Where to submit and when?
First of all, the annual balance must be submitted to the Federal Tax Service.
Suppliers or founders may also request a balance sheet to assess the financial position of the company.
The deadline for submitting the balance sheet for 2021 is March 31, 2020 inclusive.
Previously, one copy of the balance sheet as part of the financial statements had to be sent to the territorial statistics body (Article 18 of the Federal Law of December 6, 2011 No. 402-FZ). This obligation has been canceled for reporting for 2019. The exception is organizations whose reporting contains state secrets, and those obliged by the Government of the Russian Federation.
All organizations are required to submit reports for 2021 electronically through an EDI operator. Small businesses could also submit reports for 2021 on paper, but this is now prohibited.
Legal basis for issuing an order
In the “Regulations on accounting and financial reporting in the Russian Federation”, approved by the Order of the Ministry of Finance, fixed assets are understood as assets that are used by the organization:
- as means of production;
- to manage the company.
The list of such funds is not precisely defined by the legislator and is open in nature. As an example of material assets, the Regulations indicate:
- perennial plantings;
- building;
- bosom;
- bodies of water;
- laboratory equipment;
- cars;
- draft animals;
- investments that were made in the OS.
An important condition for classifying property as basic assets for an enterprise is the service life of such assets, which must be more than 12 months.
When classifying material assets as fixed assets, it does not matter how they came to be owned by a legal entity.
How to draw up a balance sheet
Assets and liabilities are components of the balance sheet.
The asset includes two sections: current assets (debtors' debt, money in accounts, etc.) and non-current assets (intangible assets, fixed assets, deferred tax assets, etc.).
The passive consists of three sections:
- Capital and reserves.
- Short-term liabilities.
- Long term duties.
The asset of the balance sheet informs about all the property of the company, and the liability tells about the sources of receipt of this property. Equality must be observed: Active = Passive.
The balance sheet contains information at the end of the year. It also provides information on all indicators at the end of the previous two years. Thus, in the balance sheet for 2021, accountants will also indicate data for 2021 and 2021.
All balance sheet indicators are combined into articles. Each balance line has its own code. Small businesses can draw up a brief balance sheet, but other companies provide a detailed breakdown of all items. The organization itself determines how much detail to disclose information in the balance sheet, based on the level of materiality of a particular indicator (note No. 2 to the balance sheet, specified in Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n). Information about materiality levels is usually specified in the accounting policies.
View balance line codes
PBU 4/99 discloses information about what indicators need to be included in the balance sheet.
Reporting to the Federal Tax Service on time and without errors! We are giving access for 3 months to Kontur.Ektern!
Test work - accounting problems with solutions. Drawing up a balance
Test option No. 3
Exercise 1:
1. Determine the correspondence of accounts for transactions and register these transactions in the business transactions journal.
2. Determine the missing transaction amounts.
3. Draw up a turnover sheet for synthetic accounts.
4. Based on the turnover sheet, draw up a balance sheet at the end of the reporting period.
Log of business transactions for the month
| № | Contents of operation | Wiring | Sum |
| 1 | Received supplier invoices for materials | ||
| materials are capitalized at wholesale prices | D10/K60 | 204495 | |
| VAT | D19/K60 | 36809 | |
| 2 | An invoice was received from the transport organization for the delivery and unloading of materials | 3125 | |
| without VAT | D10/K60 | 2648 | |
| VAT | D19/K60 | 477 | |
| 3 | Debited from the current account to pay bills of suppliers and transport organizations | D60/K51 | 207143 |
| 4 | VAT related to the cost of materials received has been restored | D68/K19 | 37286 |
| 5 | Materials released for December at wholesale prices: | ||
| for the production of product A | D25/K10 | 184083 | |
| for the production of product B | D25/K10 | 14837 | |
| for maintenance of equipment of the main workshop | D25K10 | 3550 | |
| for other needs of the main workshop | D26K10 | 2369 | |
| for the needs of the plant management | D26K10 | 1344 | |
| Total | 206183 | ||
| 6 | Part of the transportation and procurement costs related to materials sold is written off: | ||
| for the production of product A | D25/K10 | 5522 | |
| for the production of product B | D25/K10 | 445 | |
| for maintenance of equipment of the main workshop | D25K10 | 106 | |
| for other needs of the main workshop | D26K10 | 71 | |
| for the needs of the plant management | D26K10 | 40 | |
| Total | 6184 | ||
| 7 | An energy sales invoice was received for the electricity consumed: | ||
| for equipment maintenance | D25/K60 | 1552 | |
| for workshop lighting | D25/K60 | 1010 | |
| for plant lighting | D26/K60 | 1705 | |
| Total | 4267 | ||
| 8 | December wages accrued and distributed: | ||
| production workers according to ed. A | D25/K70 | 102527 | |
| production workers according to ed. B | D25/K70 | 7887 | |
