Accounting. Evaluation of finished products (most important)

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Accounting. Evaluation of finished products (most important)

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55. Evaluation of finished products

Finished products is a part of inventories intended for sale (the end result of the production cycle, assets completed by processing (picking), the technical and qualitative characteristics of which comply with the terms of the contract or the requirements of other documents, in cases established by law).

Organization of accounting for finished products should ensure the formation of information on the availability and movement of finished products in places of storage and financially responsible persons.

Accounting for finished products is carried out in quantitative и in terms of value.

Finished products of the organization are accounted for by name, with separate accounting for distinctive features (brands, articles, sizes, models, styles, etc.).

Finished products are accounted for at actual costs associated with their manufacture (at actual production cost).

Organizations engaged in industrial, agricultural and other production activities apply account 43 "Finished products". The debit of this account reflects the acceptance for accounting of finished products manufactured for sale, including products partially intended for the organization's own needs. This is reflected in the accounting entry:

Debit account 43 "Finished products"

Credit of account 40 "Output of products (works, services)".

Revenue from the sale of finished products is reflected:

Debit account 90 "Sales"

Credit of the account "Finished products".

If the proceeds from the sale of shipped products for a certain time cannot be recognized in accounting (for example, when exporting products), then until the moment the revenue is recognized, these products are taken into account on account 45 "Goods shipped". Upon actual shipment, it is recorded: Debit of account 45 "Goods shipped" Credit of account 43 "Finished products".

If finished products are accounted for at the standard cost or at contractual prices, then the difference between the actual cost and the cost of finished products at accounting prices is recorded on account 43 "Finished products" under a separate sub-account "Deviations of the actual cost of finished products from the book value". The excess of the actual cost over the accounting cost is reflected in the debit of the specified sub-account and the credit of the cost accounting accounts. If the actual cost is lower than the book value, then the difference is reflected in a reversal entry.

Write-off of finished products (during shipment, vacation, etc.) can be made at book value. At the same time, deviations related to the sold finished products are written off to the sales accounts (determined in proportion to its book value). Deviations related to the balance of finished products remain on account 43 "Finished products" (sub-account "Deviations of the actual cost of finished products from the book value").

Release of finished products to customers (customers) is carried out in organizations on the basis of the relevant primary accounting documents - invoices. An invoice (or other similar primary accounting document) must be issued in a number of copies sufficient to control the shipment (export) of finished products.

Author: Kabkova E.N.

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