Each enterprise has the most important and most important goal of its activities - a systematic increase in profits. The financial result of a work process can only be assessed by summing up the income of each area of the organization. This is an important point, since only on the basis of this information should you make an investment decision. Acting at random is fraught with serious risks and unpleasant consequences. This is why it is so important to track information about cash costs and receipts. This is exactly the kind of reporting available on account 99.
Throughout the entire working year, data on the organization’s profits and losses is stored in this account. Operations are taken into account not only in the main activity of the company, but also in all other areas. At the very end of the working year, a report is generated that compares credit and debit data. Account 99 is eventually closed by writing off the remaining funds on account 84.
The count 99 itself is considered active-passive. In its debit you can see the loss resulting from financial transactions, and in its credit you can see the profit. All basic characteristics of account 99 can be viewed in the Chart of Accounts, which was established by order of the Ministry of Finance under number 94n dated October 31, 2000.
According to the above-mentioned order, throughout the entire working year, information on the following aspects of the organization’s activities is accumulated and stored on account 99:
1. Increase and decrease in income from the main activity of the organization. This can be seen in the wiring of the Dt90 Kt99.
2. The balance of all other income and expenses incurred during the reporting period. Wiring Dt91 Kt99.
3. The impact of unexpected and unplanned situations on the business activities of the company. We are talking about all kinds of force majeure, industrial accidents, etc.
4. Amounts intended for calculating tax payments. Both fixed income tax liabilities, penalties and other charges are taken into account. Wiring Dt68 Kt99.
If an organization is engaged in the field of agriculture, then, according to the above-mentioned Chart of Accounts, when comparing debit and credit turnover on account 99, the following results of financial activities appear:
1. Force majeure related to sudden natural disasters, fire, etc. In this case, the transactions selected are those on which the corresponding expenses are noted.
2. Based on the first point, it is possible to receive income in the event of unplanned situations. For example, insurance claims related to compensation for destruction caused by natural disasters. Income from the sale of materials obtained during the dismantling of unfit for use buildings and structures is also possible.
Basic postings
According to Order of the Ministry of Finance No. 94n, the following correspondence from account 99 can be distinguished:
Dt 99 Kt 01, 03, 07, 08, 10, 11, 16, 19, 20, 21, 23, 25, 26, 28, 29, 41, 43-45, 50-52, 58, 68-71, 73 , 76, 79, 84, 90, 91, 97.
Dt 10, 50-52, 55, 60, 73, 76, 79, 84, 90, 91, 94, 96 Kt 99.
The debit shows expenses, the credit shows income. Comparison of turnover for the required reporting period allows you to see the final financial result and understand whether the company’s activities are profitable.
Debit 99 - penalties
Account 99 allows you to see all tax debts accrued to the organization, as well as write-offs of the necessary amounts to pay off outstanding debts. Moreover, it is worth considering that when transferring fines to the state budget, the posting Dt68 Kt51 is used. And when calculating tax sanctions - Dt99 Kt68.
It is necessary to distinguish between fines and penalties, since these are completely different concepts, and information on them is reflected in different accounts. A fine is accrued immediately when one or more reasons arise (an accounting report not submitted on time, unpaid tax or insurance premium, deliberate reduction of tax liability). Its size is strictly determined by law. Penalty is a penalty payment calculated for each day of late payment. The percentage ratio is 1/300 of the refinancing rate of the Central Bank of the Russian Federation.
99 accounting account shows only fines, but not penalties, which is regulated by Article 114 of the Tax Code of the Russian Federation. Penalties can be seen on the wiring Dt91.2 Kt68.
Account 99 “Profits and losses” 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 (net profit or net loss) is made up of the financial result from ordinary activities, as well as other income and expenses. The debit of account 99 “Profits and Losses” reflects losses (losses, expenses), and the credit reflects the profits (income) of the organization. A comparison of debit and credit turnover for the reporting period shows the final financial result of the reporting period.
