Accounting for financial results of economic activity. How to calculate financial result

In order to identify whether the organization has a profit or a loss has been received at the end of the reporting period, it is necessary to determine the financial result. In the article, we will describe in detail what the concept of “financial result” means, what is the methodology for determining it, and what entries it is reflected in accounting.

The concept of financial result

The financial result is understood as an indicator that characterizes the results of the enterprise, namely, profit or loss. The period for determining the financial result is a calendar month.

The value of the financial result is influenced by such indicators as the value, income from non-operating transactions, as well as expenses incurred in connection with the manufacture, acquisition and sale of products.

The financial result is defined as the difference between the profit from sold products (goods, services, works) and the costs of its production (purchase). Also, the indicator of the financial result is revealed minus taxes and fees that are payable to the budget, as well as the costs associated with the sale (delivery of goods to the retail network, salaries to sellers, storage costs, etc.).

Financial result in accounting

To identify the value of the financial result in accounting, data is analyzed:

• financial result for the main activities;
• indicators of other income and expenses;
• accruals on taxes for payment to the budget and excise duties.

The determination of the financial result is carried out by closing the reporting period (month). To do this, the balances of accounts 90 and 91 are rolled up. With this operation, the accountant identifies overall result from main activities (account "Sales") and from other operations (account "Other income and expenses").

The procedure for reflecting the financial result includes the following steps:

1. Write-off of expenses. All costs for the production (acquisition) and sale of goods (works, services) are written off against sales.
2. Analysis of balances on accounts 90 and 91.
3. Crediting profit on Kt 99 or crediting loss on Dt 99.

The indicators of the financial result are cumulative in nature, its value for the reporting period is summed up with the values ​​for the previous months (quarters).

An example of reflecting the financial result in accounting

According to the results of February 2016, Flagman LLC sold products (ceramic dishes) in the amount of 951,000 rubles, VAT 145,068 rubles. at a cost of 674,000 rubles. The cost of selling dishes amounted to 34,300 rubles. As of 02/02/2016, the proceeds in payment amounted to 911,000 rubles, VAT 138,966 rubles.

Suppose the transfer of ownership of the goods passes to the buyer at the time of shipment.

The accountant of Flagman LLC will reflect the transactions in the accounting in the following way:

Let's change the conditions: the buyer receives the ownership of the goods at the time of payment. Let's also assume that sales expenses are subject to write-off against the cost of goods that were sold in February 2016.

Under the changed conditions, the accounting for the operation to reflect the financial result of Flagman LLC will look like this:

The final operation for the reporting period in accounting is the determination of the financial result, the size of which always depends on the viability of the company. In a mathematical sense, it is represented by the result obtained from the difference between the income and costs of the company, and can be both positive, i.e. profit, and negative, i.e. loss. Let's figure out how the financial result is calculated in practice.

What is the result of the firm

This indicator depends on the volume of sales of goods / services, the productivity of the company's property, income from transactions not related to sales, and many other indicators. The financial result can be expressed as follows: the company receives either income or loss. Therefore, the activity of the enterprise is considered as:

• Profitable if the income received covers the costs incurred;
• Unprofitable, when the costs (production and other) exceed the income.

However, they begin to analyze the activities of the company, having already received the results of the work. We will consider how to calculate the financial result.

Financial result: formula

The result of the company's work in the period under review is displayed as revenue from the sale of the product produced, and the final financial result - as profit and net profit. Just for the size net profit, which is the final result, the economist is guided by. The calculation is carried out in stages, since profit is an ambiguous concept and there are several types of it:

• Gross;
• From implementation;
• Before tax;
• Net.

Starting the calculation, the accountant operates with the following formulas:

1. Gross profit (VP) \u003d V pr - C rt, where V pr - sales proceeds, C rt - cost of goods sold;
2. Profit from sales (P r) = VP - KR - SD, where KR and SD - commercial / management costs;
3. Profit before tax (P don) \u003d P r + D in - R in, where D in and R in - operating / non-operating expenses and income;
4. Net profit (NP) \u003d P don - N, where N - taxes and tax liabilities.

How to determine the financial result in accounting

The calculation involves sales accounts (90), other income and expenses (91). The accountant makes monthly calculations of the totals, summarizing the turnovers on these accounts and transferring them to the effective profit and loss account - 99.

Account 90 is used to account for the results obtained from the main activities of the company. All operations are generated on it according to certain sub-accounts. The proceeds are accumulated on the loan account. 90/01. This amount is reduced by the generalized costs:

• Cost of goods sold (account 90/02);
• Costs from sales (account 90.07);
• Administrative expenses (90.08);
• VAT/excises (90.03);
• Customs fees if the company is engaged in export operations (90.05).

The results of the calculations are displayed on the sub-account 90.09. At the end of the monthly period, the amount is offset from the account. 99, and at the end of the year the entire account is reset to zero.

Accounting for the results obtained by the company from other activities is carried out on the account. 91. Similar incomes are accumulated according to K-tu account. 91/01. For example, these could be:

• Proceeds from leased property;
• Interest received on deposits placed in banks;
• Fines received on the company's accounts, paid by partners for obligations of various kinds, etc.

According to D-tu. 91/02 fix other non-production costs: fines, penalties, taxes accrued by regulatory authorities, penalties paid to counterparties and other costs.

At the end of the month, the result from the listed operations is calculated and displayed on the subaccount 91/09, and then corresponded with the account. 99 count. The account is closed at the end of the year.

On the account 99 net profit is calculated as the final result for all activities for the year. For K / that accounts reflect profit, for D / that - the total loss. In addition, account 99 is used to reflect extraordinary income and expenses, as well as tax sanctions and income tax.

Aggregated data are generated monthly on the account. 99. By comparing its turnovers, the amount of profit or loss, i.e., the financial result, is calculated. The credit balance reflects the amount of profit, and the debit balance reflects the loss. At the end of the year, the calculated balance 99 is transferred to the retained earnings account - 84, and all the specified accounts (90,91,99) are closed. This operation is called balance reformation.

The main accounting entries will be as follows:

Greetings! In this article, we will expand the concept of the financial result formula and talk about enterprise taxes. In general, we already know so much that we can draw conclusions, “play with information”. This is what we will do.

Financial result in accounting - a bit of theory

Let's start by recalling our financial result formula. This is how she looks.

Result = Revenue from activities (Income) - Expenses for the implementation of activities

• if Result > 0 then Profit
• if Result< 0, тогда Убыток.