| worker servicing equipment | D25/K70 | 20376 | |
| other workshop personnel | D26/K70 | 14675 | |
| plant management personnel | D26/K70 | 30277 | |
| workers during regular vacations | D70/K50 | 5998 | |
| temporary disability benefits accrued | D20/K70 | 1100 | |
| Total | 182840 | ||
| 9 | Amounts are reserved for the upcoming payment of workers' next vacations - in a planned percentage of the basic salary: | ||
| production workers according to ed. A | D25/K96 | 6176 | |
| production workers according to ed. B | D25/K96 | 476 | |
| worker servicing equipment | D25/K96 | 1200 | |
| Total | 7852 | ||
| 10 | Contributions are made for social needs: | ||
| production workers according to ed. A | D25/K69 | 37935 | |
| production workers according to ed. B | D25/K69 | 2918 | |
| worker servicing equipment | D25/K69 | 7539 | |
| other workshop personnel | D26/K69 | 5430 | |
| plant management personnel | D26/K69 | 11202 | |
| workers during regular vacations | D70/K69 | 2219 | |
| Total | 67243 | ||
| 11 | Deducted from the wages of workers and employees for December: | ||
| a) taxes | D70/K68 | 23900 | |
| b) according to writs of execution | D70/K73 | 800 | |
| c) to return the balance of previously issued imprest amounts | D70/71 | 80 | |
| Total | 24780 | ||
| 12 | The contractor's invoice for the current repairs has been received and accepted: | ||
| main workshop equipment | D25/K60 | 6509 | |
| utility workshop buildings | D26/K60 | 5629 | |
| factory office buildings | D26/K60 | 7047 | |
| Total | 19185 | ||
| 13 | An energy sales invoice was received for the heat energy consumed: | ||
| main workshop | D25/K60 | 1200 | |
| plant management | D26/K60 | 421 | |
| Total | 1621 | ||
| 14 | Depreciation for December was calculated on the cost of fixed assets: | ||
| main workshop equipment | D25/K02 | 6580 | |
| main workshop building | D25/K02 | 3720 | |
| factory management buildings | D26/K02 | 3520 | |
| Total | 13820 | ||
| 15 | Received by check from a current account in cash | D50/K51 | 184990 |
| 16 | Taxes withheld from workers and employees, and debt on other tax payments were transferred from the current account | D68/K51 | 28340 |
| 17 | Salaries issued from the cash register | D70/K50 | 18369 |
| 18 | Wages not received on time are deposited | D70/K76 | 1300 |
| 20 | General production expenses related to production costs have been distributed and written off: | ||
| for products A | D20/K25 | 385671 | |
| for products B | D20/K25 | 30468 | |
| Total | 416139 | ||
| 21 | General business expenses related to production costs have been distributed and written off: | ||
| for products A | D20/K26 | 77618 | |
| for products B | D20/K26 | 6112 | |
| Total | 83730 | ||
| 22 | Finished products produced by the main production facility are accepted into the warehouse | D43/K20 | 499869 |
| 23 | Invoices were presented to customers for products supplied to them | D62/K90 | 740864 |
| 24 | The cost of shipped products is written off | D90/K43 | 499869 |
| 25 | Accrued costs for shipment of finished products | D44/K60 | 2340 |
| 26 | The costs of shipping finished products from the departure station are written off from the current account at the expense of the supplier | D60/K51 | 2340 |
| 27 | Received to the bank account from buyers: | D51/K62 | 740864 |
| 28 | Non-production expenses related to products sold are written off | D46/K44 | 2340 |
| 29 | VAT accrued on products sold | D68/K90 | 112982 |
| 30 | The financial result from the sale is identified and listed | D90/K99 | 128013 |
| 31 | Transferred from the current account to pay the contractor's bill for current repairs and energy sales bills for heat energy | D60/K51 | 25073 |
| social insurance authorities | D69/K51 | 18000 | |
| Total | 43073 | ||
| 32 | The deposited salary was returned to the bank account | D51/K70 | 1300 |
Synthetic account balances
| Account name | Sum | |
| 01 | Fixed assets | 2344742 |
| 02 | Depreciation of fixed assets | 342824 |
| 10 | Materials | 170005 |
| 19 | VAT on purchased assets | 26513 |
| 20 | Primary production | 73480 |
| 25 | General production expenses | |
| 26 | General running costs | |
| 43 | Finished products | 213630 |
| 50 | Cash register | 300 |
| 51 | Checking account | 84685 |
| 60 | Settlements with suppliers | 23010 |
| 62 | Settlements with customers | 213630 |
| 66 | Short-term bank loan | 280000 |
| 68 | Calculations with the budget | 6600 |
| 69 | Social insurance calculations | 5600 |
| 70 | settlements with personnel for wages | 73400 |
| 71 | Calculations with accountable persons | 100 |
| 76 | Settlements with various debtors and creditors | |
| - debtors | 6200 | |
| - creditors | 7680 | |
| 80 | Authorized capital | 2277905 |
| 84 | retained earnings | 17760 |
| 90 | Sales | |
| 96 | Reserve for upcoming expenses and payments | 7646 |
| 99 | Profit/Loss | 90860 |
What is balance
A little history. The birthplace of accounting is Italy. At the end of the 15th century, mathematician Luca Pacioli invented the so-called double entry system, according to which each accounting transaction is reflected in two accounts. For example, if someone is a trustee (that is, a debtor), then the other must be designated as a debtor. Or if the money is spent from the cash register, then the goods have arrived. According to the procedure for maintaining trading books, each entry (debit) should be reflected on the left side of the book, and expense (credit) transactions on the right. The difference between the two columns is the balance. However, the term itself was used much later - in the 19th century, again in Italy.