Account 99 “Profits and losses” during the reporting year reflects:
balance of other income and expenses for the reporting month - in correspondence with score 91"Other income and expenses";
the amount of accrued conditional income tax expense, permanent liabilities and payments for recalculation of this tax from actual profit, as well as the amount of tax sanctions due - in correspondence with score 68"Calculations for taxes and fees."
At the end of the reporting year, when preparing annual financial statements, account 99 “Profits and losses” is closed. In this case, by the final entry of December, the amount of net profit (loss) of the reporting year is written off from account 99 “Profits and losses” on credit (debit) bills 84"Retained earnings (uncovered loss)."
The construction of analytical accounting for account 99 “Profits and losses” should ensure the generation of data necessary for drawing up a profit and loss statement.
Account 99 "Profits and losses"
corresponds with accounts
| by debit | on loan |
|
01 Fixed assets 03 Profitable investments in material assets 07 Equipment for installation 08 Investments in non-current assets 10 Materials 11 Animals for growing and fattening 16 Deviation in the cost of material assets 19 Value added tax on acquired assets 20 Main production 21 Semi-finished products of own production 23 Auxiliary productions 25 General production expenses 26 General economic 28 Defects in production 29 Attendants 41 Products 43 Finished products 44 Selling expenses 45 Items shipped 50 Cashier 51 Current accounts 52 Currency accounts 58 Financial investments 68 Calculations for taxes and fees 69 Calculations for social 70 Settlements with personnel for 71 Settlements with accountables 73 Settlements with personnel for 76 Calculations with different 79 On-farm 84 Retained earnings 90 Sales 91 Other income and expenses 97 Deferred expenses |
10 Materials 50 Cashier 51 Current accounts 52 Currency accounts 55 Special bank accounts 60 Settlements with suppliers and contractors 73 Settlements with personnel for other operations 76 Settlements with various debtors and creditors 79 On-farm settlements 84 Retained earnings (uncovered loss) 90 Sales 91 Other income and expenses 94 Shortages and losses from damage to valuables 96 Reserves for future expenses production and economic expenses insurance and provision of wages to persons other operations debtors and creditors settlements (uncovered loss) |
Application of the chart of accounts: account 99
- How to reflect penalties and fines for late payment of insurance premiums in accounting?
Account 99 "Profits and losses" during the reporting year are reflected along with profits and losses... statements of the annual report are reflected in account 99 "Profits and losses" in correspondence with... account 69. At the same time, according to paragraph ... with Regulation No. 34n and the Instructions - on account 99 “Profits and Losses”, either in ... in accordance with the Recommendation, or on account 91 ...
- In which account (91 or 99) should sanctions for violation of tax laws be reflected?
Account 99 "Profits and losses" in correspondence with account 68 "Calculations for taxes and... account 99 "Profits and losses" in correspondence with account 68 "Calculations for taxes and... minus those due from profits established in accordance with ... application (hereinafter referred to as the Chart of Accounts and Instructions), approved by order of the Ministry of Finance ... account 99 "Profits and losses" in correspondence with account 68 "Calculations for taxes and ... accounting procedure (on account 91 or account 99) economic subjects...
- Deferred tax asset from the loss of a consolidated group of taxpayers
The corresponding CTG participant on account 99 “Profits and losses” in correspondence with account 78 “Settlements with...) and is taken into account when determining the net profit (loss) of the organization (without participating in the formation of profit (loss) of the organization... before tax). 5. Information about account balances 78 ... the tax base of the consolidated group of taxpayers, is written off to account 99 “Profits and losses” in the reporting period preceding the period ...
- Advance payments for income tax. Examples
The result is reflected in account 99 “Profits and losses”. The specified account also reflects the amounts... from the amount of accounting profit received for the reporting period and the current tax rate...). Further, regardless of the amount of taxable profit (loss), the organization's accounting records reflect... profit determined on the basis of accounting profit (loss) and recognized for the purposes of PBU 18... in accounting records as a debit to account 99 "Profits and losses" ( subaccount for accounting...
