CÓMO HACER ASIENTOS CONTABLES 2: Procedimiento de inventarios perpetuos ✍ APRENDE FÁCIL ✅

Summary

In this video, viewers are introduced to accounting entries using the perpetual inventory method. The presenter explains the difference between the perpetual inventory procedure and the analytical method, focusing on the use of just three accounts—warehouse, sales, and cost of sales—for inventory management. Detailed examples are provided for various transactions, such as contributions from partners, sales, returns, purchases, and VAT calculations. The video emphasizes proper accounting entries to avoid errors in financial statements and concludes with a reminder to verify balances to ensure double-entry accounting principles are followed.

Takeaways

• 😀 The perpetual inventory method records purchases and sales in just three accounts: Warehouse, Sales, and Cost of Sales.
• 😀 The perpetual inventory procedure differs from the analytical method as it doesn't use auxiliary accounts for purchases and sales, such as purchase expenses or discounts.
• 😀 To start an accounting entry, always include the date, entry number, and proper debits and credits to ensure double entry accounting is maintained.
• 😀 When a company receives contributions from partners, the relevant asset accounts (e.g., banks, warehouse, delivery equipment) are debited, and share capital is credited.
• 😀 Sales entries should record both the sale amount and VAT, crediting the sales account and the VAT payable account, and debiting the bank account for the total value received.
• 😀 The cost of sales is calculated by multiplying the unit cost of sold items by the number of items sold, and is credited to the warehouse account.
• 😀 Sales returns are handled by debiting the sales and VAT transferred accounts and crediting the bank account for the refunded amount.
• 😀 Purchases should be recorded in the warehouse account, with VAT paid and pending VAT credit appropriately divided between amounts paid and on credit.
• 😀 Expenses related to the purchase of merchandise, like transfer expenses, should be recorded in the warehouse account along with VAT charged on those expenses.
• 😀 When paying off a supplier debt, both the supplier account and bank account are adjusted accordingly, with the pending VAT for credit being cleared as well.
• 😀 Ensure that the sums of debits and credits are equal to comply with the double-entry accounting principle, and verify by calculating the VAT and other amounts as needed.

Q & A

What is the difference between the perpetual inventory procedure and the analytical procedure in accounting?

In the perpetual inventory procedure, purchases and sales are recorded using only three accounts: warehouse for purchases, and sales and cost of sales for sales transactions. In contrast, the analytical procedure uses more detailed auxiliary accounts for purchases and sales, such as expenses, returns, and discounts.

What accounts are affected when a company starts its operations and receives contributions from partners?

When the company starts its operations, the following accounts are affected: the 'bank' account is debited for the cash received, the 'warehouse' account is debited for the merchandise (in this case, washing machines), and the 'delivery equipment' account is debited for any equipment received. The 'share capital' account is credited to reflect the total contributions of the partners.

How is the share capital determined when a company receives partner contributions?

The share capital is determined by adding all contributions from the partners. For example, the total contributions from bank, warehouse, and delivery equipment accounts are summed to calculate the share capital.

How is VAT handled when a company makes a sale using the perpetual inventory procedure?

When a sale is made, VAT is calculated by multiplying the sales price by the applicable VAT rate (16%). The VAT amount is credited to the 'VAT transferred' account, and the total amount (sales price + VAT) is credited to the 'bank' account if the sale is paid by check.

What happens when customers return merchandise in the perpetual inventory system?

When customers return merchandise, the 'sales' account is debited to reduce the recorded sales, and the 'VAT transferred' account is debited to reverse the VAT. The 'bank' account is credited to reflect the refund. Additionally, the 'warehouse' account is debited to reflect the increase in inventory, and the 'cost of sales' account is credited to reverse the previous cost of the returned goods.

How are purchases recorded in the perpetual inventory system, especially when there is a partial payment by check?

When a purchase is made, the 'warehouse' account is debited with the total purchase amount. The VAT is split into two parts: creditable VAT for the portion paid by check and pending VAT for the remaining amount. The 'bank' account is credited for the portion paid by check, and the 'accounts payable' account is credited for the remaining balance on credit.

What is the treatment of VAT in a purchase made with a 40% cash payment and 60% on credit?

For a purchase with partial payment, the creditable VAT is calculated based on the cash portion (40%). The VAT for the unpaid portion (60%) is calculated as pending VAT. The 'bank' account is credited for the cash payment plus the creditable VAT, and the 'accounts payable' account is credited for the remaining balance plus the pending VAT.

How is the VAT pending to be credited handled when the supplier is paid later?

When the supplier is paid later, the VAT that was previously recorded as pending is now credited. This is done by debiting the 'creditable VAT' account and crediting the 'VAT pending to be credited' account to reflect the payment of the outstanding VAT.

What is the significance of double entry in accounting, and how is it verified in this context?

The double entry principle ensures that every debit entry has a corresponding credit entry. In this context, the total of all debits should equal the total of all credits. If the sums do not match, it indicates that there may be an error in one of the accounting entries, and further review is necessary.

What is the final step in the accounting process for verifying the accuracy of the entries?

The final step is to ensure that the sums of all the debits match the sums of all the credits. If they match, the accounting entries are correct. If they do not match, the entries should be reviewed to ensure compliance with the double entry principle.