In simple words, balance is the difference between income and expenses. However, not all accounting accounts reflect the movement of money. There are also so-called passive accounts, which are used to record liabilities, i.e. debt. But we’ll talk about this a little later, but for now let’s return to simple examples for life.
Balance sheet of a commercial bank. Principles of its construction
The report required by each bank is called the “balance sheet of a commercial bank.” The principles of its construction are based on daily analyzed operations - transactions of individuals and legal entities. Clients receive copies of statements on the basis of which the annual balance is formed.
By assets, real cash on hand, loans, debts, expenses are analyzed. By liabilities – deposits, profits, funds, balances from the client’s debit account. The current methods of compiling the balance of payments are the result of improving practice and theory. In advanced countries, the process of forming a balance has undergone standardization and automation due to the creation of high-quality software products.
Features of drawing up an order
The following may prepare a draft document as directed by the manager:
- accounting service;
- enterprise lawyer;
- assistant manager
The sample order is not established by law. An analysis of the requirements of the Law “On Accounting”, as well as the basics of document flow, allows us to identify the following necessary elements of such an order:
- the name of the organization in which the order is issued, its details (if the document is drawn up on a standard form, then this part is replaced by the header of the form);
- the name of the document (for example, “order to register fixed assets” or “order to register fixed assets”, etc.) and its serial number;
- the date of preparation of the document and the place of its signing;
- the basis for issuing the order (indicates why the property appeared in the enterprise);
- a detailed description of the means of production that is accepted for balance (indicating all characteristics, serial numbers, maximum power, color, smell, texture, etc.);
- an indication that the property is accounted for as a fixed asset;
- determining the initial cost of the asset;
- establishing a maximum service life of a means of production;
- assigning an inventory number to property;
- assignment of material value to separate groups and categories;
- indication of the name and position of the employee appointed as the financially responsible person for the safety of property;
- determination of the room or workshop in which the equipment will be used;
- attachments: details of transfer and acceptance acts, contracts for this asset;
- signature of the manager or duly authorized person;
- date and signature in familiarization with the order of the materially responsible person.
Meaning of the order
A document confirming the acceptance of a fixed asset on the company’s balance sheet is necessary not only for the preparation of financial statements. Only after its issuance, the assets received by the organization can actually be put into production on the basis of the Certificate of Putting this Property into Operation. The Act must reflect:
- characteristics of the property;
- appearance and technical condition of the means of production;
- Full name of the persons responsible for the use of the property;
- degree of equipment readiness for use.
The act is signed by a commission consisting of the manager, chief accountant and specialists in whose jurisdiction the property will be used.
Deadlines for drawing up an order
The accounting legislation does not contain deadlines for placing property on the balance sheet after its acquisition. However, it is not beneficial for the organization to delay issuing such an order. Companies can reduce their tax payments by the amount of depreciation on capital equipment. Accrual of depreciation is possible only after the property is accepted on the balance sheet and put into operation.
Errors when drawing up an order
Frequent mistakes when drawing up an order to accept fixed assets onto the balance sheet are:
- Lack of evidence to support the original cost of the asset. The basis for registering property is the documents that accompany the appearance of a means of production at the enterprise (for example, a purchase and sale agreement, lease, donation, etc.). It is at the value indicated in them that the property must be assessed. These documents must be presented during the tax audit.
- Incorrect classification of an object as a fixed asset. When forming the category of “fixed assets”, it is necessary to understand which means of production will contribute to the performance of the main function of the company, and which simply organize the life of workers. For example, even if a coffee machine has been used for more than a year and will not be disposed of by the enterprise, it is not an operating system, since it is not related to the needs of the enterprise itself.
- Accounting for parts of property as independent fixed assets. If the object is used comprehensively and the service life of the parts is not much different, it cannot be taken into account in parts.
