Features of drawing up of the report on financial results

The general requirements to drawing up of the Report on financial results are presented.

Elena BIRYUKOVA, the chief economist of Department on management of a state property, accounting and Minagropolitika Ukrainy’s auditing work

The general requirements to drawing up of the Report on finanyosovy results (f. No. 2) are defined P (C) BU 3 The report on financial results. Turn a vniyomaniye that For the previous period this report indicators are transferred to column 4 from column 3 of the anayologichny report for 2004.

Subjects of small business deliver the Report on financial results reduced for­my (f. No. the 2nd), which order of drawing up reg­lamentirovan P (C) BU 25 financial report subek­ta small business.

Let’s consider a technique of drawing up of a form No. 2 on an usyolovny numerical example.

Example

1. Luch agrofirm during 2005 realizo­vala production and the goods for the sum of 480 thousand UAH., including the VAT – 80 thousand UAH. Within a year it was returned to production on 6 thousand UAH., from them the VAT of-1 thousand UAH.

The sum of a net profit from production realization (a code of a line 035) will make 395 thousand UAH. [(480 thousand UAH. - 80 thousand UAH.) - (6 thousand UAH. - 1 thousand UAH.)].

Prime cost of realized production and the goods is equal to 250 thousand UAH.

The gross profit makes 145 thousand UAH. (395 thousand UAH. – 250 thousand UAH.).

2. The agrofirm received for the reporting period (in teyocheny years):

•  the other operating income of operational rent of assets – 3 thousand UAH. (without the VAT);

• administrative expenses – 40 thousand UAH.;

•  distribution costs – 24 thousand UAH.;

•  other operating expenses (a reserve of somniyotelny debts) – 1 thousand UAH.

Thus, the financial result from operayotsionny activity (subaccount 791) will be sostav­lyat 83 UAH. (145 thousand UAH. + 3 thousand UAH. – 40 thousand UAH. – 24 thousand UAH. – 1 thousand UAH.).

3. The agrofirm is the owner of 30 % of proyosty actions of JSC Shag which following the results of otchetyony year got net profit of 50 thousand UAH. also made the decision dividends not to pay, and in­vestirovat profit in production. In a sootvetyostviye with a method of participation in the capital the Luch agrofirm should increase balance cost of svoyoy investments into JSC Shag by  15 thousand UAH. (50 thousand UAH. x 0,3), having at the same time reflected the income of participation in the capital on subaccount 721 credit The income of investments into associated undertakings.

The Luch agrofirm carried out a contribution of 40 % to the ustavyony capital of JSC Mechta which during 2005 received net loss in the sum of 30 thousand UAH.

Therefore, losses from participation in the capital sostav­lyayut 12 thousand UAH. (30 thousand UAH. x 0,4). This sum otne­sena in subaccount 961 debit Losses from investments into associated undertakings from subaccount 141 credit Investments to the related parties on a method of the accounting of participation in the capital.

4.  Within a year the agrofirm obtained for 5 months the short-term credit in bank for the sum of 100 thousand UAH. under 60 % per annum. A credit maturity date – 31.01.06.

The sum of financial expenses will make 25 thousand UAH. (100 thousand UAH. x 0,6: 12 x 5).

5. As a part of current assets of agrofirm naxo­dyatsya depositary certificates for the sum of 10 thousand UAH., on which in 3 months of fiscal year na­chislen the income of 1,5 thousand UAH.  (10 thousand UAH. x 0,6 x 12 x 3) which is considered on subaccount 732 credit Percent received.

6. Within fiscal year agrofirm were pro­dany fixed assets for the sum of 2,4 thousand UAH., including the VAT -  0,4 thousand UAH.  A residual stoyoimost of the realized fixed assets sostav­lyala 1 thousand UAH., in the account this sum is reflected on subaccount 972 debit Prime cost of realizovanyony non-turnaround assets.

Therefore, we will calculate balance of subaccounts 792 and 793.

Subaccount 792

Result of financial operations

Subaccount 793

Result of other usual activity

The financial result from usual activity to a nayologooblozheniye makes 63,5 thousand UAH. (83 thousand UAH. – 20,5 thousand UAH. + 1 thousand UAH.).

7. Reflected in the declaration on the profits tax the sum of profit which is subject a nalogooblozheyoniya, is equal to 79,5 thousand UAH. According to the analitichesyoky account temporary differences between financial and tax accounting make 6 thousand UAH., including:

12 thousand UAH. – the advance payments received from buyers; 6 thousand UAH. – the advance payments paid to suppliers.

Under the article "Profits tax" (p. 180) there will be uka­zana a sum of 22,1 thousand UAH., which at the end of the reporting period (or monthly) is written off in the debit sche­ta 79 Financial results.

In this case the financial result from a usual deyoyatelnost will make 41,4 thousand UAH. (63,5 thousand UAH. – 22,1 thousand UAH.).

For convenience an order of filling of lines in shape priyovedy in the table.

We pay your attention that the sums, privedenyony in brackets, are subtracted at definition of results.

1. Financial results

II. Elements of operating expenses

E. BIRYUKOVA, the chief economist of Department on management of a state property, accounting and Minagropolitika Ukrainy’s auditing work.

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