Encyclopedia of Accounting - Gracheva R.E. Section II P.1

Acquisition of an item of fixed assets for funds received on credit in the usual way

Table 2.3.

№ п / п	Contents of operation	Revolutions on accounts				Amount
		Basic economic operations		Tax settlements transactions
		D-t	To	D-t	To
1.	A bank loan was received to purchase fixed assets	311	601			120000
2.	Paid to the supplier for the purchase of the object	371	311			120000
3.	A VAT tax credit has been credited (posting simultaneously with posting 2)			644	631	20000
4.	Interest is accrued for using the loan to pay and is included in the financial expenses *	951	684 (601)			1500
5.	The cost of the object received from the supplier is included in the capital expenditure	152	631			100,000
6.	The tax credit accrued in connection with advance payment is recognized in calculations with the budget (posting simultaneously with posting 5)			641	644	20000
7.	Settlements with the supplier are closed by prepayment (posting at the same time as posting 5)	631	371			120000
8.	The transportation costs for the purchased object are included in the capital expenditures. (Expenses are accrued on the basis of documents provided by the transport organization.)	152	631			3000
9.	VAT tax credit on the cost of transportation services is accrued			641	631	600
10.	Paid to the transport organization for the services provided	631	311			3600
eleven.	Expenses for insurance of delivery risks are included in capital expenditures. (Expenses are accrued on the basis of the insurance contract or other documents provided by the insurance organization.)	152	685			4500
12.	The acquired object is put into operation and credited to the item of fixed assets at the historical (actual) cost that has been established for the time on the subaccount 152	10	152			107500
* This posting is performed (according to the principle of compliance, as well as for the uniform distribution of expenses for the period) every time after the end of each period for which interest is to be paid, for example, monthly in the part attributable to the amount not returned for this time.

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