Accounting. Income and expenses of future periods (the most important)

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Accounting. Income and expenses of future periods (the most important)

Lecture notes, cheat sheets

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60. Deferred income and expenses

revenue of the future periods - income received (accrued) in the reporting period, but relating to future reporting periods, as well as upcoming receipts of debts for shortages identified in the reporting period for previous years, etc. In accounting, such income is taken into account on account 98 "Deferred income".

On the credit of account 98 "Deferred income" reflects the amounts of income relating to future reporting periods, by debit - the amounts of income transferred to the respective accounts at the beginning of the reporting period to which these incomes relate.

To account 98 "Deferred income" can be opened subaccounts.

On sub-account 98-1 "Income received on account of future periods" the movement of income received in the reporting period, but related to the future (rent or apartment payment, utility bills, revenue from freight transportation, etc.) is taken into account.

The receipt of payment for utilities is reflected in the entry:

Debit account 50 "Cashier"

Credit of account 98-1 "Income received on account of future periods".

On sub-account 98-2 "Grant-free receipts" the value of assets received by the organization free of charge is taken into account. Upon receipt of such assets, a transaction is recorded:

Debit of account 08 "Investments in non-current assets" Credit of account 98-2 "Grant-free receipts".

On sub-account 98-3 "Upcoming receipts of debts for shortages identified in previous years" the movement of forthcoming inflows of debts for shortages identified in the reporting period for previous years is taken into account.

1. Reflected are the amounts of shortages of valuables identified in previous reporting periods, recognized as guilty persons:

Debit account 94 "Shortages and losses from damage to valuables"

Credit of account 98-3 "Upcoming receipts of debts for shortages identified in previous years".

2. Debt accrued on the guilty person:

Debit account 73 "Settlements with personnel for other operations", sub-account "Calculations for compensation of material damage"

Credit of account 94 "Shortages and losses from damage to valuables".

3. The debt for shortages has been repaid:

Debit account 50 "Cashier"

Credit of account 73 "Settlements with personnel for other operations", sub-account "Calculations for compensation of material damage".

4. Write-off of deferred income as the debt is repaid:

Debit account 98-3 "Upcoming receipts of debts for shortages identified in previous years"

Credit of account 91 "Other income and expenses", sub-account "Other income".

Future spending - expenses incurred in the reporting period, but related to future reporting periods (expenses associated with mining and preparatory work, preparatory seasonal work for production, etc.).

Deferred expenses are recognized on account 97 "Deferred expenses".

On debit this account reflects the expenses incurred in this period, but related to future reporting periods, on credit - write-off of expenses for the reporting period. The write-off of deferred expenses is reflected in the entry:

Debit of account 20 "Main production", 23 "Auxiliary production", 25 "General production expenses", 26 "General expenses", 44 "Sales expenses"

Credit of account 97 "Deferred expenses".

Author: Kabkova E.N.

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