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

Sale of a property not commissioned

The posting scheme shown in Table 2.12 is not a sale scheme for property, plant and equipment. This is a scheme for reflecting the sale of goods. Assets purchased for the purpose of using them as fixed assets, but not commissioned at that time (that is, not transferred from the capital investment account to account 10), are not fixed assets. All that is different from the following scheme from the sale of goods - these are the first two transactions that adjust the capitalization of the acquired object. However, according to the author, it would be possible to do without them, that is, to sell this object as an object of capital investment. Errors will not be. Readers have to choose which of the options is most acceptable in practice.

I OPTION

Table 2.12.

№ п / п	Contents of operation	Revolutions on accounts				Amount
		Basic economic operations		Tax settlements transactions
		D-t	To	D-t	To
1.	The purchased object was transferred to the inventory: A) the balance of capital expenditures was reduced (by reversal); B) enlisted in the inventory					20000 20000
		152	631
		281	631
2.	The object was transferred to the buyer at the cost specified in the contract (the selling price of the object plus VAT)	361	702			24000
3.	VAT liabilities have been charged (posting simultaneously with posting 1).			702	641	4000
4.	The cost of the object is written off in the implementation	902	281			20000
5.	The income from the sale of the property is recognized as the income of the reporting period	702	791			20000
6.	The cost price of the realized object is written off for the reduction of revenues of the reporting period	791	902			20000
7.	Received payment from the buyer	311	361			24000

II OPTION

Table 2.13.

№ п / п	Contents of operation	Revolutions on accounts				Amount
		Basic economic operations		Tax settlements transactions
		D-t	To	D-t	To
1.	The object was transferred to the buyer at the cost specified in the contract (the selling price of the object plus VAT)	361	742			24000
2.	VAT liabilities have been charged (posting simultaneously with posting 1)			742	641	4000
3.	The cost of the object is written off in the implementation	972	152			20000
4.	The income from the sale of the property is recognized as the income of the reporting period	742	793			20000
5.	The cost price of the realized object is written off for the reduction of revenues of the reporting period	793	972			20000
6.	Received payment from the buyer	311	361			24000

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