Accounting. Settlements with debtors and creditors (the most important)

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Accounting. Settlements with debtors and creditors (the most important)

Lecture notes, cheat sheets

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40. Settlements with debtors and creditors

Account 76 "Settlements with different debtors and creditors" is intended to summarize information on settlements on transactions with debtors and creditors for property and personal insurance; on claims; on amounts withheld from the remuneration of employees of the organization in favor of other organizations and individuals on the basis of executive documents or court decisions, etc.

To account 76 "Settlements with different debtors and creditors" the following sub-accounts can be opened:

76-1 "Settlements for property and personal insurance";

76-2 "Calculations on claims";

76-3 “Calculations for due dividends and other income”, etc..

On subaccount 76-1 "Settlements for property and personal insurance" reflects the calculations for the insurance of property and personnel of the organization in which the organization acts as an insured.

1. Losses incurred as a result of the destruction and damage of production stocks, fixed assets, etc. are written off:

Debit account 76 "Settlements with different debtors and creditors"

Credit of account 10 "Materials", 01 "Fixed assets", etc.

2. The amount of insurance compensation due under the insurance contract of an employee of the organization is reflected:

Debit account 76 "Settlements with different debtors and creditors"

Credit of account 73 "Settlements with personnel for other operations".

3. The amounts of insurance indemnities received by the organization from insurance companies in accordance with insurance contracts are reflected:

Debit of account 51 "Settlement accounts", 52 "Currency accounts"

Credit of account 76 "Settlements with different debtors and creditors".

4. Losses not compensated by insurance indemnities from insured events were written off:

Debit account 99 "Profit and loss"

Credit of account 76 "Settlements with different debtors and creditors".

Analytical accounting for sub-account 76-1 "Settlements for property and personal insurance" is carried out for insurers and individual insurance contracts.

On subaccount 76-2 "Calculations on claims" calculations are reflected on claims made against suppliers, contractors, transport and other organizations, as well as on presented and recognized (or awarded) fines, penalties and forfeits.

On debit account 76-2 "Calculations on claims" accounts for claims, credit - amount of payments received:

Debit account 76-2 "Calculations on claims"

Credit of account 60 "Settlements with suppliers and contractors" - reflects the amounts of claims against suppliers, contractors and transport organizations for discrepancies in prices and tariffs identified during the check of their accounts, specified in the contracts;

Debit account 50 "Cashier", 51 "Settlement accounts"

Credit of account 76-2 "Calculations on claims" - the amounts of payments received from different debtors and creditors are reflected.

On sub-account 76-3 "Calculations on due dividends and other income" calculations are taken into account on dividends and other income due to the organization, including on profit, losses and other results under a simple partnership agreement:

Debit account 76-3 "Calculations on due dividends and other income"

Credit of account 91 "Other income and expenses" - reflects the income to be received (distributed).

Debit account 51 "Settlement accounts"

Credit of account 76-3 "Settlements on due dividends and other income" - reflects the assets received by the organization on account of income.

Author: Kabkova E.N.

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