The balance sheet refers to the key reporting documents of modern enterprises. What are the features of its formation? What sources of law govern the procedure for its compilation?
What is a balance sheet?
Before studying the question - how to fill out the balance sheet, consider what it represents as a document.
This source is intended to reflect the state of the assets and liabilities of the company at a particular point in time. The balance sheet contains information in monetary terms, which allows, therefore, to assess the financial position of the company. The corresponding document is in many respects necessary for the management of the enterprise, as well as its owners, in order to objectively assess the state of the business. The balance sheet can cause interest from potential investors, partners, creditors. The document under consideration allows you to plan the assets and liabilities of the company, acts as a data source for the analysis of business processes in the organization.
We will now learn how to fill out a balance sheet form. To solve this problem, it will be useful to consider its structure.
Balance sheet structure
The accounting document in question consists of 2 main elements - an asset, as well as a liability. The first reflects what resources the company possesses. The second fixes the sources of formation of the assets of the enterprise. The main requirement for the preparation of the balance sheet is to ensure equality between the asset and liability indicators. This is due to the use of the double-entry method, which is used in accounting.
Assets of the balance sheet are classified as non-current as well as current assets. Corresponding data forms separate elements in the document in question. In turn, liabilities reflected in the balance sheet are reflected in sections in which are fixed:
- capital and reserves of the enterprise;
- long-term as well as short-term obligations.
Each component of the asset and liability reflects a separate line item in the balance sheet.
Basic balance sheet requirements
What should you pay attention to when forming an appropriate document, taking into account its structure? The balance sheet of the enterprise, filled in accordance with all the rules, must meet the following criteria:
- it is impossible to set off between various articles on assets and liabilities, profit and loss, except for those cases in which such approaches are stipulated by the requirements of financial legislation;
- information recorded in the balance sheet as of the beginning of the year should correspond to the indicators recorded at the end of last year;
- balance sheet items must be confirmed by documents on the inventory of property, accounting for liabilities, financial calculations.
Let us now consider on the basis of what form the balance sheet should be drawn up.
Balance sheet form
The form of the document in question is approved by law - Order of the Ministry of Finance of Russia No. 66n, approved 02.07.2010. In some cases, organizations can develop a balance sheet form on their own, but on the basis of the one that was officially put into circulation. In addition, the enterprise must comply with established reporting requirements. If the company independently develops a form on the basis of which the balance sheet is created, the form filled out in the corresponding document will have to contain the same codes for the lines of sections and articles that are given in the official form, which is approved by law.
If we talk about the practical nuances of filling in the balance, we can turn to the list of mandatory details that should be present in the corresponding document.
Balance Details
The source in question should include:
- reporting date;
- name of the organization in accordance with the charter;
- TIN of the company;
- OKVED company;
- information on the legal form of the enterprise;
- units of measurement - in thousands or millions of rubles;
- company address;
- date of approval of the document;
- date of sending the document.
Let us now consider how the balance should be filled in more detail.
The procedure for filling the balance: non-current assets
Consider an example of how to fill in the balance sheet, taking into account its structure. Let's start with the asset. Its first section reflects information on non-current assets of the enterprise. It records the following indicators:
- intangible assets (in order to calculate the value for this indicator, it is necessary to calculate the difference between the Debit of account 04 according to the chart of accounts and the Credit of account 05);
- results of research and development (the value is taken on the debit of account 04);
- intangible assets classified as search (Debit 08 for the subaccount for accounting for intangible search costs, is filled only by firms that use natural resources in production);
- tangible assets that are related to search (Debit 08 for the subaccount of accounting for material search costs is similarly filled by firms that use various natural resources);
- fixed assets of the enterprise (the difference between Debit 01 and the amount between Credit 02 and Debit 08 on the subaccount of accounting for those fixed assets that are not put into operation by the enterprise);
- investments in tangible assets (the difference between Debit 03 and Credit 02 on the subaccount of depreciation of property of the company, which relates to the corresponding investments);
- financial investments (the amount of Debit 58 and 55 for the subaccount on which deposit accounts are accounted, as well as for Debit 73 for the subaccount, which takes into account calculations on loans, reduced by Credit 59 for the subaccount, which takes into account provisions for long liabilities);
- a tax asset classified as deferred (Debit 09);
- other non-current assets that correspond to the amounts that are not included in other lines within the section;
- total indicator - for all previous lines.
The next section records current assets.
Current assets
Consider an example of how to fill out the balance sheet, taking into account the established requirements for it. The following indicators are reflected in the relevant section:
- stocks (the difference between Debit 41, the amount of Credit 42, Debit 15, 16, reduced by the amount between Credit 14 and Debit 97, as well as Debit on accounts such as 10, 11, 20, 21, 23, 29, 43, 44 , as well as 45);
- VAT on the values that were acquired by the company (Debit 19);
- indicators for accounts receivable (the difference between the amount of Debit 62, 60, 68, 69, 70, 71, 73 - without interest loans, 75, as well as 76, and Credit 63);
- financial investments (the difference between the amount of Debit 58, 55, 73 - on the sub-account on which settlements in the framework of loans are recorded, and Credit 59);
- cash and cash equivalents (the amount of Debit 50, 51, 52, 55, 57, reduced by Debit 55 for the sub-account on which deposit accounts are recorded);
- other current assets, which correspond to the amount of those current assets that were not reflected in the previous lines,
- the total amount for the section.
