To reflect the business operations of industrial enterprises aimed at the release and sale of finished products, the financial result from the sale of goods is used in accounting. This value is determined monthly on the basis of documents that confirm the fact of implementation.
Instructions
Step 1
Use account 90 "Sales" to summarize all information about products sold and further determine the financial result. On the credit of the account, it is necessary to reflect the proceeds from sales at selling prices, and on the debit - the production cost of goods sold, the cost of packaging, selling expenses, excise taxes, value added tax and other costs of the enterprise. As a result, the debit collects information on the full actual cost of goods with taxes and deductions, and on the loan - the amounts paid by buyers when the product is released.
Step 2
Open on account 90 "Sales" subaccounts, which will reflect the individual components used in calculating the financial result. To do this, use: subaccount 90.1 "Sales revenue", subaccount 90.2 "VAT", subaccount 90.3 "Cost of sales", subaccount 90.4 "Export duties", subaccount 90.5 "Excise", subaccount 90.6 "Sales tax" and others. Be sure to create subaccount 90.9 "Profit / loss from sales".
Step 3
Calculate at the end of the month the turnover on credit and debit of account 90 "Sales". In this case, debit turnovers on subaccounts 90.2-90.6 must be written off to the credit of subaccount 90.1. When comparing these values, a positive or negative financial result of the sale is determined. The amount received must be debited from sub-account 90.9 to account 99 "Profits and losses". As a result, there will be no balance on account 90 at the end of the month, and a credit or debit balance will accumulate on its sub-accounts on a monthly basis.
Step 4
Close at the end of the reporting year all open subaccounts on account 90, with the exception of subaccount 90.9, using internal entries on subaccount 90.9. Thus, on January 1 of the next reporting year there will be a zero balance on all sub-accounts. By conducting such reflections, you can not only determine the result of product sales, but also collect the necessary information to draw up a profit and loss statement.
