ACCAF3(7-8)學(xué)生

1、.,Chapter 7 sales tax,Objectives: Understand the general principles of the operation of a sales tax. Calculate sales tax on transactions and record the consequent accounting entries.,.,1. The nature of sales tax and how it is collected,（1）definition Sales tax is an indirect tax levied on the sale of

2、 goods and services. Sales tax (VAT: value added tax,增值稅） is tax on exchanges. It is levied on the value added that results from each exchange. A VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax .,.,采用購(gòu)進(jìn)扣稅法： 當(dāng)期應(yīng)交的增值稅=當(dāng)期銷(xiāo)項(xiàng)稅

3、額- 當(dāng)期進(jìn)項(xiàng)稅額 銷(xiāo)項(xiàng)稅額（output sales tax) =銷(xiāo)售額 *銷(xiāo)售稅率 進(jìn)項(xiàng)稅額（input sales tax) =購(gòu)進(jìn)貨物或接受勞務(wù)支付的稅額,1.1 How to levy sales tax,.,Output sales tax exceeds input sales tax ,the business pays the difference in tax. Output sales tax is less than input sales tax ,the tax authorities will return the difference to the biz.,.

4、,Notes:,Gross (or tax inclusive )selling price: 含稅價(jià) Net (or tax exclusive ) selling price : 不含稅價(jià) Gross selling price = net selling price x (1+tax rate) net selling price = gross selling price / (1+ tax rate),.,2 accounting for sales tax,Sales tax does not affect the income statement. “sales tax paya

5、ble” Sales : Purchase : Paid sales tax : Debit sales tax payable Credit cash at bank,Dr. trade account receivable cr. Sales sales tax payable (out put ),Dr. puchase sales tax payable (in put) cr. Trade account payable,.,Conclusion :,Sales tax does not affect the income statement . An outstanding pay

6、able for sales tax will appear as a current liability in the balance sheet. Occasionally ,a business will be owed money back by the authorities ,and in such a situation ,the sales tax refund owed by the authorities would be a current asset in the B/S .,.,Irrecoverable (不能抵扣的進(jìn)項(xiàng)稅） 在英國(guó)，高檔品，奢侈品不能抵扣 Pay

7、for expense Where sales tax is not recoverable it must be regarded as part of the cost of the items.（如果購(gòu)入時(shí)的進(jìn)項(xiàng)稅額不能抵扣，則將購(gòu)入時(shí)支付的進(jìn)項(xiàng)稅額全部記入購(gòu)入貨物或接受勞務(wù)的成本）,1.4 Irrecoverable sales tax(不能抵扣的進(jìn)項(xiàng)稅額）,.,1.5 Relief for irrecoverable debts,如果應(yīng)收帳款逾期6個(gè)月（從供貨日起算）沒(méi)有收回，對(duì)于該部分應(yīng)收帳款所繳納的銷(xiāo)售稅可以得到減除，并從應(yīng)繳稅金中得以扣除。 如果客戶隨后支付了該筆應(yīng)收帳款，則將

8、補(bǔ)交該部分銷(xiāo)售稅金。,.,Chapter8 Inventory,Objectives: Understand the main provisions of IAS 2 Deal with opening and closing inventory in the ledger accounts of business. Understand the use of continuous and period end inventory record Calculate the value of closing inventory using FIFO and AVCO Calculate the

9、cost of goods sold,.,Definitions(from IAS2) :,Inventories: (p140) (1) Include: Goods purchase and held for resale Finished goods produced Work in progress being produced Raw materials,.,(2) Cost of inventories Purchase Cost of conversion Other cost incurred in bringing the inventories to their prese

10、nt location and condition,.,Important equation :,Sales cost of goods sold = gross profit,Opening inventory + purchase closing inventory = cost of good sold.,P 126 1.5 example,1 cost of goods sold,.,Opening inventory + Purchase,Cost of goods sold,Closing inventory,Balance sheet,Income statement,可供銷(xiāo)售的

11、存貨,1 cost of goods sold,.,Cost of carriage inwards: (進(jìn)貨運(yùn)費(fèi)） Is usually added to the cost of purchases. Cost of carriage outwards (銷(xiāo)貨運(yùn)費(fèi)） Is a selling and distribution expense in the I/S,1.6 The cost of carriage inwards and outwards,.,Purchase : dr. purchase sales tax payable (input ) cr. Cash or trade