The asset also brings a balance that corresponds to the sums of the indicators of both sections examined. Next, we consider an example of how to fill out the balance sheet in terms of liabilities.
The procedure for filling the balance: capital and reserves
The first section of the corresponding part of the balance sheet discloses information on the capital and reserves of the company. Information is recorded here:
- On the authorized capital of the enterprise (Credit 80);
- on own shares acquired from shareholders of the company (Debit 81);
- on the revaluation of those assets that are classified as non-current (Credit 83 - according to the subaccount, on which the revaluation amounts for fixed assets of the enterprise, as well as intangible assets) are recorded;
- on additional capital - excluding revaluation (Credit 83 - except for the amounts shown in the previous line), on the reserve capital of the enterprise (Credit 82);
- on retained earnings of the company or on uncovered loss - depending on the results of economic activity (Credit 84);
- The final indicator for the section.
long term duties
Further, liabilities reflect indicators on long-term liabilities. We will learn how to fill out the balance sheet, taking into account the features of this section. It records information:
- on borrowed funds of the organization (Credit 67 - if interest on short-term - less than 1 year, loans) is taken into account;
- on tax liabilities, which are classified as deferred (Credit 77);
- on the estimated liabilities of the enterprise (Credit 96 - if long-term liabilities with a term of more than 1 year are taken into account);
- about other liabilities of the company, which correspond to the long debts of the company to creditors, not reflected in other lines;
- The final indicator for the section.
short-term obligations
The next section of the liability reflects information about the short-term liabilities of the enterprise. How is information about them entered in the balance sheet? A completed example of a document should be formed taking into account the fact that the data is reflected in the corresponding section:
- on the borrowed funds of the company (the amount of the Loan 66 and 67 - for interest on long-term, more than 1 year, loans);
- on accounts payable (loan amount 60, 62, 68, 69, 70, 71, 73, 75 - for short loans, as well as 76);
- on income in future periods (Loan amount 98 and 86);
- on valuation liabilities (Credit 96 - if long-term obligations with a duration of more than 1 year are taken into account);
- other liabilities, which correspond to the amount of short loans, not included in other lines of the section;
- total indicator for short-term liabilities.
Assessment of indicators in the balance sheet: nuances
After the figures for all sections of the liabilities are calculated, the overall balance is determined. What might an enterprise balance sheet look like (full)? LLC - as one of the most common legal forms of business, may have the results of economic activity, reflected in the following figures.
Based on what patterns should appropriate indicators be evaluated?
The most important nuance here is that for each company they will be presented in special proportions. It all depends on the specifics of the activity, the turnover of the enterprise, the credit load on the business.
The completed balance sheet accounting LLC, however, can be compared with a similar document of another business company in order to identify a more efficient business model. In some cases, Russian enterprises have the right to form a balance sheet in a simplified form. Consider its features in more detail.
Simplified balance: nuances
A simplified balance sheet is entitled to be small businesses. This document is characterized by less complexity in filling in comparison with the traditional form of balance. This is due to the smaller list of indicators that are reflected in it. If it is a question of compiling a simplified balance sheet, the completed form should be compiled on the basis of the one approved in Appendix No. 5 to Order No. 66n.
It can be noted that the main indicators recorded in the corresponding document will be the same as those characterizing the main form of balance. Let's look at an example of how to fill in a simplified balance sheet taking into account the peculiarities of its structure.
Simplified Balance Sheet Structure: Asset
As in the standard form of the document, in the corresponding source there are two main blocks - asset and liability. The simplified balance sheet of the company, filled in according to the established rules, in terms of the asset should contain information:
- about those tangible, intangible, and current assets that relate to non-current;
- about stocks;
- cash and cash equivalents;
- on financial and other current assets.
Similarly, the balance of the corresponding block of the document.
Simplified Balance Structure: Passive
If we consider the indication of information about liabilities in the simplified balance sheet of the enterprise, a completed example of it involves reflection:
- data on capital and reserves;
- on long-term as well as short-term loans;
- on accounts payable;
- other liabilities classified as current.
As in the previous block, the balance is fixed on all lines. What might a simplified balance sheet look like? An example of the relevant document is in the picture below.
As in the case of the standard form of balance, its simplified modification allows you to analyze the effectiveness of the business model of the enterprise when comparing its indicators with those that are included in the reporting form of another company in a similar segment. From the point of view of informativeness, a simplified balance can be as valuable a source as that presented in the standard variety.