumption tax or export tax payable is calculated on the actual sales revenue of products, goods and services provided to customers and determined to be sold during the accounting period; - The amount of VAT payable by enterprises paying VAT calculated by the direct method - Revenue from returned goods transferred at the end of the period | Revenue from sales of products, goods, investment real estate and provision of services of the enterprise during the accounting period. |
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Principles of Accounting for Revenue Deductions
- Sales discount carried forward at the end of the period
- Trade discount carried forward at the end of the period
- Transfer net revenue to Account 911. Structure of account 512
Debit account 5
12 Yes | |
- Value of returned goods, accepted sales discounts on the volume of products, goods and services sold internally transferred at the end of the accounting period; - Special consumption tax payable on products, goods and services sold internally; - The amount of VAT payable by the direct method for the number of products, goods and services consumed internally; - Transfer of net internal sales revenue to Account 911 | Total internal sales revenue of the unit during the accounting period |
1.3.1.4 Accounting method.
- For products, goods, investment real estate, and services subject to VAT calculated by the deduction method and enterprises paying VAT by the deduction method, accountants record:
Debit account 111, 112, 131,... Total payment amount
Credit account 511: Selling price excluding VAT Credit account 3331: VAT payable
- When selling goods by installment payment for products, goods, and investment real estate subject to VAT calculated by the deduction method, the accountant records:
Debit account 131: Amount owed by customers
Debit account 111, 112: amount paid in advance
Credit account 511: Cash price excluding VAT Credit account 333: VAT payable
Credit account 3387: total interest from deferred payment and installment sales
- For enterprises calculating VAT payable according to the tax deduction method, when leasing fixed assets and leasing investment real estate, record:
Debit account 131: if money has not been collected yet
Debit account 111, 112: if money is collected immediately
Credit account 5113: fixed asset rental price excluding VAT
Credit account 5117: rental price of investment real estate excluding VAT Credit account 3331: VAT payable
- Accounting for revenue from state subsidies and subsidies for enterprises:
+ In case of receiving notice from the State about subsidies, price subsidies, record: Debit account 333: Taxes and amounts payable to the State (3339)
Credit account 511: Sales revenue and service provision (5114).
+When receiving payment from the State Budget, record: Debit account 111, 112,..
Credit account 333: Taxes and amounts payable to the State (3339).
- At the end of the accounting period, transfer the revenue from returned goods, sales discounts and trade discounts arising during the period to the actual revenue of the period to determine net revenue, record:
Debit account 511: Sales revenue and service provision
Credit account 531: Returned goods Credit account 532: Sales discounts
Credit account 521: Trade discounts.
- At the end of the accounting period, transfer net revenue to Account 911 "Determining business results", record:
Debit account 511: Sales revenue and service provision
Credit account 911: Determine business results
Diagram 1.1: General accounting account 511 - Sales revenue and service provision
Account 333 Account 511
Account 111,112
(1)
(5)
Account 521
Account 311,
(2)
(6)
Account 531
Account 334
(3) (7)
Account 131
Account 532
(4)
(8)
Account 911
Account 152
(10)
(9)
Interpretation:
(1): Taxes deducted from revenue (Special Consumption Tax, Export Tax) (2): Transferred discount
(3): Returned goods transferred
(4): Sales discount transferred (5): Sales revenue collected
(6): Revenue transferred directly to pay debt (7): Salary and bonus payment in finished products (8): Uncollected sales revenue
(9): Sales revenue (exchange of goods)
(10): At the end of the period, net revenue is transferred to determine business results.
1 3 2 Total financial income:
1.3.2.1 Conditions for recognizing financial income:
Revenue arising from interest, royalties, dividends and shared profits of an enterprise is recognized when both (2) of the following conditions are simultaneously satisfied:
It is probable that the economic benefits associated with the transaction will flow to the Company; The amount of revenue can be measured reliably.
1.3.2.2 Documents used:
Use invoices and related receipts.
