In accounting, goods purchased for further sale are called inventory items. These goods can be capitalized as goods and as materials. Their reflection in accounting is different, it depends on the method of obtaining goods and materials, the terms of the contract, as well as on the applied taxation system and the method of accounting for this type of goods.
Instructions
Step 1
Goods can be purchased under a sale and purchase agreement, as an investment in the authorized capital, as well as free of charge.
Step 2
Purchase of goods under a sales contract
With this type of acquisition, the actual cost of the purchased item is derived from the amount paid to the supplier and the costs associated with the acquisition, such as transportation costs.
In accounting, this operation should be reflected by posting: D 41 (goods) or 15 (purchase of materials) K 60 (settlements with suppliers) or 76 (settlements with different debtors and creditors).
Step 3
Purchase of goods free of charge
In this case, the value should be determined according to the market price obtained after the resale of the goods. The receipt is reflected by posting: D 41 or 15 Kt 98.2 (gratuitous receipts). When the goods are resold in accounting, the operation is reflected by entries: D 98.2 To 91.1 (other income).
Step 4
Acquisition as an investment in the authorized capital
This type of purchase of goods should be reflected by entries: D 41 or 15 K 75.1 (calculations for contributions to the authorized capital).
Step 5
When an organization applies a general taxation system, the goods are recorded as follows:
D41 or 15 K60 or 76 - the cost of the purchased goods is reflected;
D19 K60 or 76 - VAT on purchased goods is included;
D68 K19 - value added tax accepted for deduction.
Step 6
When using the simplified taxation system, it is not necessary to keep records of goods. But if accounting is made, then this purchase is displayed by transactions:
D41 or 15 K60 or 76 - the cost of the purchased goods is taken into account, including VAT.
Step 7
When applying the system of a single tax on imputed income, the organization should reflect the acquisition by posting:
D41 or 15 K60 or 76 - the cost of the purchased goods is reflected.
