What is account 157 used for? What are the methods to account for account 157? Please refer to the related information in the article below by MISA MeInvoice.
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1. Accounting principles for account 157 – Goods sent for sale
2. Structure and content of account 157 – goods sent for sale
3. Accounting method for some major economic transactions of account 157 – Goods sent for sale
3.1. In case the enterprise accounts for inventory using the regular declaration method
3.2. In case the enterprise accounts for inventories using the periodic inventory method
Conclusion
1. Accounting principles for account 157 – Goods sent for sale
a) Account 157 is the account used to reflect goods sent for sale, which is performed according to the original cost principle . Only reflect in Account 157 – Goods sent for sale, the value of goods, finished products sent to customers, consigned for sale to agents, consignees, completed services delivered to customers according to economic contracts or orders, but not yet determined as sold (not yet counted as sales revenue in the period for the goods, finished products sent, services provided to customers).
b) Goods and finished products reflected in Account 157 are still owned by the enterprise. The accountant must open a detailed book to track each type of goods and finished products, each shipment
from the time of shipment until it is determined to be sold.
c) Enterprises do not reflect in Account 157 the costs of transportation, loading and unloading, etc. paid on behalf of customers. Account 157 can be opened in detail to track each type of goods, finished products sent for sale, and services provided to each customer and each receiving agency.
2. Structure and content of account 157 – goods sent for sale
The Debit side includes:
– Value of goods and finished products sent to france telegram data customers or consigned for sale by agents or consignees;
– The value of services provided to customers, but not yet determined as sold;
– At the end of the period, the value of goods and finished products sent for sale that have not been determined as sold at the end of the period is transferred (in case the enterprise accounts for inventories
using the periodic inventory method).
The party with:
– Value of goods, finished products best telegram channels for education and learning sent for sale, and services provided that are determined to be sold;
– Value of goods, finished products and services sent and returned by customers;
– At the beginning of the period, the value of goods consumer data and finished products sent for sale and services provided that have not been determined as sold at the beginning of the period is transferred (in case the enterprise accounts for inventories using the periodic inventory method).
– Value of goods, finished products sent, services provided that have not been determined as sold during the period.
3. Accounting method for some major economic transactions of account 157 – Goods sent for sale
Accounting account 157
3.1. In case the enterprise accounts for inventory using the regular declaration method
a) When a business sends goods and finished products to customers, exports finished goods to businesses that accept sales agents, or consignments under economic contracts, based on the warehouse delivery note, record