- Reflection of fines for violation of tax laws in accounting
Account 99 “Profits and Losses” in correspondence with account 68 “Calculations for taxes and... period, minus those due from profits established in accordance with the legislation... for its application (hereinafter referred to as the Chart of Accounts and Instructions), approved by order Ministry of Finance of Russia... account 99 “Profits and losses” in correspondence with account 68 “Calculations for taxes and... a specific accounting procedure (on account 91 or account 99) is recommended for economic entities independently...
- Reporting for 2016: how to correctly take into account the annual clarifications of the Ministry of Finance
Profit is reflected in the debit of account 99 “Profits and losses” and credit 96 “Reserves for future expenses... etc.), as well as tax sanctions on them are reflected in the debit of account 99 “Profits and losses...”. Fines and penalties paid by the taxpayer or... are reflected in expense accounts, account 99 is not used. Accordingly, in the report on... profits for social purposes, production development, etc. does not change the account balance...
- The procedure for transferring an organization from a JSC to an LLC in a simplified manner: nuances of accounting and taxation
A separate) book for recording income and expenses of organizations and individual entrepreneurs using the simplified tax system... profit and loss accounts and distribution (direction) based on the decision of the founders of the amount of net profit... . That is, the JSC closes account 99 “Profit and Loss”, ... distributes, based on the decision of the founders, the amount of net profit and ... in the book of income and expenses of organizations and individual entrepreneurs using ...
- Accounting for factoring companies attracting external financing
Providing financing services to Clients at the expense of Investors. OSNO - classic... on the date of accounting for goods and receipt of invoice 68/VAT (... order Turnover balance sheet Account/subaccount Debit Credit Balance... expenses) 99 (profits and losses) 0 Recognition of income, expenses from auxiliary activities 99 (profits and losses) 68/ ... on the date of accounting for goods and receiving an invoice 68/VAT (... on the date of accounting for goods and receiving an invoice 68/VAT (...
- Major bug fixes
The account in the records is the account for retained earnings (uncovered loss), that is, account 84 “Retained earnings... “Cost of sales” account 90; Debit account 99 “Profit and loss”, Credit account 90 “Sales”, ... “Profit and loss”; Debit of account 84 “Retained earnings (uncovered loss)”, Credit of account 99 “Profit and losses” - ... 500,000 rubles. – the amount of net profit has been adjusted. In... based on basic and diluted earnings (loss) per share (if...
- Separate accounting of expenses and revenues when supplying products as part of the execution of state defense orders
... (hereinafter - PBU 9/99) and PBU 10/99 "Expenses of the organization" ... (hereinafter - PBU 10/99). A specific methodology for maintaining separate accounting... hereinafter - Chart of Accounts)).Based on the Chart of Accounts overhead and commercial expenses of the trade... (clause 21 PBU 4/99 "Accounting statements of an organization" ... (hereinafter referred to as PBU 4/99)). The organization's income and expenses are reflected in... PBU 4/99). A more detailed specification of income and expenses is carried out... a different procedure for accounting for profit and loss from the general one. For example, maintaining a separate...
- Accounting rules for “kids” and non-profit organizations have been simplified
Period 99 “Profits or losses” (90 “Sales” - when using such an account) 20 (other accounts) Please note... directly related to the acquisition, construction and manufacture of fixed assets are included... the enterprise can charge depreciation of production and household inventory at a time in... accounts 20 (other accounts for recording production costs - when used) and credit accounts... settlements with contractors, payroll personnel, etc...