This general formula in terms accounting. Now we will rewrite it using accounts. I suggest you do it yourself. Completion of this task is nothing more than a test of your understanding of the work of accounting and knowledge of basic accounting. Rewrite the previous formula using counts and then compare your answer with mine.

The formula that we have just successfully remembered shows the result of all the activities of the company. And we, of course, throughout a number of articles met mention that firms have primary and non-primary activities. What is it? And how is this reflected in the formula?

To begin with, let us recall the concepts of the main and non-main activities of the enterprise.

The main activity of the enterprise- these are activities (i.e. there may be more than one), which are indicated at the time of registration of the company. These are the activities on which the company plans to work and earn. There are many names of these activities, but they are all grouped into 4 types: trade in goods, production of products, performance of work, provision of services.

Accounting core business happens on the accounts:

• 90.1 - proceeds (income) from activities
• expenses/expenses on accounts - 90.2….90.8, 26, 44

Not main activity- these are situations in the enterprise as a result of which the enterprise receives income. Such income is taken into account on account 91.1. What could these situations be?

Several such situations we already know - this is the sale of materials and the sale of fixed assets. Initially, the sale of these goods and materials is not provided, since they are used for the operation of the enterprise itself. Therefore, when this happens, we attribute it to non-core activities and record everything through 91 accounts.

Another situation. The bank gave our company a loan. To do this, the bank opened a current account for us, into which the money was deposited. While the money is lying, i.e. our company does not immediately use everything, they accrue interest on the deposit. This accrued amount of interest on the deposit will be income for the company. and this income relates to non-core activities.

Another situation may be when the company receives penalties, fines from suppliers or buyers in case of violation of agreements on supply or payment.

In general, there are many different situations where the company receives income that relates to non-core activities. The variety of such situations is a matter of experience and study of the tax code, reading journals on accounting, consultations with auditors.

So, our formula for the financial result is divided into two: for main and non-main activities. Try to write them yourself, using 90 for the main activity, and 91 for the non-main one.

And where are the taxes in the financial result of accounting?

Let's deal with this issue. We know three groups of taxes:

• payroll taxes,
• profit taxes
• taxes that do not depend on profit (Property, Land, Transport, VAT, etc.)

Taxes from the payroll fund (PHOT)

To taxes from the wage fund, we include taxes to the Pension Fund (PFR), social insurance (FSS) and health insurance (FFOMS). These taxes are paid by the enterprise at its own expense and have every right to put them on costs / expenses. Therefore, taxes from the payroll are on the accounts of expenses / expenses, namely 20, 23, 25, 26, 44. These taxes appear on the accounting accounts at the time of the “closing of the month” and provided that there is a salary for employees. Those. there is payroll for the current month. (there is a Credit Turnover on account 70)

Taxes that do not depend on income

Transport, Property and Land - these are the most common taxes. They are counted as expenses. But unlike payroll taxes recorded on expense/expense accounts (20, 25, 26, 44), these tax amounts immediately go to account 91.2.

Transport, Property and Land taxes are calculated quarterly. For each such tax, one posting is made once a quarter in Db 91.2 accounts with Kr 68.x (your own subaccount).

VAT tax, which is in the group of income-independent taxes, is accounted for differently. VAT is a tax for the fact that an extra charge is made on a product, product, service or work. VAT stands for - tax on added price. Those. the selling price of each product or service contains a certain amount of VAT (if, of course, the company is obliged to pay this tax). This amount of VAT, each time you complete the implementation, will go:

Profit

And this tax cannot be put into the formula of the financial result. This tax is the expense of the business itself, i.e. at your own expense. It must be paid as a result of successful activity.

Income tax is calculated after we determine the sign "Result". Remember the formula with which we started the article? If "Result" > 0 we have "Profit", and if less - then "Loss".

For every count, be it 90 ( primary activity) or 91 ( not main activity), the "result" is calculated. Then, through posting with account 99, this "Result" is transferred to account 99, and 90 and 91 accounts as a whole give a zero closing balance at the end of the period (this is the "month-end" mechanism).

It turns out from two types of activity (main and non-main), everything will be collected on account 99. Here is an example of how it looks when accounts 90 and 91 are collected (closed).

If account 99 shows PROFIT (KO 99 is greater than UP to 99), then "Income Tax" is taken from the difference between KO99-DO99.

The received amount of "Income Tax" is added by posting (accrued) to Debit 99. And after that, the net profit of the enterprise will remain on account 99. Those. PROFIT, after all Expenses (expenses themselves and basic taxes) and "Income Tax".

Financial result in accounting - primary documents

Summing up the financial result is called "closing the month." going on it's monthly in the following way:

• actions to collect all expenses (depreciation, closing 26, 25, 23, 20, 40, 44)
• calculation of taxes from the payroll fund (taxes with payroll)
• calculation of taxes that do not depend on profit (1 time per quarter) (Transport, Property, Land)
• final calculation of the financial result (closing 90 and 91 accounts. "rolling over the final figures by 99")
• accrual of income tax (1 time per quarter)

All the above steps, except for " calculation of taxes that do not depend on profit are made at the end of the month, at the time of the “Closing of the month”. And counting income-independent taxes", you need to do manual posting, until the "closing of the month", since these amounts affect the financial result. So they have to hit account 91 before it closes on account 99.

Additionally

You noticed that in the formula of the financial result, I wrote down the expenditure part like this [ 90.2….90.8 + 26, 44 ]. At the same time, I highlighted the cost accounts in bold. Noticed? I wanted to draw your attention to this and ask you a couple of questions. Which?

• why is there no 20 here, 25 counts when there are 26?
• why are these accounts singled out?

Let's take it in order.

Why is there no 20, 25 count when there is 26

The presence of 20 and 25 accounts is typical for manufacturing firms. And 26 accounts are available for all firms, except for trading ones. When the "closing of the month" procedure begins for manufacturing firms, then accounts 26 and 25 are closed at 20, and 20 closes at 40.

But 40, if there are deviations between the actual price from production and the planned price at which the products came to the warehouse, will partially go to expenses by 90.2 for the goods sold and by 43. Probably, it turned out difficult sentence. To fully understand it, it will be necessary to analyze production in detail. This is the task of other materials.

In manufacturing enterprises, in order to obtain the cost of production, all expenses are collected on account 20. And what gets into the formula of the financial result? Only the cost of goods sold at the time of its sale is included. As well as expenses from 44 accounts.

Then what does account 26 tell us about in the financial result formula? The presence of account 26, which transfers its amounts to account 90, is typical for firms providing services.

Why are these accounts highlighted in the formula?

