Gross revenue is understood as a certain amount of funds in kind and in monetary terms, which is received by the taxpayer as a result of the sale of services, goods, works minus value added tax. Gross income can be calculated as the difference between the purchase price and the gross proceeds of goods or services sold during the reporting period.
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Instructions
Step 1
The purchase price of goods or services is defined as the cost of their purchase, increased by the acquisition costs, including customs duties, commissions, value added tax, transportation costs, subject to documentary evidence. As a result, we can conclude that non-operating income is involved in the formation of gross revenue and, for tax purposes, when determining gross income, should be included in the indicator.
Step 2
Accounting for the purchase value of goods that were sold for a certain tax period is made in the Book of Income and Expenses of Individual Entrepreneurs or Organizations that Apply a Simplified Taxation System. This book is required to fill out entrepreneurs and firms that provide catering services or are engaged in retail trade, since they have gross income as their tax base.
Step 3
Gross revenue determines the organization's justified need for financial resources by type of activity, is calculated taking into account expenses that reduce the tax base when calculating the amount of income tax and expenses incurred from profit.
Step 4
Gross revenue is determined by subtracting the selling cost from the revenue received. Gross profit, in turn, is calculated by deducting from the net proceeds from the sale of tangible assets or products of the full cost of goods sold and commercial and administrative expenses.
Step 5
When calculating the gross profit for the assortment of the remainder of the goods, the accountant must know the data on the amount of the trade margin. This information is taken for each item of goods from the calculation of the accrued and sold mark-ups, which are determined after the inventory. In this case, the gross income is calculated by adding the trade markup at the beginning of the reporting period with the trade markup for the goods received in the reporting period. The amount received is deducted from the trade markup for retired products and the markup on the balance at the end of the reporting period.
