Accounting financial accounting. Concept and composition of financial statements (the most important)

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Accounting financial accounting. Concept and composition of financial statements (the most important)

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80. ACCOUNTING FOR PROVISIONS TO COVER UPCOMING EXPENSES

In the daily activities of an organization, as a rule, there is a need to create reserve to cover upcoming expenses. This type of reserve is formed if it is provided for by the accounting policy of the organization. The reserve is created at the expense of internal resources by inclusion in the costs of production of products (works, services) or sales costs in the reporting year. The regulations on accounting and financial reporting (clause 72) are allowed create reserves:

▪ for upcoming vacation payments, including payments for social insurance and employee benefits;

▪ payment of annual remuneration for length of service;

▪ repair of fixed assets (if provided for by the accounting policy);

▪ production costs for preparatory work due to the seasonal nature of production;

▪ upcoming costs for land reclamation and implementation of other environmental measures;

▪ warranty repairs and warranty service;

▪ other purposes provided for by law.

To account for reserves, a passive account 96 "Reserves for future expenses" is intended, which reflects the amounts reserved in the prescribed manner in order to evenly allocate expenses to production and sale costs.

On credit account 96 Monthly deductions accumulate sources of funds to cover the established costs. At the same time, entries are made: Dt 08, Kt 96.

On debit account 96 the actual expenditures for the corresponding purposes are reflected. In this case, postings are made: Dt 96, Kt 10. The balance of account 96 indicates the accrued reserve in previous periods, which will be spent in future reporting periods.

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