Accounting financial accounting. The concept and forms of settlements with debtors and creditors (the most important)

Lecture notes, cheat sheets
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Accounting financial accounting. The concept and forms of settlements with debtors and creditors (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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12. CONCEPT AND FORMS OF SETTLEMENTS WITH DEBTORS AND CREDITORS

There are two types of debt:

1) receivables - this is the debt of another organization of workers and individuals of this organization, which is called debtor;

2) accounts payable - this is the debt of this organization to other organizations, employees and individuals, which are called creditors.

Accounts receivable and accounts payable by area of origin can be divided into two groups:

1) debt due to the processes of the main activity of the organization;

2) debt on other transactions.

К first the group includes debts of buyers (accounts receivable) and debts to suppliers (accounts payable). The debt of the first group is recorded on accounts 62 "Settlements with buyers and customers" and 60 "Settlements with suppliers and contractors".

To accounts receivable second groups include:

▪ advances issued to individuals (account 71 “Settlements with accountable persons”);

▪ amounts for claims and lawsuits (account 76 “Settlements with various debtors and creditors”, subaccount 76-2 “Settlements for claims”);

▪ debt of the organization’s employees for goods sold on credit, loans issued, compensation for material damage (account 73 “Settlements with personnel for other operations”);

▪ debt of the founders on contributions to the authorized capital (account 75 "Settlements with founders", subaccount 75-1 "Settlements on contributions to the authorized (share) capital";

▪ debt for other transactions (account 76).

The accounts payable of the second group include:

▪ debt on various payments to the budget (account 68 “Calculations for taxes and fees”);

▪ arrears of payments to the social insurance fund, pension fund, medical insurance fund (account 69 “Calculations for social insurance and security)”;

▪ debt to insurance companies under concluded property and personal insurance contracts (account 76, subaccount 76-1 “Settlements for property and personal insurance”;

▪ obligations to pay dividends (account 75, subaccount 75-2 “Calculations for payment of income”);

▪ debt for non-commercial transactions (account 76 “Settlements with various debtors and creditors”.

Accounts receivable are reflected in the balance sheet asset separately depending on the expected terms of its repayment (within 12 months or more than 12 months after the reporting date), accounts payable are recorded in the balance sheet liabilities.

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