Because these accounts do not exist in the formula! That's how! I wrote them so that you have an answer to the question “Where will the amounts from the accounts that store costs / expenses go and where will they end up?” These amounts will be in the financial result formula, but will be transferred there to the corresponding subaccounts.

Amounts from cost/expenditure accounts will be transferred to sub-accounts:

• 90.7 Selling costs. Amounts from 44 accounts will come here (production and trading activities, performance of work)
• 90.8 "Administrative expenses". Amounts from account 26 will come here (service activities)

With this, I will end this article. You just have to work it out, understand the patterns, basic situations and conditions. This knowledge is enough to think about how the posting made will affect the financial result of accounting each time you draw up the primary document.

Greetings. In this article, we will talk about providers. About those organizations without which our company could not work. To account for suppliers in accounting, there is a ......

Perhaps the topic of costs is one of the most important in the life of the company. Neither the owners of firms nor the tax inspectorate pay close attention to it. For some, extra costs - ......

According to paragraph 79 of the Regulations on Accounting and Accounting in the Russian Federation, accounting profit (loss) is the final financial result identified for the reporting period based on the accounting of all business transactions and the assessment of balance sheet items.

Profit is made up of profit from core activities and results from other activities.

The financial result of the organization from the main activity is the profit received by the organization from the sale of products, works and services.

Profit from core activities is defined as the difference between income from the sale of products, works and services and expenses associated with the manufacture and sale of products, the acquisition and sale of goods.

Income from the sale of products is the proceeds from the sale of products, and the expense is the actual full cost of sales.

Profit from the sale of products is determined by the formula:

where: P p - profit from the sale of products;

IN- proceeds from the sale of products;

VAT- value added tax;

FROM n is the total actual cost of goods sold.

Revenue from the sale of products is income from ordinary activities, since according to PBU 9/99 "Income of the organization" (Order of the Ministry of Finance of the Russian Federation dated 06.05.1999 No. property) and (or) repayment of obligations, leading to an increase in the capital of this organization, with the exception of contributions from participants (owners).

Receipts from other legal entities and individuals are not recognized as income of the organization, in particular:

• the amount of value added tax, excises, sales tax, export duties and other similar obligatory payments;
• receipts under commission agreements, agency and other similar agreements in favor of the committent, principal, etc.;
• receipts in the order of advance payment for products, goods, works, services;
• receipt of advances on account of payment for products, goods, works, services;
• deposit amount;
• receipt of a pledge, if the agreement provides for the transfer of the pledged property to the pledgee;
• in repayment of a loan, a loan granted to a borrower.

Proceeds are accepted for accounting in an amount calculated in monetary terms, equal to the amount of receipt of funds and other property and (or) the amount of accounts receivable.

The cost of goods sold is an expense for ordinary activities, since according to PBU 10/99 "Expenses of the organization" (Order of the Ministry of Finance of the Russian Federation dated 06.05.1999 No. 33n), the organization's expenses are recognized as a decrease in economic benefits as a result of the disposal of assets (cash, other property ) and (or) the emergence of obligations, leading to a decrease in the capital of this organization, with the exception of a decrease in contributions by decision of the participants (owners of the company).

Disposal of assets is not recognized as an expense of the organization:

• in connection with the acquisition (creation) of non-current assets (fixed assets, construction in progress, intangible assets, etc.);
• contributions to the authorized (share) capital of other organizations, the acquisition of shares and other securities not for the purpose of resale (sale);
• under commission agreements, agency and other similar agreements in favor of the committent, principal, etc.;
• in advance payment;
• in the form of advances, deposit;
• in repayment of a loan, a loan received by an organization.

In tax accounting in accordance with Art. 41 of the Tax Code of the Russian Federation, economic benefits in monetary and in-kind terms are recognized as income, taken into account if it is possible to assess it to the extent that such benefits can be assessed.

In accordance with Art. 248 of the Tax Code of the Russian Federation, income taken into account when determining profit is divided into two groups:

• income from sales;
• non-operating income.

In tax accounting in accordance with paragraph 2 of Art. 252 of the Tax Code of the Russian Federation, expenses, depending on their nature, as well as the conditions for implementation and areas of activity of the taxpayer, are divided into two groups:

• costs associated with the production and sale:
• non-operating expenses.

17.2. Accounting for financial results from core activities

In accounting, the final financial result is determined on the active-passive account 99 “Profit and Loss”. The account balance characterizes the financial result of the organization's activities from the beginning of the reporting period (debit - loss, credit - profit).

On account 99 "Profit and loss" business transactions shown on an annual basis. The final financial result consists of:

• profit (loss) from ordinary activities;
• balance of other income and expenses;
• income tax, amounts of tax sanctions due.

Accounting for income and expenses associated with ordinary activities, and determining the financial result for them is kept on account 90 "Sales" on sub-accounts:

90.1 "Revenue";

90.2 "Cost of sales";

90.3 "Value Added Tax";

90.4 "Excises";

90.5 "Sales tax";

90.6 "Export duties";

90.9 Profit/loss on sales.

During the year, entries on the sub-accounts of account 90 are kept on an accrual basis.

At the end of the month, on account 90 “Sales”, the financial result is determined by comparing the credit turnover on subaccount 90.1 “Revenue” with the total debit turnover on subaccounts 90.2 “Cost of sales”, 90.3 “Value added tax”, 90.4 “Excises”, 90.5 “Tax from sales”, 90.6 “Export duties”. The result obtained is debited monthly from sub-account 90.9 “Profit/loss from sales” to account 99 “Profit and loss”. This makes a record:

Dr. c. 90.9 "Profit/loss on sales"

Thus, during the year, sub-accounts opened to account 90 “Sales” on the reporting date have a balance, and synthetic account 90 “Sales” does not have a balance.

At the end of the reporting year, sub-accounts to account 90 are closed with internal entries:

Debit t c. 90.1 Set of accounts 90.9 - revenue

Dr. c. 90.9 Set of accounts 90.2 - cost of sales

Dr. c. 90.9 Set of accounts 90.3 - VAT

Dr. c. 90.9 Set of accounts 90.4 - excises

Dr. c. 90.9 Set of accounts 90.5 - sales tax

Dr. c. 90.9 Set of accounts 90.6 - export duties, etc.

Typical accounting entries for accounting for profits and losses from ordinary activities are given in Table. 17.1.

Table 17.1

Typical accounting entries for accounting for profit and loss from ordinary activities

17.3. The procedure for determining financial results from other activities

The financial result from other activities is determined by the formula

where: P pr - profit from other activities;

D pr - other income;

R pr - other expenses.

