To account for materials and raw materials transferred on a tolling basis, an off-balance account is used. At the same time, the reflection of all transactions in accounting depends on the nature of the transaction and the purpose of the raw materials supplied by the customer.
Instructions
Step 1
Execute the receipt of raw materials supplied by the appropriate act of acceptance and transfer, which is provided for by the terms of the contract. Indicate the purpose of the materials. Reflect the cost of raw materials accepted for processing on the debit of off-balance sheet account 003 "Materials accepted for processing".
Step 2
Carry out the processing of raw materials and reflect the costs of this operation by opening a debit on account 20 "Main production" and a credit on the corresponding account. For example, account 10 "Materials", 70 "Payroll accounting" or 26 "General expenses" can be used.
Step 3
Complete accounting records. After the transfer of the finished product to the customer, write off the amount of these costs to the debit of account 90.2 "Cost of sales". In this case, confirm this operation with an act of work performed.
Step 4
Agree with the customer the cost of work on the processing of raw materials supplied by the customer, including the amount of VAT. Reflect this operation on the credit of account 90.1 "Revenue" and the debit of account 62.
Step 5
Calculate VAT on revenue, income tax and financial result. Record the amounts received in the appropriate accounting records. Show the resulting VAT debt on the credit account 68.2 "VAT calculation" and the debit of account 90.3 "Value added tax".
Step 6
Determine the financial result by opening a loan on account 99 "Profit" and a debit on account 90.9 "Sales balance". After that, indicate income tax on the credit of account 68.4 "Calculation of income tax" in correspondence with account 99.
Step 7
Reflect the repayment of accounts receivable, which was formed for the performance of work on the processing of raw materials supplied by the customer. To do this, open a credit on account 62 "Settlements with customers" and a debit on account 51 "Current account". Write off the cost of raw materials accepted for processing from off-balance sheet account 003.
