Part 1: Financial Accounting Practice, a Necessary Financial Foundation for Consultants.
2.1. Accounting and accounting of economic business.
1.1.4 Accounting for sales operations.
Business 09: On December 8, Xiao Wang sold 20 boxes of canned oranges to Beibei's commissary at a unit price of 300 yuan, with a value-added tax rate of 17%, an output tax of 1,020 yuan, and a total price of 6,020 yuanThe goods have been sent, and a commercial acceptance bill handed over by the Beibei commissary was received, with a term of 60 days, a coupon rate of 10%, and a cost of goods sold of 2,100 yuan.
Original documents. Sales invoices, product delivery orders, transfer checks, bank acceptance drafts (not detailed due to space).
Accounting entries. Commercial bills.
A commercial draft is issued by the payee or payer and accepted by the acceptor. The bill that pays the payee or endorser on the maturity date is a kind of credit certificate used by both parties to the transaction on the basis of the purchase and sale of goods. In the accounting business, the commercial draft received by the enterprise for the sale of products or commodities is the "notes receivable".
Notes receivable maturity date.
For example, a 10-day bill of exchange issued on December 8 (generally not less than 1 month in practice, not longer than 6 months) will be due on December 17.
The maturity value of notes receivable.
There are two types of interest-bearing and non-interest-bearing value, and the non-interest-bearing maturity value is the par value;The formula for calculating with interest is: maturity value of the note = face value of the note x (1 + coupon rate x term of the bill) Among them, the coupon rate is generally expressed as an annual interest rate.
Accounting entries for this business [Note 13]:
Borrow: Notes Receivable – Bakery Commissary 7020
Credit: main business income - canned oranges 6000
Tax payable – VAT payable (output tax) 1020
For example, 60 days after December 8, 2013, that is, on February 7, 2014, the bill is due to recover the payment [not recorded in this month]:
Actual amount received = 7020 x (1 + 10% x 60 360) = 7137
Borrow: Bank Deposit - ICBC 7137
Credit: Notes Receivable – Bakery Commissary 7020
Finance Charges 117
That's all for today's content!Remember to study carefully Xi take notes, and we'll see you next time
Upcoming Content:
1. Consultants must have a financial foundation.
Chapter 2 Financial Accounting Practices.
2.1. Accounting and accounting of economic business (8).
Accounting for sales operations.