- Imported goods have spoiled: how to take into account customs VAT, disposal costs and insurance compensation
Non-operating income taken into account when taxing profits, the Ministry of Finance of Russia recognizes the possibility of simultaneous... with clause 2 of PBU 9/99 "Income of the organization" ... (hereinafter referred to as PBU 9/99) the income of the organization is recognized as an increase in economic... (clause 8 PBU 9/99), which are accepted for accounting... of the organization" (hereinafter referred to as PBU 10/99), the organization's expenses are recognized as a decrease in economic... industrial inventories, which implies attributing losses to the account of the guilty parties and only in that...
- Pledge. Accounting and Taxation
In particular, interest, penalties, compensation for losses caused by delay in performance, and... losses caused as a result of this event in the insured property (to pay... the pledged property when taxing profits. Therefore, there is a risk of... the pledged property when taxing profits in full ... in particular interest, penalties, compensation for losses caused by delay in performance, and... 99). The cost of materials specified in the pledge agreement and previously reflected in the off-balance sheet account...
- Accounting for expenses by their nature and purpose
Accounting for expenses is regulated by PBU 10/99 “Expenses of the organization.” According to paragraph.... Clause 8 of PBU 10/99 defines the grouping of expenses according to ordinary... direct instructions in PBU 10/99 to attribute depreciation deductions to... expenses, expenses financed by state aid were disclosed. True, these are not... rules for classifying expenses. According to paragraphs 99 – 105 IAS 1 “... vary in frequency, potential for profit or loss and predictability. This analysis appears...
- Additional capital: formation, use and accounting procedures
Additional valuation of the property to account for the retained earnings (uncovered loss) of the organization upon disposal... a possible markdown will have to be carried out at the expense of retained earnings. Moreover, it may turn out... an accounting entry to the debit of account 83 and the credit of account 02 “Depreciation of fixed assets... sales as part of final turnover 99 91-9 4,139.91 ... at the expense of the authorized capital or profit. According to the author, replenishment and spending operations...
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Information for 1C users: Integrated automation 1.1
Document « Determination of financial results" and Document "Closing of the year"
Basic provisions
The financial result (profit or loss) of the current month is reflected in a separate synthetic account 99 “Profits and losses”.
- Debit 99 – Losses (losses, expenses)
- Credit 99- Profits (income)
Turnover 99 (Dt-Kt) – Final financial result (net profit or net loss for the month). In this case, net profit is the amount of profit of the current reporting period minus the income tax due for payment to the budget.
Account 99 has the following sub-accounts:
- 01 Profits and losses (excluding income tax)
- 02 Income tax
- 09 Other profits and losses
Account 99 has correspondence with many accounts, but in this information we are only interested in the following transactions:
- Amount of profit from sales for the month – Dt 90.9/Kt99.01
- Amount of loss from sale for the month – Dt 99.01/Kt90.9
- Profits from other activities for the month: Dt 91.9/ Kt 99.01
- Losses from other activities for the month; Dt 99.01/Kt 91.9
- Retained earnings for the year Dt 99.01/Kt 84.01
- Uncovered loss for the year Dt 84.02/ Kt 99.01
Document "Determination of financial results" serves to calculate the amounts 90.09 and 91.01 and make postings No. 1, No. 2, No. 3 and No. 4 at the end of the month.
Document "Closing of the year" is available for carrying out only for the period “December” and will happen for the reformation of the balance at the end of the year, namely, all balances of subaccounts of accounts 90 and 91 of accounting are written off to the corresponding subaccounts with code 9. All balances of subaccounts of account 99 “Other income and expenses” are written off to account 99.01.1, and the balance of this account is written off to account 84 “Retained earnings (uncovered loss)” (entries No. 5 and No. 6).
Important! Accounts 90 and 91 should not have a balance every month, but the subaccounts of account 90 and 91 have a balance at the end of each reporting month. At the end of each year, after determining the financial results, it is necessary to carry out a “year closing” document to close the subaccounts of accounts 90 and 91
Closing account 90 - Sale
Account 90 – Sales has the following subaccounts
- 01 Revenue
- 02 Cost of sales
- 03 Value added tax
- 04 Excise taxes
- 05 Export duties
- 07 Selling expenses
- 08 Administrative expenses
- 09 Profit/loss from sales
When posting the document “Determination of financial results” with the “Closing account 90” checkbox selected, the financial result reflected during the month on account 90 “Sales” will be calculated and a transaction will be generated to write off the identified result from subaccount 90.09 “Profit / loss from sales” to the account 99.01 “Profits and losses (except for income tax).”