1.3.2.3 User account:
Accountants use account 515: Financial activity revenue.
Debt T | K 515 Yes | |
VAT payable by direct method. Transfer net financial revenue to account 911 Account 515 has no ending balance. | Interest, dividends and profits distributed; Gains from sale of investments in subsidiaries, joint ventures, and associates; Payment discounts received; Exchange rate gains arising during the period of business activities; Exchange rate gains from year-end revaluation of foreign currency-denominated cash items of business operations; Carry forward or allocate exchange rate gains of completed construction investment activities (pre-operational period) into financial operating revenue; Other financial revenue arising during the period. i period |
1.3.2.4 Accounting method
- Reflecting dividend revenue and distributed profits arising during the period from investment capital contribution activities, record:
Debit account 111, 112: received in cash Debit account 138: not yet collected in cash
Debit account 121, 128, 221, 222, 228: added to investment capital Credit account 515: Dividend revenue, shared profits
- Payment discount amount: Payment discount amount received due to payment for purchase before the deadline approved by the seller, recorded:
Debit account 111, 112: If received in cash Debit account 331: Payable to seller
Credit account 515: Payment discount
- At the end of the accounting period, determine the VAT payable calculated by the direct method for financial activities (if any), record:
Debit account 515: Financial activity revenue Credit account 3331: VAT payable.
- At the end of the accounting period, determine the net revenue transfer of financial activities to determine the business performance of the period.
Debit account 515: Net revenue from financial activities transferred Credit account 911: Determining business performance results
Diagram 1.2: Accounting for account 515: Financial activity revenue
Account 3331
Account 515
TK 11, 138, 12, 22
(6)
(1)
Account 911
Account 3387
7)
(2)
Account 331, 11
(3)
11th Century, 138
(4)
TK 31, 33, 34
(5)
Interpretation:
(1): Dividend revenue, distributed profits
(2): Transferring deferred sales interest, installment sales interest, and pre-received loan interest into financial operating revenue.
(3): Payment discount enjoyed
(4): Interest from selling securities, trading foreign currencies, lending interest, deposit interest (5): Interest from paying debts in foreign currencies
(6): VAT payable under direct method
(7): At the end of the period, transfer financial activity revenue to account 911
1 3 3 Total income from other activities:
1.3.3.1 Documents used:
- VAT invoice
- Sales invoice
- Minutes of contract breach
Receipt
- Tax and fine payment receipt
1.3.3.2 User account:
Accountants use account 711 – Other income.
Debit account 7
11 Yes | |
- The amount of VAT payable calculated by the direct method for other incomes at enterprises paying VAT calculated by the direct method. - At the end of the accounting period, transfer other income arising during the period to Account 911 | Other income arising during the period. |
1.3.3.3 Accounting method:
- Cases of VAT reduction:
+ If the VAT amount is reduced, deducted from the VAT payable, if included in other income in the period, record:
Debit account 3331 - VAT payable
Credit account 711 - Other income.
+ If the reduced VAT amount is included in other income, when the State budget returns it in cash, record: Debit account 111, 112,...
Credit account 711 - Other income.
- Accounting for other income arising from the sale and liquidation of fixed assets: Debit account 111, 112, 131 (Total payment price)
Credit account 711 - Other income (Income amount excluding VAT) Credit account 3331 - VAT payable (33311).
- In case the enterprise is sponsored, donated, or given materials, goods, fixed assets, etc., record: Debit account 152, 156, 211, etc.
Credit account 711 - Other income.
-Other income arising from revaluation of materials, goods, investment, capital contribution: Debit account 12, 22: Investment in associated companies (Revaluation price)
Credit account 152, 153, 155, 156 (Book value)
Credit account 711: Other income (Difference between revaluation price and book value of materials and goods).
- Other income arising from revaluation of fixed assets for investment and capital contribution: Debit account 12.22: Investment in associated companies (Revaluation price)
Debit account 214: Depreciation of fixed assets (Accumulated depreciation value) Credit account 211, 213: Original price