12、 payable account,(2) Sales dr. cash or trade receivable account cr. Sales sales tax payable (output),2 Accounting for opening and closing inventories,.,“Inventory “ 只有在期末時(shí)采用，通過(guò)計(jì)價(jià)，將庫(kù)存存貨計(jì)入”inventory”,平時(shí)購(gòu)入的存貨都記入”purchase”,(3)期末： dr. trade I&E cr. Purchase dr. inventory (closing inventory value) cr. Tra

13、de I&E,.,(4) 下期初： dr. trade I&E cr. Inventory,.,P129,Step1: journalise in mind Step2 : post to ledger Step3 :balance all asset amd liability ledgers Step4: open trade ,I&E a/c, expense accounts and revenue account be transferred to Step 5: open inventory account Step 6: transfer I&E to capital a/c S

14、tep 7:balanc capital Step8 draw financial statements,.,3 Counting inventories,Counting inventories Physical court ( 實(shí)地盤(pán)存法） 實(shí)地盤(pán)存，是平時(shí)賬簿中登記財(cái)產(chǎn)的增加數(shù)，不登記減少數(shù)，月末，對(duì)各項(xiàng)財(cái)產(chǎn)物資進(jìn)行盤(pán)點(diǎn)根據(jù)實(shí)地盤(pán)點(diǎn)確定期末存貨數(shù)。,.,Continuous inventory records (永續(xù)盤(pán)存法） 永續(xù)盤(pán)存制是對(duì)存貨的增加（receipts)和減少(issues) ，平時(shí)都要連續(xù)地記入有關(guān)賬薄，并隨時(shí)結(jié)出賬面余額的一種核算方法。,.,Valuation met

15、hods : Expected selling price NRV Historical cost Replacement cost,4 valuing Inventories,.,Definition (from IAS2),Net realisable value (p140) NRV is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sal

16、e . IAS2 state: At the end of an accounting period ,the inventory should be valued at the lower of NRV or cost .,.,Determining the purchase cost (期末存貨計(jì)價(jià)） FIFO (First in ,first out ) AVCO ( Average cost ),.,FIFO,先進(jìn)先出法是指根據(jù)先入庫(kù)先發(fā)出的原則，對(duì)于發(fā)出的存貨以先入庫(kù)存貨的單價(jià)計(jì)算發(fā)出存貨成本的方法.采用這種方法的具體做法是：先按存貨的期初余額的單價(jià)計(jì)算發(fā)出的存貨的成本，領(lǐng)發(fā)完畢后，

17、再按第一批入庫(kù)的存貨的單價(jià)計(jì)算，依此從前向后類(lèi)推，計(jì)算發(fā)出存貨和結(jié)存貨的成本.,.,AVCO,移動(dòng)加權(quán)平均法是指以每次進(jìn)貨的成本加上原有庫(kù)存存貨的成本,除以每次進(jìn)貨數(shù)量加上原有庫(kù)存存貨的數(shù)量,據(jù)以計(jì)算加權(quán)平均單位成本,作為在下次進(jìn)貨前計(jì)算各次發(fā)出存貨成本依據(jù)的一種方法.,每次進(jìn)貨的成本+原有存貨的成本,加權(quán)平均單位成本,進(jìn)貨數(shù)量+原有存貨數(shù)量,=,.,Different inventory valuation have produced different cost of sales figures ,and therefore different profit.,4.6 Inventory

18、valuation and profit,.,1.8 goods written off or written down,Written off: the value is nothing ,if they are worthless Written down: the value is the net realisable value (NRV),if this value is less than original cost,.,When goods are lost ,stolen or thrown away as worthless ,the business will make a

19、 loss on those goods . The value of the inventories should be written down to : nothing or NRV,.,recognition as an expense Cost of good sold Write-down of inventories Reversal of any write-down of inventories,.,Example,Which of the following statements about the valuation of inventory are correct ,a

20、ccording to IAS2 inventories . 1. Inventory items are normally to be valued at the higher of cost and net realisable. 2. The cost of goods manufactured by an entity will include materials and labour only. overhead costs cannot be included 3. FIFO (first in ,first out ) cannot be used to value invent

21、ory. 4. Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation to actual cost .,.,6 analysis for history question,8 The closing inventory at cost of a company at 31 January 2003 amounted to $284,700. The following items were included at cost

22、 in the total: (1) 400 coats, which had cost $80 each and normally sold for $150 each. Owing to a defect in manufacture, they were all sold after the balance sheet date at 50% of their normal price. Selling expenses amounted to 5% of the proceeds. (2) 800 skirts, which had cost $20 each. These too were found to be defective. Remedial work in February 2003 cost $5 per skirt, and selling e