Financial result (Profit / loss) is determined by the formula:
Result= Kt90.01 – (Dt 90.02-Kt90.02) – (Dt 90.03 – Kt90.03) – (Dt 90.04 – Kt90.04) – (Dt90.05-Kt90.05)
That is, the financial result is determined by the turnover of the loan 90.01 minus the turnover of accounts 90.02,90.03, 90.04,90.05
If result > 0, then the organization made a profit in the reporting month.
The amount of profit is reflected by the posting: Dt 90.9/Kt99.01
If the result< 0 , then the organization suffered a loss in the reporting month.
The amount of loss is reflected by the posting: Dt 99.01/Kt90.9
Thus, the subaccounts of account 90 “Sales” have a balance at the end of each reporting month, but account 90 itself should not have a balance at the end of the month. At the end of the year, all subaccounts of account 90 that have a balance must be closed with the document “closing the year”
Subaccounts are closed using the following transactions:
Dt90.1/Kt90.9 – closing account 90.1 “Revenue” at the end of the year.
Dt90.9/Kt 90.2 – closing account 90.2 “Cost of sales” at the end of the year.
Dt 90.9/ Kt 90.3 – closing of account 90.3 “VAT” at the end of the year.
D 90.9 / K 90.4 – closing of account 90.4 “Excise taxes” at the end of the year
D 90.9 / K 90.5 – closing of account 90.5 “Export duties” at the end of the year.
Closing account 91 “Other income and expenses”
Account 91 has the following sub-accounts:
91.01 Other income
91.02 Other expenses
91.09 Balance of other income and expenses
The financial result for account 91 represents the Balance of other income and expenses. At the end of each month it is determined by the formula
Result = Kt 91.1 – Dt 91.2.
If Result > 0, then the organization made a profit (credit balance) and is reflected by posting
Dt 91.9/ Kt 99.01– reflection of profit from other activities;
If Result< 0 , then the organization received a loss (debit balance) and is reflected by posting
Dt 99.01/Kt 91.09– reflection of losses from other activities;
At the end of the year, all subaccounts of account 91 must be closed with the document “Closing the Year”. When posting a year-end closing document, the following postings are made:
Dt 91.01/Kt 91.09 – subaccount 91.1 is closed at the end of the year.
Dt 91.09 / Kt 91.02 – subaccount 91.2 is closed at the end of the year.
Closing account 99 “Profits and losses” at the end of the year in correspondence with account 84
Account 84 - Retained earnings (uncovered loss) has the following subaccounts
- 01 Profit to be distributed
- 02 Loss to be covered
- 03 Retained earnings in circulation
- 04 Retained earnings used
If at the end of the year the organization made a profit, then the following entry is generated:
Dt 99.01/Kt 84.01 – reflects the net profit of the reporting year.
If there is a loss, then the posting:
Dt 84.02 / Kt 99.01 – the uncovered loss of the reporting year is reflected.
Account 99 in accounting is used to accumulate information on income and expenses during the reporting period in order to form the final financial result at the end of the year. From this article you will learn about the rules for generating the final financial result.
Purpose of account 99
Throughout the year, account 99 accumulates information about profits/losses received both from the main activity and from other operations. At the end of the reporting year, the debit and credit turnovers on account 99 are compared, and the account is closed by writing off the balance on account 84.
You will receive more information about accounting for financial results when you read the article.
Accounting account 99 is active-passive, its debit reflects the resulting loss, and its credit reflects the profit. The main characteristics of accounting account 99 are contained in the Chart of Accounts, approved by Order of the Ministry of Finance dated October 31, 2000 No. 94n.
