Accounting financial accounting. Inventory of materials and recording of its results (the most important)

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Accounting financial accounting. Inventory of materials and recording of its results (the most important)

Lecture notes, cheat sheets

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53. INVENTORY OF MATERIALS AND ACCOUNTING OF ITS RESULTS

To conduct an inventory, the names and codes of inventory items are entered in inventory records for each individual item, indicating the type, group, quantity and other necessary data.

Surplus inventories identified as a result of the inventory are reflected in accounting as other income: Dt 10 "Materials"; Account 91 "Other income and expenses", subaccount 91-1 "Other income"

▪ material assets discovered during inventory were capitalized. These surpluses are accounted for on the basis of a matching statement of inventory results (form No. INV-19) and a receipt order (form No. M-4).

When facts come to light shortages, theft, damage materials, their actual cost or part thereof is written off from the credit of account 10 “Materials” to the debit of account 94 “Shortages and losses from damage to valuables”: Dt 94 “Shortages and losses from damage to valuables”; Kit 10 "Materials"

▪ shortages and losses of material assets discovered during inventory, theft and damage to material assets are debited to account 94.

From account 94, the cost of missing and damaged materials is written off to the accounts of production and distribution costs (if the losses are within the limits), to the debit of account 73 "Calculations for compensation for material damage" (when specific culprits are identified), to the debit of account 91 "Other income and expenses "(in the absence of specific perpetrators or if the recovery of missing or damaged valuables is denied by the court). The following entries are made in accounting: Dt 20, Kt 94; Dt 73, Kt 94; Dt 91, Kt 94.

Cost of materials lost as a result of natural disasters, is written off from the credit of account 10 “Materials” to the debit of account 99 “Profits and losses”.

The financial result from operations with materials is determined on account 91 "Other income and expenses" by comparing the turnover of the debit of sub-account 91-2 "Other expenses" and credit 91-1 "Other income". If the debit turnover is greater than the credit turnover, then this is a loss that is written off in the reporting period to account 99 "Profit and Loss".

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