Accounting financial accounting. Accounting for property and personal insurance settlements (the most important)

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Accounting financial accounting. Accounting for property and personal insurance settlements (the most important)

Lecture notes, cheat sheets

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16. ACCOUNTING FOR PROPERTY AND PERSONAL INSURANCE PAYMENTS

Insurance is aimed at protecting the property interests of individuals and legal entities in the event of the occurrence of certain events (insured events). Compensation for damage is made at the expense of monetary funds formed from the insurance premiums (insurance premiums) paid by them. Insurance can be carried out on a voluntary and mandatory basis.

Voluntary insurance carried out on the basis of an agreement between the insured and the insurer.

Compulsory insurance - Insurance provided by law. For example, in cases stipulated by law, legal entities that have property under state or municipal property under economic management or operational management are required to insure this property.

The amounts of insurance premiums accrued by the insured payable to the insurer are taken into account as part of accounts payable. The amounts of insurance premiums for compulsory types of insurance are attributed by the policyholder to production costs (distribution costs). Production costs (distribution costs) also include insurance payments (contributions) for voluntary insurance of means of transport (water, air, land), property, civil liability of carriers, professional liability, voluntary insurance against accidents and illnesses, as well as medical insurance. The total amount of deductions for these purposes, included in the cost of production, should not exceed the established percentage of the volume of sales of products (works, services).

To summarize information on settlements for insurance of property and personnel (except for settlements for social insurance and security and medical insurance) of an organization in which the organization acts as an insured, use subaccount 76-1 "Settlements for property and personal insurance" to account 76 "Settlements with different debtors and creditors".

This account takes into account the movement of accounts payable of the insured organization for the payment of insurance premiums to the insurer, as well as the movement of receivables for the insurer for insurance payment in the event of an insured event.

According to the credit of account 76-1, the debt to the insurer is accrued in the amount of insurance premiums (payments) - in correspondence with the debit of accounts for recording sources of payment (accounts for production costs, etc.).

The debit of account 76-1 reflects the amounts of insurance payments transferred to insurers in repayment of the accrued debt, in correspondence with the credit of the cash accounts.

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