Other income in accordance with PBU 9/99 "Income of the organization" includes: proceeds from the sale of property, interest received for the provision of funds for the use of the organization, income from participation in the authorized capital of other organizations (when this is not the subject of the organization's activities);

• fines, penalties, forfeits for violation of the terms of contracts, compensation for losses caused to the organization;
• assets received free of charge, assessed at market value.

The market value of these assets is determined by the organization on the basis of the prices valid on the date of their acceptance for accounting for this or a similar type of assets. Price data must be documented or obtained through an examination;

• accounts payable for which the limitation period has expired, in the amount in which it was reflected in the organization's accounting records;
• amounts of revaluation of assets in accordance with the rules established for the revaluation of assets;
• other receipts.

Other expenses in accordance with paragraph 14 of PBU 10/99 “Expenses of an organization in accounting include:

• expenses associated with the sale, disposal of property, lease of objects, granting rights to intangible assets, participation in the authorized capital of other organizations (when this is not the subject of the organization’s activity), payment of interest on loans and loans, expenses associated with credit services organizations - in an amount equal to the amount of payment in cash or in any other form or the amount of accounts payable;
• fines, penalties, forfeits for violation of the terms of contracts, compensation for losses caused by the organization - in amounts awarded by the court;
• receivables for which the limitation period has expired - in the amount in which it was reflected in the accounting of the organization;
• the amount of devaluation of assets - in accordance with the rules established for the revaluation of assets.

Starting from the reporting for 2007, extraordinary income and expenses are included in other income and expenses of the organization.

Extraordinary incomes are receipts arising as a result of extraordinary circumstances of economic activity (natural disaster, fire, accident, nationalization of property, etc.): insurance compensation, the cost of material assets remaining from the write-off of assets unsuitable for restoration and further use, etc. . P.

Extraordinary expenses are expenses that arise as a result of extraordinary circumstances of economic activity (natural disaster, fire, accident, nationalization of property, etc.).

17.4. Accounting for financial results from other activities

The financial result from other activities is determined on account 91 “Other income and expenses”, to which the following sub-accounts are opened:

91.1 "Other income";

91.2 "Other expenses";

91.9 "Balance of other income and expenses".

During the year, entries on the sub-accounts of account 91 “Other income and expenses” are kept on an accrual basis. The credit of sub-account 91.1 “Other income” reflects receipts of assets recognized as other income; on the debit of sub-account 91.2 "Other expenses" other expenses are reflected. The composition of other income and expenses is discussed in the previous paragraph.

At the end of the month, on account 91 “Other income and expenses”, the financial result is determined by comparing the credit turnover on subaccount 91.1 “Other income” with the debit turnover on subaccount 91.2 “Other expenses”. The result obtained is debited monthly from sub-account 91.9 “Balance of other income and expenses” to account 99 “Profit and loss”. This makes a record:

Dr. c. 91.9 "Balance of other income and expenses"

Set of c. 99 "Profit and Loss".

Thus, during the year, sub-accounts 91.1, 91.2, accounts 91 have a balance as of the reporting date, and synthetic account 91 does not have a balance.

At the end of the reporting year, subaccounts 91.1, 91.2 are closed by internal turnovers:

Dr. c. 91.1 Set of accounts 91.9 - other income

Dr. c. 91.9 Set of c. 91.2 - other expenses.

Typical accounting entries for accounting financial results from other activities are given in table. 17.2.

Table 17.2

17.5. Accounting for the financial results of the organization

The financial result is an increase (decrease) in the organization's own capital for the reporting period as a result of its financial and economic activities.

The financial result of the organization's activities is made up of profit from the sale of products, works and services and profit from other activities, i.e.

where: P- profit of the organization;

P p - profit from sales;

P pr - profit from other activities.

Accounting for profits is carried out on account 99 "Profit and Loss".

The credit of the account reflects the profit of the organization, and the debit - losses, accrued income tax payments, as well as the amount of tax sanctions due for violation of financial discipline. This makes the following entries:

1. Dr. c. 90.9

Set of c. 99 - profit from sales.

2. Dr. c. 91.9

Set of c. 99 - profit from other activities.

3. Dr. c. 99 "Profit and Loss"

At the end of the year, account 99 “Profit and Loss” is closed by writing off the financial result obtained at the end of the year to account 84 “Retained earnings (uncovered loss)”.

In the balance sheet, the financial result of the reporting period is reflected as retained earnings (uncovered loss), i.e., the final financial result revealed for the reporting period, minus taxes and payments due from profits, including sanctions for non-compliance with taxation rules.

Typical accounting entries for accounting for the financial results of the organization and income tax calculations are given in Table. 17.3

Table 17.3

Typical accounting entries for accounting for financial results from other activities

17.6. Accounting for income tax calculations

In tax accounting, profit is determined in accordance with Chapter 25 of the Tax Code of the Russian Federation and is recognized not as an indicator of financial activity, but as an indicator formed specifically for tax purposes according to tax accounting data.

Profit as an object of taxation is defined differently for three categories of taxpayers:

• for foreign organizations operating in the Russian Federation through permanent representative offices in the Russian Federation;
• for other foreign organizations that do not operate through permanent representative offices in the Russian Federation;
• for Russian organizations.

Profit for foreign organizations operating in the Russian Federation through permanent representative offices in the Russian Federation is the income received through these representative offices, reduced by the amount of expenses incurred by these representative offices, determined by Chapter 25 of the Tax Code of the Russian Federation. The tax base for this category of taxpayers is calculated as follows:

Tax base = Income of the representative office - Expenses of the representative office.

Profit for other foreign organizations that do not operate through permanent representative offices in the Russian Federation is income received from sources in the Russian Federation, determined in accordance with Art. 309 of the Tax Code of the Russian Federation. The tax base is calculated as follows:

Tax base = the amount of income received from sources in the Russian Federation.

At the same time, the types of income received by a foreign organization are regulated by Art. 309 of the Tax Code of the Russian Federation.

Profit for Russian organizations is the income received, reduced by the amount of expenses incurred, determined in accordance with Chapter 25 of the Tax Code of the Russian Federation. The tax base of Russian organizations is calculated according to the following algorithm:

where: NB- the tax base;

D p - income from sales;

R p - sales costs;

IN nd - non-operating income;

IN nr - non-operating expenses.

According to paragraph 7 of Art. 272 of the Tax Code of the Russian Federation in tax accounting with the accrual method, the date of non-operating and other expenses is recognized, unless otherwise provided by Art. 261, 262, 266 and 267 of the Tax Code of the Russian Federation.

