ACCAF3(7-8)学生

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,增值税） 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 .,.,采用购进扣税法： 当期应交的增值税=当期销项税

3、额- 当期进项税额 销项税额（output sales tax) =销售额 *销售税率 进项税额（input sales tax) =购进货物或接受劳务支付的税额,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: 含税价 Net (or tax exclusive ) selling price : 不含税价 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 (不能抵扣的进项税） 在英国，高档品，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.（如果购入时的进项税额不能抵扣，则将购入时支付的进项税额全部记入购入货物或接受劳务的成本）,1.4 Irrecoverable sales tax(不能抵扣的进项税额）,.,1.5 Relief for irrecoverable debts,如果应收帐款逾期6个月（从供货日起算）没有收回，对于该部分应收帐款所缴纳的销售税可以得到减除，并从应缴税金中得以扣除。 如果客户随后支付了该笔应收帐款，则将

8、补交该部分销售税金。,.,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,可供销售的

11、存货,1 cost of goods sold,.,Cost of carriage inwards: (进货运费） Is usually added to the cost of purchases. Cost of carriage outwards (销货运费） 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 “ 只有在期末时采用，通过计价，将库存存货计入”inventory”,平时购入的存货都记入”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 ( 实地盘存法） 实地盘存，是平时账簿中登记财产的增加数，不登记减少数，月末，对各项财产物资进行盘点根据实地盘点确定期末存货数。,.,Continuous inventory records (永续盘存法） 永续盘存制是对存货的增加（receipts)和减少(issues) ，平时都要连续地记入有关账薄，并随时结出账面余额的一种核算方法。,.,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 (期末存货计价） FIFO (First in ,first out ) AVCO ( Average cost ),.,FIFO,先进先出法是指根据先入库先发出的原则，对于发出的存货以先入库存货的单价计算发出存货成本的方法.采用这种方法的具体做法是：先按存货的期初余额的单价计算发出的存货的成本，领发完毕后，

17、再按第一批入库的存货的单价计算，依此从前向后类推，计算发出存货和结存货的成本.,.,AVCO,移动加权平均法是指以每次进货的成本加上原有库存存货的成本,除以每次进货数量加上原有库存存货的数量,据以计算加权平均单位成本,作为在下次进货前计算各次发出存货成本依据的一种方法.,每次进货的成本+原有存货的成本,加权平均单位成本,进货数量+原有存货数量,=,.,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