Encyclopedia of accounting - Grachev RE Section II Part 1

Sale of buildings and structures on the terms of the advance payment

Table 2.11

Number P / P	Contents of operation	Turnover of accounts
		The main business operations		calculation of tax operations		sum
		Dt	KT	Dt	KT	sum
1.	Obtained free of charge from the buyer for the building to be sold	311	681			100800
2.	Accrued tax liabilities for VAT in connection with the receipt of advance payment (wiring simultaneously with the wiring 1)			361	643	16800
3.	Object decommissioned in implementation on the residual (book) value	972	103			70000
4.	Debited with the amount of deterioration of the building	131	103			10000
5.	The object passed to the buyer at the cost specified in the contract	361	742			100800
6.	Accrued tax liabilities for VAT in connection with the transfer of the object to the buyer (the wiring harness at the same time 5)			742	641	16800
7.	Cancelled previously assessed (wiring 2) of the VAT obligations (the wiring together with wires 5 and 6) *			643	361	16800
8.	Income from the sale of the object is recognized as income of the reporting period	742	793			84000
9.	Cost of sales of the object charged to reduce the income of the reporting period	793	972			70000
10.	Accrued income from the sale of buildings	793	44			14000
eleven.	Receivables from customers are closed due to the advance payment	681	361			100800
* This operation can reflect red reversal. But in this case, the wiring should be done not backwards, and direct red ink entry: Dt 361 KT 643 (Reversal).

The examples shown in Table 2. 10 and 2.11, realizable cost of outgoing object consists of only one element - the book (depreciated) value and is 70000 USD. Tax liabilities for VAT incurred in connection with the sale, equal to 16,800 USD.

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