Accounts payable in balance (line1520) in the unified form of the new sample shows the same types of obligations as in the former. However, this group is not detailed as before. Nevertheless, enterprises, based on the characteristics of production, the specifics of the activity, are still recommended to carry out such a specification. Let us consider further how the accounts payable are reflected in the balance sheet.
If the payables in the balance sheet (line1520) will be shown in detail, it will allow to give more reliable and complete information about the financial condition of the company for interested parties. In addition, this procedure corresponds to PBU 4/99. In particular, clause 11 states that indicators of certain assets and liabilities should be given separately if they are significant and if it is not possible for stakeholders to assess the financial condition of the enterprise without them. Accounts payable (balance sheet item) can be shown in one amount, if one or another indicator separately does not have special significance for analysis.
The balance of payables and receivablesfor specific types (titles) of articles is established by the company and is fixed in the accounting policy. When deciphering art. 1520 can be taken as a basis for the previous detail. So, using the procedure in accordance with which the previous balance sheet was drawn up, payables may be to:
The articles for which the payables in the balance sheet are interpreted are pages 15201-15207.
This article shows short-termaccounts payable in the balance sheet. It is formed on the last date of the reporting period. How does such payables appear in the balance sheet? The accounts will be as follows:
It should be noted that accounts payable andaccounts receivable are stated in the balance sheet expanded. The latter is given in the asset. And the first - accounts payable - in the liabilities side of the balance sheet. That is, they do not balance. This is not done even if the one and the other balance appeared on the analytical accounts of the same article.
Основания, в соответствии с которыми образуется Accounts payable in the balance sheet are the terms of the contract concluded between the enterprise and the counterparty. In general cases, the amount of the obligation equals the contractual price of the product, service or work received. But in some situations, it is formed in a special way. For example, payables can be expressed in arbitrary units or in foreign currency, occur when granting a commercial loan, in the course of a barter transaction and so on.
The amount of accounts payable is establishedin accordance with the rules given in PBU 10/99. According to the norms, the amount of the unfulfilled obligation for products, work, service is determined in accordance with the price established under the contract under which they are received. It includes excise taxes and VAT imposed by the contractor / supplier.
The company acquires a batch of products.The cost, which is set in the supply contract, is 684,400 p., Including VAT 104,400 p. At the reporting date, the obligation of the company has not been repaid. In the process of posting the goods should make entries:
Db 19, Cr. 60
104 400 p. - accounts payable (in terms of the tax amount) and VAT ("input") presented by the supplier are taken into account.
Db 41, Kr. 60
580 000 p. (684,400 - 104,400) - products are credited and debts are shown (in terms of hundred of goods without VAT).
As of the end of the reporting period incompany documentation (p. 1520) shows the amount of 684,400 p. If the cost of production is not established in the contract and is not determined by its conditions, then the initial parameters in accordance with which the payables in the balance sheet will be determined are those prices at which the company calculates similar goods received in similar circumstances (taking into account the conditions of supply , the number of acquired values, and so on).
With the acquisition of a product, servicesor work payables are calculated in accordance with the officially established rate, which is valid on the reporting date. The contract may be provided for calculation in a different order. Since the foreign exchange rates that were in effect at the time of receiving the products will differ from those that will be at the balance sheet date, exchange differences will appear in the accounting. In this regard, the authorized person should recalculate the amount of the obligation to the supplier. This is done on the basis of the earliest date:
If the course that existed on the date of shipmentproducts, more than at the time of recalculation, there will be a positive difference in accounting. It is contributed to other income and its debt debt is reduced.
Under the contract of sale may be providedproviding the company with installment or deferred payment. As a rule, this service is paid. So, besides the cost of the product itself, the buyer must pay interest on a commercial loan. The order in accordance with which the accrual is carried out is established by the parties in the contract.
In the case of a commercial loan inaccounts payable includes both the cost of production (including VAT) and the amount of interest. Usually accrual is made at the time of transfer of ownership of the product. But this rule applies when the participants in the transaction can reliably calculate the amount of interest payable (if, for example, the date of payment is known precisely).
In some cases, this does not seem to bepossible. For example, this situation occurs if the accrual is made for each delayed day. At the same time, the period during which the obligation will be repaid is unknown. According to PBU, one of the conditions about which expenses are fixed (and therefore, accounts payable in the balance sheet) is the ability to accurately determine their amount. In this case, you can do this:
It is carried out aftermade calculations with the supplier. The company may transfer funds for the delivered products or deduct its debt on account of its obligations (if any). An enterprise can pay directly to the supplier itself or, at its request, transfer the money to a third party. The latter must have appropriate powers. They will follow from the relevant letter of the supplier, which is sent to the company.
If the company has not fulfilled its obligationsto the supplier, in some cases the debt may be written off. This is possible if the three-year statute has expired. The period is calculated from the date of occurrence of the obligation. The law also provides for other grounds. For example:
Overdue payables in the balance sheetdebited on a mandatory basis. If the obligation remains in accounting, then this may lead to data corruption. In addition, the tax service may regard this as the concealment of non-operating income of the enterprise with a corresponding decrease in the taxable base.
