Tip 1: How to determine profit or loss by accounting
Tip 1: How to determine profit or loss by accounting
Every commercial enterprise leads one or anotheractivities aimed at obtaining financial profit. However, periodically there are unsuccessful periods that need to be taken into account in order to avoid similar situations in the future. The accountant of the organization is responsible for determining profit or loss.
You will need
- - balance sheet in form No.1;
- - a report on losses and profits under Form No. 2.
Instructions
1
Use financial statements forsummarizing the financial performance of the enterprise. Form No. 1 of the balance sheet contains the total amount of accumulated profit and uncovered loss in the current reporting period, and form number 2 - data for the formation of the required financial result. Also, form # 2 allows you to find out the various types of profit and calculate the profitability of the organization.
2
Examine lines 1370 and 2400 of Form # 1balance sheet in order to obtain basic information about the company's profits and losses. If the indicator at the reporting date exceeds the value at the beginning of the year, this indicates that the company has gone into profit. For accuracy, it is recommended to check the data at least one working year or five reporting dates. If the rate of retained earnings increases continuously, then you have chosen a competent management of income and expenses. On the contrary, a decrease in the indicator indicates a loss in activity, even if it is a positive number.
3
Make the aggregated report in the form of a table,to summarize the information on profits and losses. Vertically, list the relevant lines of the report, and horizontally - the dates in question. If there is a decrease in the indicator based on the results of at least one of the considered periods, it is necessary to analyze the formation of profit at each stage in order to find out the source of the loss.
4
Assess all other revenues, including those coming fromother organizations - subdivisions and branches and receivable interest. Add them to the obtained value of the profit from sales, taking interest to pay and other expenses in order to get profit before taxation. To ascertain the net loss or profit, deduct the current tax before taxation and the tax sanctions provided from the profit. If necessary, follow changes in constant financial assets and liabilities.
Tip 2: How to fill in the profit and loss tax
If you want to write a profit and loss accountyour organization, use the sample form. If in the standard form you can not reflect the specifics of the activity, then you have the right to develop your form, relying on the recommended one. To do this, enter the position in the accounting policy of the company and approve the form number 2 as an annex to the order on accounting policy.
Instructions
1
If you are confronted with an indicator thatis subtracted or differs by a negative value, then indicate it in parentheses. The income and expenses should be presented in full, and the netting is carried out only in cases stipulated by the legislation on accounting.
2
Code the lines of the "Report" according toOrder No. 475/102 of November 14, 2003. Take care of all types of income and expenses that are of significant importance. The indicator of accounting is considered significant if it can influence the adoption of economic decisions by interested users. The company independently determines the level of materiality of the indicators. Take into account their assessment, nature, specific circumstances of occurrence. The ratio of up to 5% of the amount of income or expenses to the total amount for the reporting year is considered significant.
3
In the first table, calculate according to yourincome and expenses of the net profit that you received during the reporting period. Determine the profit from economic activity. From the amount of income received for the reporting period, subtract the amount of expenses incurred in the current reporting period.
4
Divide the company's revenues and expenses into two groups. The first for ordinary activities, and the second - "Other". Other incomes and expenses are not divided into subgroups. In the list of expenses from ordinary activities, include the costs of manufacturing, buying or selling products, or rendering services. Divide them into expenses, which are reflected in the cost of goods and on commercial, management costs.
5
Indicate gross profit, profit (loss) from sales of products, profit before tax and net profit.
6
The gross profit is determined as follows: from the amount of sales, take the cost of production. From gross profit subtract the amount of commercial and management costs, get a profit or loss from sales. Profit before taxation will be found if the value of profit or loss from sales is added to the amount of other revenues or subtract the amount of other expenses. Subtract from the amount before tax the value of the amount of income tax, so you will receive a net profit.
7
In the second table of the income statementfor decoding other incomes and other expenses in columns 3 and 4, reflect the data for the reporting period, in columns 5 and 6, reflect the same period of the previous year.
8
Enter on line 210 data on fines, penalties, penalties for breach of contracts. In line 220, the profit (loss) of previous years that were revealed in the reporting year.
