After the new income standard replaces the “accounting standards for business enterprises No.15 – construction contract”, how do construction enterprises carry out accounting? Related to the national construction enterprise income, cost, profit confirmation and carry forward! The specific accounting standards are as follows
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1
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Add the subject of “contract performance cost / project construction” (accounting according to the project), and calculate the accounting content of the original subject of “project construction / contract cost”
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2
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Add the items of “contract assets” and “contract liabilities”, and delete “engineering construction / contract gross profit”
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If the balance of the contract settlement account is the debit, it will be adjusted to the “contract assets / project funds (completed but unsettled)” account; if the balance of the contract settlement account is the credit, it will be adjusted to the “contract liabilities / settled but unsettled” account
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[supplement] “contract settlement”: this account calculates the contract assets or contract liabilities under the same contract that are related to the consideration of settlement with customers when performing performance obligations within a certain period of time
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Under this account, the “contract settlement price settlement” account is set to reflect the amount of settlement with customers on a regular basis, and the “contract settlement income carry forward” account is set to reflect the progress of performance The amount of income transferred
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3
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The account of “advance receipt” is adjusted to the account of “contract liability”
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4
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guarantee money is adjusted from “accounts receivable” subject to “contract assets” subject, and the term of warranty is adjusted to “accounts receivable” subject
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2
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Accounting process 1
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Accounting treatment of purchased materials: Debit: taxes payable for raw materials – VAT payable – input tax payable – input tax to be certified (current month’s uncertified deductible VAT) taxes payable – VAT payable (output tax deduction) (simple tax balance) Credit: accounts payable / bank Deposit 2
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Accounting treatment of the actual cost of the project: Debit: contract performance cost – tax payable – VAT payable – input tax payable – input tax to be certified (transferred to tax payable subject upon receipt of invoice) Credit: accounts payable / bank deposit / raw materials / employee compensation payable, etc
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3
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Accounting treatment of receipt of advance payment (1) accounting treatment of issuing non tax invoice Processing loan: bank deposit loan: contract liability tax payable – prepayment of value added tax (general tax) tax payable – simple tax (simple tax) (2) accounting processing with tax rate invoice loan: bank deposit loan: tax payable – value added tax payable – output tax (general tax) tax payable – simple tax (simple tax) (tax) 4
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Accounting treatment of main business cost confirmation: Debit: main business cost; Credit: contract performance cost; 5
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Accounting treatment of main business income confirmation (input method, calculate the revenue amount of performance progress according to the cost input accounting for the estimated cost): Debit: contract settlement – Revenue carry forward; Credit: main business income; 6
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Accounting treatment of project quantity (including quality guarantee deposit) confirmed by the owner : Debit: accounts receivable contract assets – quality guarantee fund contract liabilities – Project Funds – project funds received in advance (the amount of project funds received in advance is offset this time) Credit: contract settlement – price settlement – tax payable – output tax to be transferred (the time point when the accounting revenue is recognized as VAT tax liability) tax payable – VAT payable – output tax (general tax calculation) ）Tax payable – simple tax (simple tax) accounts receivable – Project Funds – progress settlement (this time offset the amount of project funds received in advance)! 7
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Accounting treatment of transferring contract settlement balance to contract assets or contract liabilities at the end of the period: (1) if the balance of contract settlement account is the debit item, the accounting treatment is as follows: Debit: contract assets – project payment; Credit: contract settlement – project payment at the end of the period; (2) if the balance of contract settlement account is the credit item, the accounting treatment is as follows: Debit: contract settlement – project payment period End carry forward loan: contract liabilities – project funds 8
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Expiration of warranty period – accounting treatment of contract assets transferred into accounts receivable and invoiced loan: accounts receivable loan: contract assets – warranty deposit tax payable – VAT payable – output tax payable (general tax) tax payable – simple tax (simple tax) 3
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Accounting description of several important subjects (1)“ The title of “contract assets” is used to calculate the right of an enterprise to receive consideration for the goods it has transferred to its customers
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Detailed accounting shall be carried out in accordance with the contract
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1
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We should pay attention to the difference from accounts receivable: “accounts receivable” is the right of the enterprise to collect the contract consideration unconditionally
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The enterprise can collect money only with the passage of time, and the enterprise only bears the credit risk
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“Contract assets” is not an unconditional right of collection
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In addition to the passage of time, the right also depends on other conditions (for example, the performance of other performance obligations in the contract) to receive the corresponding contract consideration
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In addition to bearing credit risk, the enterprise may also bear other risks, such as performance risk
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The difference between the two lies in that receivables represent the right to collect the contract consideration unconditionally, that is, the enterprise can collect the contract consideration only with the passage of time, while the contract asset is not an unconditional right to collect the contract consideration
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In addition to the passage of time, the right also depends on other conditions (such as the performance of other performance obligations in the contract)
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Therefore, the risks related to contract assets and receivables are different
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Receivables only bear credit risk, while contract assets may bear other risks besides credit risk, such as performance risk
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The measurement, presentation and disclosure of impairment of contract assets shall be subject to accounting treatment in accordance with the requirements of relevant financial instrument standards
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2
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If the main accounting treatment enterprise involved has transferred the goods to the customer before the customer actually pays the contract consideration or before the consideration is due and payable, it shall conduct the accounting treatment according to the amount of consideration that the enterprise is entitled to receive due to the transferred goods: Debit: contract assets; credit: taxes payable on main business income (or other business income) – VAT payable- Output tax (general tax) tax payable – simple tax (simple tax) accounting treatment when an enterprise obtains unconditional collection right: Loan: accounts receivable loan: case analysis of contract assets 2 × 20 on December 1, 2000, company a signed a contract with a customer to sell goods a and B, and the contract price was 5 million yuan
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The separate price of commodity a is 1.2 million yuan, and that of commodity B is 4.8 million yuan, with a total price of 6 million yuan
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According to the contract, commodity A shall be delivered on the beginning date of the contract, and commodity B shall be delivered one month later
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Only after all the two commodities are delivered can company a be entitled to receive 5 million yuan of contract consideration
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It is assumed that commodity a and commodity B constitute a single performance obligation respectively, and their control right is transferred to the customer at the time of delivery
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The above prices do not include VAT, and it is assumed that the impact of relevant taxes is not taken into account.
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