Gains or expenses from disposal of property, excluding the sale of finished goods, constitute the bulk of all operating income or expenses of an organization. This also includes income or expenses from participation in other companies. Income and expenses from the sale of assets are recognized upon disposal due to the sale of amortized property and its write-off due to the end of its useful life, as well as transfer free of charge.
It is necessary
- - accounting software;
- - creation of transactions.
Instructions
Step 1
The amount of amortization of intangible assets and fixed assets is written off to the Debit of the account "Depreciation of fixed assets" No. 02, or "Depreciation of intangible assets" No. 05 from the Credit of accounts "Fixed assets" No. 01 and "Intangible assets" No. 04.
Step 2
The residual value of intangible assets and fixed assets is written off from Loans No. 01 and No. 04 to the Debit of account "Other income and expenses" No. 91. In addition, expenses on disposal of amortized property, together with VAT, are written off to the Debit of account No. 91. When non-depreciated property is disposed of due to write-off in connection with gratuitous transfer, damage or sale, the cost is written off to the Debit of account No. 91. The amount of debt for the sold property of buyers is reflected according to the Debit of the account "Settlements with buyers" No. 62 and Credit of account No. 91
Step 3
Other operating income and expenses are taken into account during the implementation of transactions on contributions of the participants of the partnership to the common property, and contributions to the authorized capital of other companies. In this case, most often there is a difference between the price of the transferred property and the assessment of the contribution as agreed. Such a difference is reflected depending on the value of Debit or Credit of account No. 91.
Step 4
The account "Profit and loss" No. 99 reflects the final result of the financial activity of the organization. The Credit reflects income, and Debit reflects expenses. Business transactions are reflected on an accrual basis on account No. 99 from the beginning of the reporting period. The final financial result is determined by comparing the credit and debit turnover on account No. 99, as well as the size of the company's profit. The excess of the debit turnover is entered as the balance on the Debit of account No. 99 and characterizes the company's losses.
Step 5
Initially, the financial result from the sale of property, as well as non-operating and operating income and expenses, are reflected in account "Other income and expenses" No. 91. Then, monthly amounts are debited from this account to account No. 99. Extraordinary income and expenses are immediately transferred to account No. 99. no prior registration is required on the interim accounts.
Step 6
After the reporting year, account No. 99 is closed, the last posting will be the write-off from the Debit of account No. 99 to the Credit of account “Retained earnings” No. 84 of uncovered loss.
