What is account 158 used for? How to account for account 158 according to Circular (Circular 200/2014/TT-BTC)? Detailed information will be in the article below by MISA MeInvoice .
Table of Contents Hide
1. Accounting principles for account 158 – Bonded warehouse goods
2. Structure and content of account 158 – Bonded warehouse goods
3. Accounting method for some main economic transactions of account 158 - Bonded warehouse goods
Conclusion
1. Accounting principles for account 158 – Bonded warehouse goods
Account 158 bonded warehouse goods
a) Account 158 is the account used to reflect the increase, decrease and current quantity of goods brought into the Bonded Warehouse. Bonded Warehouse only applies to foreign-invested enterprises serving export production activities, which are subject to a special customs management regime, according to which imported raw materials and supplies for the enterprise’s production are brought into storage in the Bonded Warehouse and do not have to calculate and pay import tax and other related taxes.
b) Imported raw materials, supplies and products stored in bonded warehouses only include raw materials and supplies used to supply the production activities and products manufactured by that enterprise itself.
c) Enterprises must open detailed books to denmark telegram data reflect the quantity and value of each raw material, supply and goods for each import/export.
2. Structure and content of account 158 – Bonded warehouse goods
The Debit side includes
– Value of raw materials, materials, finished relegram channels for news and updates products, and goods imported into bonded warehouses during the period.
The Parties include:
– Value of raw materials, materials, finished products, and goods exported from bonded warehouse during the period.
Debit balance includes:
– Value of raw materials, materials, finished consumer data products, and goods remaining at the end of the period in the bonded warehouse.
Account 158 – Goods in bonded warehouse does not have a sub-account.
3. Accounting method for some main economic transactions of account 158 - Bonded warehouse goods
Accounting for account 158 of bonded warehouse goods
a) When an Enterprise imports raw materials and supplies to manufacture export products or process export goods, if they are brought into a bonded warehouse, the Enterprise does not have to pay import tax and Value Added Tax on imported goods, as follows:
Debit Account 158 – Bonded Warehouse Goods
Credit Account 331 – Payable to vendors.
b) When an Enterprise exports imported raw materials and materials from a bonded warehouse to manufacture products or process export goods, record:
Debit Account 621 – Direct material and raw material costs
Credit Account 158 – Bonded warehouse goods.
c) When the Enterprise exports finished products or exported goods, processed export goods into the Bonded Warehouse (if any), record:
Debit Account 158 – Bonded warehouse goods
There are Accounts 156 , 155,…
d) When the Enterprise exports goods from the Bonded Warehouse (if any):
– Enterprises reflect the cost price of exported goods in bonded warehouses, recording:
Debit Account 632 – Cost of goods sold
Credit Account 158 – Bonded Warehouse Goods.
– Enterprises reflect revenue from exported goods in bonded warehouses, recording