In accordance with Order No. 94n, during the year this account accumulates information about:
- profit and loss received from the main type of business activity (postings from account 90);
- other expenses and income for the reporting month (postings from account 91);
- penalties due on tax obligations, accrued contingent expenses, recalculation and permanent income tax obligations (entries from account 68).
For enterprises engaged in the field of agriculture, according to the Chart of Accounts, approved by Order of the Ministry of Agriculture dated June 13, 2001 No. 654, when comparing debit-credit turnover to determine the financial result on account 99, the following are also taken into account:
- income and losses arising from force majeure and other emergency circumstances, such as fire, natural disasters, etc. (entries with accounts that record relevant expenses).
Income from emergency situations can include insurance compensation received, income received from the sale of materials during the dismantling of destroyed buildings/structures. Expenses for such events include losses not compensated by insurers, including expenses associated with the liquidation of a natural disaster.
Basic postings from account 99
In accordance with Order No. 94n, the following correspondence from account 99 is distinguished:
- Dt 99 Kt 01, 03, 07, 08, 10, 11, 16, 19, 20, 21, 23, 25, 26, 28, 29, 41, 43-45, 50-52, 58, 68-71, 73 , 76, 79, 84, 90, 91, 97.
- Dt 10, 50-52, 55, 60, 73, 76, 79, 84, 90, 91, 94, 96 Kt 99.
Features of analytical accounting for account 99
If there is significant turnover on account 99, it is possible to create the following analytics for it (we will take as a basis the instructions contained in order No. 654):
- account 99.1 - profit/loss from the usual type of business activity (sale of finished products/goods, provision of services, etc.);
- account 99.2 - profit/loss from operating activities (sale of fixed assets, securities, intangible assets);
- account 99.3 - profit/losses identified from non-operating business operations (by comparing expenses/income on account 91);
- account 99.4 - emergency receipts (for example, if fire insurance is paid);
- account 99.5 - extraordinary expenses (loss of property during natural disasters);
- account 99.6 - payments to the budget for income tax and financial sanctions;
- account 99.7 - profit/loss in the reporting period (result identified by comparing aggregate data for sub-accounts 99.1-99.6).
However, it is not necessary to strictly follow these analytics. An enterprise (or individual entrepreneur) can develop it independently, taking into account its own needs for detailing.
Reflection of penalties
As we have already found out, account 99 should reflect all amounts of tax penalties. Write-off of debt on them should also be reflected using account 99.
Postings:
- when calculating punitive tax sanctions - Dt 99 Kt 68;
- when transferring fines to the budget - Dt 68 Kt 51.
You will receive information on how financial sanctions are recognized from the article.
Results
Account 99 is intended to accumulate data on profits/losses for subsequent determination (at the end of the year) of the company's financial result. At the end of the reporting year, account 99 is closed by writing off the resulting balance to the “Retained earnings (losses)” account.
In modern world can not imagine activities of an enterprise without accounting. Correct reporting allows you to have a clear picture of the company’s activities, understand its weaknesses and hidden opportunities, thereby improving its efficiency, increasing income, and reaching a new level of business.
The result of the activity of any enterprise is profit. Profit is the difference between and the costs of producing goods or services, is the most important indicator for understanding the financial independence of a company. The laws of the Russian Federation in the field of accounting determine that profit should be reflected on 99 account Chart of accounts.
Regardless of the type of activity of the enterprise and the form of education, the accountant is obliged to open an account 99 and display transactions on it reliably and in full. Account transactions reflect the profit or loss of the enterprise in the reporting period, namely:
- Income and expenses for ordinary activities, which are determined by the statutory documents.
- Profit and loss from emergency activities (elimination of emergency situations, insurance amounts, loss of equipment, goods, forced shutdown of production lines).
- Payments and recalculations for income taxes and tax penalties, deferred liabilities.