1. Date of accrual of taxes (fees) - for expenses in the form of amounts of taxes (advance payments on taxes), fees and other obligatory payments.
2. Accrual date - for expenses in the form of deductions to reserves recognized as expenses in accordance with the Tax Code of the Russian Federation;
3. The date of settlement in accordance with the terms of the concluded agreements or the date of presentation to the taxpayer of documents serving as the basis for making settlements, or the last day of the reporting (tax) period - for expenses in the form of:

• commission fees,
• expenses for payment to third parties for the work performed by them (services rendered),
• rental (leasing) payments for leased (accepted for leasing) property;
• other similar expenses.

• amounts of paid lifting,
• compensation for the use of personal cars and motorcycles for business trips.

• business trips,
• maintenance of company vehicles,
• hospitality expenses,
• other similar expenses.

Income tax is determined according to the rules of tax accounting and is subject to reflection in the accounting system, like any economic fact related to the activities of an economic entity. Since January 1, 2003 PBU 18/02 “Accounting for income tax settlements” discloses the procedure for settlements with the budget for income tax.

According to the Regulations, the enterprise calculates the following economic indicators:

1. Conditional expense (conditional income) for income tax.
2. Permanent tax liability.
3. Deferred tax asset.
4. Deferred tax liability.
5. Current income tax.

The conditional income tax expense is equal to the amount determined as the product of the accounting profit formed in the reporting period and the income tax rate established by the legislation of the Russian Federation.

The following entry is made for the amount of contingent income tax expense:

Dr. c. 99 "Profit and Loss"

Set of c. 68 "Calculations on taxes and fees".

The permanent tax liability is defined as the product of the permanent difference arising in the reporting period by the income tax rate established by the legislation of the Russian Federation.

Permanent differences are understood as expenses and incomes that form the accounting profit of the reporting period and are excluded from the calculation of the tax base for income tax in both the reporting and subsequent reporting periods as a result of:

• the excess of actual expenses taken into account in the formation of accounting profit over expenses accepted for taxation purposes, for which restrictions (norms) on expenses are provided;
• non-recognition for taxation purposes of expenses associated with the transfer of property on a gratuitous basis in the amount of the value of the property and expenses associated with this transfer;
• non-recognition for tax purposes of a loss associated with the appearance of a difference between the estimated value of property when it is contributed to the authorized capital of another organization and the value at which this property is reflected in the balance sheet of the transferring party;
• loss carried forward.

An entry is made for the amount of the permanent tax liability:

Dr. c. 99 "Profit and loss", sub-account "Permanent tax liability"

Set of c. 68 "Calculations on taxes and fees".

In accordance with PBU 18/02, the organization independently determines the procedure for generating information on permanent differences. It seems that in order to generate information on emerging income and expenses that form a permanent tax liability, one should use a system of subaccounts for income and expense accounts. So, to income accounts 90 “Sales”, 91 “Other income and expenses”, 99 “Profits and losses” and expenses 20 “Main production”, 23 “Auxiliary production”, 25 “General production expenses”, 26 “General business expenses” , 44 “Sale Expenses” and other accounts of the Chart of Accounts for accounting of financial and economic activities, it is advisable to open the following sub-accounts of the second order:

1. "Income taken into account for tax purposes";
2. “Income not taken into account for tax purposes”;
3. "Expenses taken into account for tax purposes";
4. "Expenses not deductible for tax purposes."

The introduction of special sub-accounts for accounting for permanent differences is caused by the fact that after a certain time they are subject to debiting from the accounts of income and expenses due to the need to sum up the results of the activities of an economic entity for the reporting period. In this case, information about the resulting permanent differences may be lost, which is undesirable both for making managerial decisions and for preparing reporting data for interested users.

A deferred tax asset is defined as the product of deductible temporary differences times the income tax rate established by the legislation of the Russian Federation.

Deductible temporary differences result from:

• application of different methods of recognition of commercial and administrative expenses in the cost of sold products, goods, works, services in the reporting period for accounting and taxation purposes;
• overpaid tax, the amount of which was not returned to the organization, but was accepted for offset in the formation of taxable profit in the next reporting and subsequent reporting periods;
• loss carried forward, not used to reduce income tax in the reporting period, but which will be accepted for tax purposes in subsequent reporting periods, unless otherwise provided by law Russian Federation on taxes and fees;
• application in the event of the sale of fixed assets, different rules for the recognition for accounting and tax purposes of the residual value of fixed assets and the costs associated with their sale;
• the presence of accounts payable for purchased goods (works, services) when using the cash method for determining income and expenses for tax purposes, and for accounting purposes - based on the assumption of temporary certainty of the facts of economic activity;
• other similar differences.

Deferred tax assets are recorded in the accounting records as follows:

Dr. c. 09 Deferred tax asset

Set of c. 68 "Calculations on taxes and fees".

As the deductible temporary differences are reduced or fully reversed, deferred tax assets will be reduced or fully reversed. This makes a record:

On disposal of the asset, the deferred tax asset is written off as follows:

Dr. c. 99 "Profit and Loss"

Set of c. 09 Deferred tax asset.

The deferred tax liability is equal to the amount determined as the product of taxable temporary differences that arose in the reporting period and the income tax rate established by the legislation of the Russian Federation.

Taxable temporary differences in the formation of taxable profit (loss) lead to the formation of deferred income tax, which should increase the amount of income tax payable to the budget in the next reporting period or in subsequent reporting periods.

Taxable temporary differences arise from:

• the use of different methods of calculating depreciation for accounting purposes and for the purposes of determining income tax;
• recognition of proceeds from the sale of products (goods, works, services) in the form of income from ordinary activities of the reporting period, as well as recognition of interest income for accounting purposes, based on the assumption of temporary certainty of the facts of economic activity, and for taxation purposes - on a cash basis;
• deferrals or installment plans for the payment of income tax;
• application of various rules for reflecting interest paid by an organization for providing it with cash (credits, loans) for use for accounting and taxation purposes;
• other similar differences.

An entry is made for the accrued deferred tax liability:

Dr. c. 68 "Calculations for taxes and fees"

Set of c. 77 Deferred Tax Liability.

In analytical accounting, deferred tax liabilities are accounted for differently by types of assets and liabilities in the valuation of which a taxable temporary difference has arisen.

As the taxable temporary differences are reduced or fully eliminated, deferred tax liabilities will be reduced or fully eliminated. Upon disposal of an asset object or type of liability for which it was accrued in accounting, an entry is made:

Dr. c. 77 Deferred tax liability

Set of c. 99 "Profit and Loss".

