Accounting. Financial results (most important)

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Accounting. Financial results (most important)

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62. Financial results

To summarize information on the income and expenses of the organization, as well as to identify the final financial result of the organization's activities for the reporting year, accounts 90 "Sales", 91 "Other income and expenses", etc.

Account 90 "Sales" is designed to summarize information on income and expenses associated with the ordinary activities of the organization, as well as to determine the financial result for them. A feature of this account is the presence of sub-accounts, for which entries are made accumulatively during the reporting year.

To account 90 "Sales" the following sub-accounts are opened:

▪ 90-1 "Revenue";

▪ 90-2 “Cost of sales”;

▪ 90-3 “Value added tax”;

▪ 90-4 "Excise taxes";

▪ 90-9 "Profit (loss) from sales."

On a monthly basis, by comparing the total debit turnover on subaccounts 90-3 "Value added tax", 90-4 "Excises" and the credit turnover on subaccount 90-1 "Revenue", the financial result from sales for the reporting month is determined. The result (profit or loss) is monthly (final turnovers) written off from sub-account 90-9 "Profit (loss) from sales" to account 99 "Profit and loss".

Account 90 "Sales" balance at the reporting date has.

At the end of the reporting year, all sub-accounts are closed by internal entries to sub-account 90-9 "Profit (loss) from sales".

The following business transactions are reflected in accounting.

1. Reflected profit (loss) from ordinary activities:

Debit of account 90-1 "Revenue" (accounts 90-9 "Profit (loss) from sales")

Credit of account 90-9 "Profit (loss) from sales" (account 90-1 "Revenue").

2. The financial result is written off to the profit and loss account:

Debit of account 90-9 "Profit (loss) from sales" (account 99 "Profit and loss")

Credit of account 99 "Profits and losses" (accounts 90-9 "Profit (loss) from sales").

Account 91 "Other income and expenses" is intended to summarize information on other income and expenses of the reporting period, except for extraordinary income and expenses. By credit This account reflects other income, according to debit - other expenses.

Account 91 "Other income and expenses" also has sub-accounts:

▪ 91-1 “Other income”;

▪ 91-2 "Other expenses";

▪ 91-9 "Balance of other income and expenses."

Accounting for transactions on this account is similar to the procedure for maintaining records on account 90 "Sales".

Account 99 "Profit and loss" is intended to summarize information on the formation of the final financial result of the organization's activities in the reporting year.

The final financial result is made up of profit from ordinary activities, as well as other income and expenses, including extraordinary ones.

On debit account 99 "Profit and loss" losses are reflected credit - profits (income) of the organization.

Comparison of debit and credit turnover for the reporting period shows the final financial result.

At the end of the reporting year, when compiling the annual financial statements, account 99 "Profit and Loss" is closed. In this case, the final entry in December, the amount of net profit (loss) of the reporting year is debited from account 99 "Profits and losses" to the credit (debit) of account 84 "Retained earnings (uncovered loss)".

The data of account 99 "Profit and loss" are used in the preparation of the income statement.

Author: Kabkova E.N.

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