The Profit and Loss account is active-passive, that is, the transaction can be shown as a credit or debit - it depends on the situation. The final result of the activity reflects the remainder. In the debit of account 99, it is necessary to display actions on expenses and losses of the company.
Expenses are the sum of all costs that were incurred by the company during the reporting year (month, quarter) as a result of its work. These expenses are the costs of raw materials, purchase of equipment, payment to employees, operation of transport, etc. Expenses correspond to the loan with accounts: 64, 03, etc. An example in the debit of account 99 is the loss of goods that occurred as a result of an emergency ( Dt. 99 / Kt. 41).
In credit accounts, they show the firm's income. Income- these are all receipts to the current accounts that the enterprise has within the specified period. Income examples: revenue, profit on transactions with securities, interest on investments, rentals, etc. The account credit is linked to the following accounts: 90, 72, 8, etc. Example: the action on the loan is to receive profit from the sales of goods or services produced (Dt. 90 / Kt. 99).
Balance
Balance is the difference between profit and expenses that appears as a result of production and sales of products. The balance is considered the most important indicator in financial statements. The balance can be initial and final, which is determined at the beginning and at the end of a given time period.
Of course, any enterprise strives for profits to exceed expenses. If the account balance turns out to be debit at the end of the reporting date, this means that the level of costs exceeded the level of profit. In this case, the balance is negative - the company did not make a profit during the reporting period of its activities. If the balance is credit, then the company reflects profit with a plus sign in the report on the results of its work.
At the end of each period, organizations it is necessary to close the account and open it again at the beginning of the year. This is done in order to understand how the enterprise operates and what its level of profitability is. Since accounting periods are equal to tax periods, it is easy to understand that it is also necessary to reset balances in order to make tax payments on time and in full.
The opening balance for the future period should always be zero. In order to close a 99 account, you must first close the accounts that are associated with it. These accounts include:
90 "Sales"
This account displays income from the sale of goods and the provision of services that were produced as a result of the organization's main activity. For ease of accounting, subaccounts are opened on this account: 90.1, 90.2, 90.3,90.9.
Until July 2017, depreciation on this equipment in accounting was 216,000 rubles, in tax accounting – 240,000 rubles, the calculated temporary difference was 24,000 rubles. The deferred tax asset amounted to:
24,000 * 20% = 4800 rub.
Since the company sold this equipment in July 2017, it needs to write off the deferred tax asset. This is done with the following wiring:
Dt. 99 Kt. 09 = 4800 rub.
Example 2: the company Sintomat LLC produced and sold goods worth 2,500,000 rubles in 2016. Value added tax in the period amounted to 500,000 rubles. Production costs – RUB 1,080,343. Operating costs, management costs, rental costs and transport are equal to RUB 523,487.
Account 90.1 - Balance Kt - 2,500,000 rubles.
Account 90.2 - Balance Dt - 1,080,343 rubles.
Account 90.3 - Balance Dt - 500,000 rubles.
Account 44 - Balance Dt - 523,487 rubles.
The account is closed as of December 31, 2016 following diagram:
Dt. 90.2 Kt. 44 - 523,487 rub.
Dt. 90.9 Kt. 99.1.1 - (1,080,343 + 500,000 + 523,487) - 2,500,000 = 396,170 rubles.
Total, credit balance, that is, the company made a profit in 2016 in the amount of 396,170 rubles. Final wiring upon account closure it will be:
Dt. 99 Kt. 84 - 396,170 rub.
To determine the amount of income tax liability for the reporting period, it is necessary to fulfill this wiring:
Dt. 99.1.1 Kt. 68 - 396,170 * 20% = 79,234 rub.
When maintaining accounting records, it is difficult to overestimate the importance of correct execution of account 99 “Profit and Loss”, since it is by it that the result of the enterprise’s work is assessed, further plans are made for the effective conduct of business and the amount of tax liability for income tax is determined.
Additional account information is provided below.