Current income tax is calculated using the following formula:

where: consumer goods- Current income tax;

URNP– conditional income tax expense;

PNO– permanent tax liability;

SHE– deferred tax asset;

IT- deferred tax liability.

Thus, income tax will be formed, payable to the budget for the reporting period in accordance with the tax return.

If a loss occurs for tax purposes, the tax base for income tax is considered equal to zero, and the resulting loss forms a deferred tax asset.

The amount of permanent tax liabilities, deferred tax assets and liabilities adjusting the conditional expense (conditional income) for income tax are reflected in the notes to the balance sheet and income statement. According to paragraph 25 of PBU 18/02 “Accounting for income tax settlements”, the explanations disclose:

• conditional expense (conditional income) for income tax;
• permanent and temporary differences that arose in the reporting period and led to the adjustment of the conditional expense (conditional income) for income tax in order to determine the current income tax (current tax loss);
• permanent and temporary differences that arose in previous reporting periods, but resulted in the adjustment of the conditional expense (conditional income) for income tax of the reporting period;
• the amount of permanent tax liability, deferred tax asset and deferred tax liability;
• reasons for changes in applied tax rates compared to the previous reporting period;
• the amounts of a deferred tax asset and a deferred tax liability written off to the profit and loss account in connection with the disposal of an asset item (sale, transfer free of charge or liquidation) or type of liability.

Typical accounting entries for accounting for income tax calculations are given in Table. 17.4

Table 17.4

Typical accounting entries for accounting for income tax calculations

17.7. Accounting for the use of profits

According to the legislation, the profit remaining after the payment of income tax and penalties for violation of financial discipline, i.e. retained earnings, is subject to distribution. Retained earnings is the cumulative amount of net profit an organization has received since the start of operations.

To account for retained earnings (uncovered loss), account 84 “Retained earnings (uncovered loss)” is used.

The amount of net profit of the reporting year is debited from account 99 "Profit and Loss" by the closing turnovers of December to the credit of account 84 "Retained earnings (uncovered loss)". This makes a record:

Dr. c. 99 "Profit and Loss"

Set of c. 84. "Retained earnings (uncovered loss)".

The amount of the net loss of the reporting year is written off to the debit of account 84 “Retained earnings (uncovered loss)”:

Dr. c. 84 "Retained earnings (uncovered loss)"

Set of c. 99 "Profit and Loss".

Retained earnings of the reporting year can be used to pay income to the founders of the organization.

Shareholders or participants can decide on the distribution of profits directed to the payment of dividends. The main regulatory documents that determine the procedure for accruing dividends are Federal Law No. 208-FZ of December 26, 1995 “On Joint Stock Companies” and Federal Law No. 14-FZ of February 8, 1998 “On Limited Liability Companies”, etc.

A prerequisite for deciding whether to direct profits to pay dividends is that the organization has profits based on the results of the reporting period and profits received in previous years. The decision to pay dividends is made by the general meeting of shareholders (participants) with 2/3 of the votes. As a rule, such a decision is made after the approval of the annual report. However, shareholders (participants) may decide on the distribution of profits (payment of dividends) on a quarterly or semi-annual basis.

The amount of profit allocated for the payment of dividends is determined by the general meeting on the basis of information provided by the board of directors or the head of the organization.

Income paid to shareholders (participants) of the organization is subject to taxation. For organizations, dividends are included in the income tax base, for individuals they form income subject to personal income tax.

In all cases, the organization that pays the income is responsible for the correct calculation, withholding and transfer to the budget of tax on income in the form of dividends.

When paying dividends to foreign organizations, intergovernmental agreements should be taken into account in order to avoid double taxation. Russia has concluded agreements with most states, according to which capital income (dividends) are subject to taxation in the state that is the source of the payment. Thus, Russian organizations generally withhold and pay taxes on dividends in accordance with Russian tax legislation.

When taxing dividends paid to Russian organizations, the tax is paid on the difference between the amount of dividends paid and the amount of dividends received by the organization in the tax period.

Personal income tax is 9% and is transferred to the budget no later than the day on which dividends are paid. Income tax is transferred to the budget within 10 days from the date of income payment.

It must be borne in mind that a tax agent paying dividends withholds income tax from the recipient of income only if the recipient of income (shareholder, participant) is a payer of income tax. If the Russian organization - the recipient of income is transferred to the simplified taxation system, it is not necessary to calculate and withhold income tax. Exemption from taxation of dividends is carried out on the basis of a notice received from a shareholder (private trader) on the application of a simplified taxation system. In this case, the payment of dividends is carried out in full, without withholding taxes.

In accounting for the amount of accrued dividends, an entry is made:

Set of c. 75 "Settlements with the founders" sub-account, "Calculations for the payment of income."

The withholding of personal income tax (dividends) is reflected in the entry:

Set of c. 68 "Calculations on taxes and fees".

Information on paid income in the form 2-NDFL is submitted to the tax authority before April 1 of the year following the year in which the income was paid.

When withholding income tax from the amounts due to shareholders (participants) - legal entities, an entry is made:

Dr. c. 75 "Settlements with the founders"

Set of c. 68 "Calculations on taxes and fees".

The tax authority is provided with a calculation of income tax on income in the form of dividends (income from equity participation in other organizations established in the territory of the Russian Federation) withheld by the tax agent.

Organizations submit tax returns (for income tax) or information (for personal income tax) to the tax authority on the amounts of income paid.

Information on income paid to an individual is submitted before April 1 of the year following the year of payment of dividends, in the form of personal income tax-2. If the shareholder is simultaneously an employee of the enterprise, then the information is submitted once, simultaneously with information about wages and other income.

Information on income paid to Russian organizations and individuals, is submitted no later than 28 days after the end of the reporting period in which the income was paid, and at the end of the year - no later than March 28. The declaration is accompanied by a transcript (register) of accrued dividends for each Russian organization indicating the full name, legal address, TIN, name of the head, contact phone number, amount of income and amount of tax withheld.

The loss of the reporting year can be written off as a reduction in the authorized capital when the authorized capital is brought to the amount of net assets. This makes a record:

Dr. c. 80 "Authorized capital"

Set of c. 84 "Retained earnings (uncovered loss)".

By decision of the meeting of shareholders, the profit can be directed to:

• An increase in the authorized capital with a simultaneous increase in the share of each founder in the authorized capital. This makes a record:

Set of c. 75 "Settlements with the founders"

Dr. c. 75 "Settlements with the founders"

Set of c. 80 "Authorized Capital".

