The establishment of the reserves is one of the inevitability of business in general and accounting in particular. So provision for diminution in value of inventory what is? These rules and any objects will need to set up the room? Let's Accnet làm rõ vấn đề trên qua các nội dung bài viết sau
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1. Provision for diminution in value what is inventory?
Provision for diminution in value of inventory is meant to be a provision when there is a decline of net worth. Is a lower value than the value that has records of inventory.
The provision for this is made only when the business has the evidence to prove the decline of net worth can be done.
And net worth can be done of inventory (A) is calculated according to the formula:
A = estimated selling Price of inventory in the u.s. - the estimated Cost to swap into the production and sales
2. Provision for diminution in value of inventory, including the rules established how?
In accordance with article 4 of circular 48/2019/TT-BTC, then a specified amount of provisioning is stated as follows:
2.1 object should implement
Objects need to set will include: raw materials, tools, merchandise, goods sent for sale, buy're on the go, goods warehouse, finished goods, which the original price in the ledger higher net worth can perform ( called inventory) ensure conditions:
- Full bill, vouchers legally in accordance with the regulations of the ministry of finance or other evidence prove to be the cost of inventory.
- Inventory high-level ownership of the enterprise at the time of year FINANCIAL statements.
2.2 the Level of provisioning for impairment of inventories
Recipe to be the setting is applied according to:
The provision for diminution in value of inventory = inventory-fact at the time of reporting x original Price of inventory accounting - net worth can be done of inventory
In which:
- The original price of inventory is determined according to the provisions of accounting Standards no. 02 inventory is issued with the Decision of 149/2001/QD-BTC and text modification, supplement or replace attached if available.
- Net worth can be done of inventory is the estimated selling price of inventory in the states at the time of year FINANCIAL statements, except for the estimated cost to complete products and consume them.
2.3 Time of performing
Right at the time of year FINANCIAL statements. Based on the base material that the business collects prove the original price of inventory, higher net worth may carry out the inventory.
Pursuant to the provisions of clause 1 and clause 2 of article 4 of circular 48/2019/TT-BTC business done, set aside provision for diminution in value of inventory:
a) If reserves must set up corresponding with the balance of reserves for depreciation, inventory in report year ago be recorded in the books of the company. The enterprise shall not be made the recording lowers inventory.
b) If reserves must be set greater than the balance of reserves for depreciation, inventory in report year ago be recorded in the books of the company. The enterprise was excerpted add the difference in cost of sales in that time.
c) If reserves must set lower with the balance of reserves for depreciation, inventory in report year ago be recorded in the books of the company. The enterprise shall be refunded the difference and record the decrease in cost of goods sold during the period.
d) The reserve for depreciation inventory is calculated for each inventory item. Get discounts and synthesis of itemization. This is the base for accounting record in cost of goods sold. (Cost price of all the products and goods sold in the states).
3. Provision for diminution in value of inventory made based on any principles?
Principles for implementation provision for diminution in value of inventory:
a) Business provisioning depreciation for inventory; there must be reliable evidence prove about the decline in net worth can be done with the original price of the inventory. Reserves is the amount of money expected to be pre-calculated into the cost of production transactions, the value drops below the value recorded of the ledger inventory. To compensate for the actual loss due to products and supplies and merchandise inventory is decreased.
b) preventive depreciation for inventory to be made when preparing financial statements. Reserves must be properly specified. According to the accounting standards inventory and regulations of the mode of the current financial.
c) The formation of reserve depreciation inventory must be based on raw materials, goods. Backup recording window for the service is going to be calculated according to the separate prices for each service type.
d) net worth can be done of inventory is the estimated selling price of the goods. Inventory stage production business casual minus the estimated cost for the completion of the (-) Finished products and the estimated costs necessary to sell them.
e) When drawing up financial statements for the year with the number of raw price and net worth may be made of materials, goods and services of any kind are to be deployed established:
- When the room reduced inventory need to set up at the end of the accounting period greater than reserves are recorded on the books, then the difference is recorded increase redundancy and increase cost of goods sold.
- If account provision for diminution in value of inventory must be formed at the end of the accounting period is less than the reserve reduced inventory recorded on the books, then the difference of the difference is reversed and reduced to reserve and reduce the cost of production.
4. Accounting provision for diminution in value of inventory out?
Accounting provision for diminution in value of inventory warehouse in the school following:
a) When drawing up the FINANCIAL statements if the number of redundant states this higher number was extracted from the previous period, then the accountant must set aside additional students the difference and accounting:
Debt TK 632 - cost of goods sold
Have TK 229 - prevention of property loss (2294)
b) When drawing up the FINANCIAL statements if the number of redundant states is less than the number of already established from the previous period, then the accountant must set aside additional students the difference and accounting:
Debt TK 229 - prevention of property loss (2294)
Have TK 632 - cost of goods sold
c) Handling the reserves for supplies, goods, expiry date, loss of quality of goods damaged, no longer used, the accountant performs accounting:
Debt TK 229 - preventive property loss
Debt TK 632 - cost of goods sold
Have the TK 152, 153, 155, 156.
d) Handling discount inventory before the transfer of business from the 100% state-owned capital to the corporation. The reserves fell after the offset losses and accounting to increase state funding as follows:
Debt TK 229 - prevention of property loss (2294)
Have TK 411 - Capital investment of the owner.
5. How to handle inventory after established
5.1 preventive Treatment inventory
- If the balance has been established with the backup report years ago, the business is not set up the account provision for diminution in value this year.
- If the balance has been established with the balance discount inventory reporting year ago, higher than the enterprise shall calculate the difference and extract added to the price of goods sold in the period.
- If the balance has been established with the backup report year ago, lower than the enterprise shall calculate the difference completion and reduced cost of goods sold during the period.
- Level provision for diminution in value of inventory is calculated for each item and is synthesized in itemization. And this is grounds for accounting in cost of goods sold.
5.2 Handling inventory have set up the room
Carry handle clean, liquidation survival items no longer use was due to the influence by natural disasters, disease, damage, fire, outdated, outmoded, outdated techniques of biochemistry natural or expired no longer worth using.
For orders due to personal ruin, the enterprise shall review and decide the origin of the responsibility to the individual related to that inventory.
Inventory not recovered, is account the actual loss the difference between the value recorded on the ledger minus for value recovery. And the value of the loss the fact of the not recovered will be decided after handling offset by source of provision for diminution in value and the difference is accounted in the cost of goods sold.
6. Tool provisioning discount inventory for fast, accurate
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