• Increase in reserve capital. This makes a record:

Dr. c. 84 "Retained earnings (uncovered loss)"

Set of c. 82 "Reserve capital".

• To cover the losses of previous years. This makes a record:

Dr. c. 84 "Retained earnings"

Set of c. 84 "Uncovered loss".

Typical accounting entries for accounting for the use of profit are given in Table. 17.5.

Table 17.5

Typical accounting entries for accounting for the use of profit

17.8. Profit and loss reporting

In accordance with the current Regulations, economic entities draw up a profit and loss statement in accordance with Form No. 2 “Profit and Loss Statement”.

When compiling a profit and loss statement, you must be guided by the following.

1. Under the article “Revenue (net) from the sale of goods, products, works, services (minus value added tax, excises and similar obligatory payments)” shows the proceeds from the sale finished products(works, services), from the sale of goods, etc., accounted for on account 90 "Sales", based on the assumption of temporary certainty of the facts of economic activity.
2. The article “Cost of sold goods, products, works, services” reflects the costs of an organization engaged in the production of products, performance of work, provision of services (excluding amounts reflected in the article “Administrative expenses”) related to sold products (works, services). If an organization uses account 40 “Output of products (works, services)” to account for production costs, the amount of excess of the actual production cost of products released from production, work delivered and services rendered over their standard (planned) cost, written off in accordance with the established procedure in the debit of account 90 "Sales", is included in the cost of goods sold, products, works. In the case when the actual production cost is lower than the standard (planned) cost, the amount of this deviation reduces the data on this indicator.
3. Gross Profit is the difference between revenue and cost of goods, products, works and services sold.
4. Under the item “Selling Expenses”, organizations engaged in the production of products, performance of work and provision of services reflect the costs of sales recorded on account 44 “Sales Expenses” and related to sold products (works, services).
5. The article “Administrative expenses” reflects the amounts recorded on account 26 “General business expenses” in accordance with the established procedure and debited directly to the debit of account 90 “Sales” in accordance with the Accounting Policy. If the accounting policy of the organization does not provide for the procedure for writing off general business expenses directly to the debit of account 90 “Sales”, then their share related to sold products (works, services) is reflected in the item “Cost of sales of goods, products, works, services”.
6. The "Profit (loss) from sales" indicator is calculated as the difference between gross profit (loss) and the amount of selling and administrative expenses.
7. The item “Interest receivable” reflects the amounts due to be received in accordance with the agreements, dividends (interest) on bonds, deposits, etc., and the amounts due from credit institutions for the use of balances of funds held on settlement accounts with this credit institution .
8. The item "Interest payable" shows the interest payable by the organization for the use of loans and credits, accrued regardless of the time of their actual payment.
9. The article “Income from participation in other organizations” reflects income to be received from participation in joint activities without forming a legal entity (under a simple partnership agreement), as well as income to be received on shares in cases where the organization has financial investments in valuable papers of other organizations.
10. In accordance with the Orders of the Ministry of Finance of the Russian Federation of September 18, 2006 No. 115n. and 116n items "Other income" and "Other expenses" reflect data on operations related to the movement of the organization's property (fixed assets, stocks, cash, securities, etc.). These include, in particular: the sale of fixed assets and other property, the write-off of fixed assets from the balance sheet due to obsolescence, income from the lease of property, expenses for the maintenance of mothballed production facilities and facilities, costs of canceled production orders (contracts), the cost of production that produced no output.

At the same time, the income due on these operations, and the costs associated with obtaining these incomes, are shown in lines 090 and 100 expanded (not offset). In case of compensation for the costs of maintaining mothballed production facilities and facilities, under canceled production orders (contracts), discontinued production that did not produce products, the corresponding amounts are reflected in “Other income”.

Other income and expenses also include the results of revaluation of property and liabilities, the value of which is expressed in foreign currency (exchange differences), made in accordance with the current procedure, as well as income (expenses) received from the sale of foreign currency.

Data on other income are shown minus the amounts of value added tax and other similar obligatory payments reflected on account 91 “Other income and expenses”.

In addition, other income and expenses include:

• accounts payable and depository debts for which the limitation period has expired;
• amounts received in repayment of receivables written off in previous years at a loss as uncollectible;
• fines, penalties, forfeits and other types of sanctions awarded or recognized by the debtor for violation of contracts, as well as amounts due to compensate for the losses caused;
• amounts of insurance compensation and coverage of losses from natural disasters, fires, accidents and other extraordinary events;
• profit of previous years, revealed in the reporting year;
• property credited to the balance sheet, which turned out to be in excess according to the results of the inventory.

To account for deferred tax assets, an active balance account 09 “Deferred tax assets” is used. Deferred tax assets accrued in the reporting period are shown in the "profit and loss statement" minus the amount written off to the debit of account 68 "Calculations on taxes and fees".

Deferred tax liabilities are reflected in the passive balance account 77 "Deferred tax liabilities". Deferred tax liabilities accrued in the reporting period are reflected in the income statement minus the amounts written off in the reporting period to the credit of account 68 “Calculations on taxes and fees”.

Permanent tax liabilities are determined in accordance with paragraph 4 of PBU 18/02 “Accounting for the calculation of income tax”, approved. Order of the Ministry of Finance of the Russian Federation dated November 19, 2002 No. 114n.

Permanent differences are understood as income and expenses that form the accounting profit (loss) of the reporting period and are excluded from the calculation of the tax base for income tax of both the reporting and subsequent reporting periods.

Permanent tax liabilities are equal to the amount determined as the product of the constant difference that arose in the reporting period and the income tax rate established by the legislation of the Russian Federation on taxes and fees and effective on the reporting date.

Permanent tax liabilities are reflected in accounting on the profit and loss account, sub-account "Permanent tax liability" in correspondence with the credit of the account "Accounting for settlements on taxes and fees".

where: state of emergency- net profit;

PD- profit before tax;

SHE- Deferred tax assets;

IT– deferred tax liabilities;

consumer goods- Current income tax.

For reference to Form No. 2 “Profit and Loss Statement”, the following data are provided:

• on permanent tax liabilities;
• on the profitability per share, calculated in accordance with the Methodological recommendations of the RF Ministry of Finance dated September 21, 2000 No. 29n " Guidelines on disclosure of information per share”.

Permanent tax liabilities are calculated in accordance with clause 4-7 of PBU 18/02 “Accounting for income tax settlements”.

In determining earnings per share, basic earnings (loss) per share and diluted earnings (loss) per share are calculated.

Basic profit (loss) per share is defined as the ratio of the basic profit (loss) of the reporting year to the weighted average number of ordinary shares outstanding during the reporting period.

The basic profit (loss) of the reporting period is determined by reducing the profits of the reporting period remaining at the disposal of organizations after taxation by the amount of dividends on preferred shares accrued to their owners during the reporting period.

The weighted average number of ordinary and preferred shares outstanding is determined by summing up the number of these shares on the first day of each calendar month of the reporting period and dividing the resulting amount by the number of calendar months in the reporting period.

Diluted earnings per share is defined as the ratio of basic earnings to the weighted average number of shares, assuming that they are all ordinary shares.

conclusions

The financial result of the organization's detail is profit, which is made up of profit from the sale of products, works, services and profit from other activities. Profit from the sale of products, works, services is defined as the difference between income and expenses for the production and sale of products.

Income from the sale of products is the proceeds from its sale minus VAT, and expenses are the actual full cost of sales.

Profit from other activities is calculated as the difference between other income and expenses.

The economic content of the organization's income and expenses is disclosed in PBU 9/99 "Income of the organization" and 10/99 "Expenses of the organization".

Profit from the sale of products is determined according to account 90 “Sales”, and profit from other activities on account 91 - “Other income and expenses”.

The financial result is formed on account 99 Profit and loss".

Profit is the basis for paying income tax. Income tax is determined according to the rules set out in PBU 18/02t “Accounting for income tax settlements”. The income tax rate is 24%. The following entry is made for the amount of accrued income tax:

Dr. c. 99 "Profit and Loss"

Set of c. 68 "Calculations on taxes and payments".

The profit remaining at the disposal of the enterprise after payment of profit and penalties for violation of financial discipline is called retained earnings. To account for retained earnings, account 84 “Retained earnings (uncovered loss)” is used. Retained earnings are used to pay dividends, increase the authorized, reserve capital and cover losses of previous years.

Questions for self-examination

1. What is the income of the organization?
2. What are organization costs?
3. What regulations regulate the content and procedure for calculating the income and expenses of the organization?
4. How to calculate the financial result from the main activity?
5. How to calculate the financial result from other activities?
6. On which account is the financial result from the main activity determined?
7. On which account is the financial result from other activities determined?
8. How is current income tax determined?
9. Deferred tax assets and deferred tax liabilities: calculation procedure and reporting.
10. What is the content and procedure for compiling a profit and loss statement?
11. Gross profit of the organization: economic content and calculation procedure.
12. Net profit of the reporting period and the procedure for its calculation.
13. Other income and expenses of the organization: composition, structure and reflection in the financial statements.
14. Basic and diluted earnings per share: calculation and reporting procedure.

Bibliography

1. Civil Code of the Russian Federation.
2. Tax Code of the Russian Federation.
3. Labor Code of the Russian Federation.
4. Federal Law of December 26, 1995 No. 208-FZ “On Joint Stock Companies”.
5. Federal Law No. 14-FZ of 08.02.1998 “On Limited Liability Companies”.
6. Federal Law of the Russian Federation of November 21, 1996 No. 129-FZ “On Accounting”.
7. Regulation on accounting and financial reporting in the Russian Federation: Approved by the Order of the Ministry of Finance of the Russian Federation dated July 29, 1998 No. 34n.
8. Chart of accounts for financial and economic activities of organizations and instructions for its use, approved. Order of the Ministry of Finance of the Russian Federation dated October 30, 2000 No. 94n.
9. Regulation on accounting "Income of the organization" (PBU 9/99), approved. Order of the Ministry of Finance of the Russian Federation dated May 6, 1999 No. 32n.
10. Regulation on accounting "Expenses of the organization" (PBU 10/99), approved. Order of the Ministry of Finance of the Russian Federation dated 06.05.1999 No. ЗЗн.
11. Regulation on accounting "Accounting policy of the enterprise" (PBU No. 1) 1998: Order of the Ministry of Finance of the Russian Federation dated 09.12.1998 No. 60-n.
12. Regulation on accounting "Accounting statements of the organization" (PBU No. 4) 1999: Order of the Ministry of Finance of the Russian Federation dated 06.07.1999 No. 43-n.
13. "Methodological recommendations on earnings per share": RF Ministry of Finance dated March 21, 2000 No. 29n.
14. Erofeeva V. A., Klushantseva G. V., Kemter V. B. Accounting with elements of taxation. St. Petersburg: Legal Center Press, 2006.
15. Kondrakov N.P."Accounting". M.: "Infra-M", 2000.

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The final financial result of the enterprise as a whole is formed at the expense of income and expenses from ordinary activities, as well as other income and expenses.

The first are formed on account 90 "Sales", which we analyzed in detail in, and the second on account 91 "Other income and expenses", an analysis of which can be found.

To form the final financial result, account 99 “Profit and Loss” is used, debit 99 of the account shows losses, credit - profit.

The final results of activities for the year are shown in the balance sheet -.

Profit and loss

At the end of each month, on accounts 90 and 91, the financial result from the activities for the past month is formed, the resulting total profit or loss is debited from these accounts to account 99 of accounting with the following entries:

• D90 / 9 K99 - reflected profit from ordinary activities,
• D99 K90 / 9 - reflected losses from ordinary activities,
• D91 / 9 K99 - reflected profit from other income and expenses,
• D99 K91/9 - losses from other income and expenses are reflected.

During the calendar year, from month to month, profits and losses accumulate on account 99. In each month, the final balance is calculated and carried over to the next.

In addition to the above income and expenses, the formation of the financial result is also influenced by accrual. The accrual of this tax in the presence of profit is also reflected in account 99 in account 68 “Calculations on taxes and fees” - read more about the account. The entry reflecting the accrual of income tax to pay it to the budget has the form D99 K68.

Account closing 99

At the end of the year, it is necessary to calculate the final financial result from the activities of the enterprise, and 99 accounting accounts must be closed. For this, the final balance at the end of December is considered. 99, the resulting debit balance indicates that the organization's losses for the year exceeded profit, the credit balance indicates the opposite.

The resulting final balance is reflected in the account. 84 "Retained earnings (uncovered loss)".

Postings for closing account 99 at the end of the year:

• D99 K84 - reflects the financial result for the year (profit);
• D84 K99 - reflects the financial result for the year (loss).

As a result of these actions, 99 is completely closed, its balance becomes 0, at the beginning of January of the next year it reopens.

As for account 84, the profit reflected on it can be used for the needs of the organization, for the purchase of non-current assets, or, for example, for the payment of dividends to the founders. In addition, if in previous reporting periods there was a loss, and in the current - profit, then the profit received can cover the losses of previous years.