Raw material purchase entries, accounting entries when purchasing raw materials

1. Borrow: raw materials 1000

Tax payable 170

VAT (input tax) due

Credit: Accounts payable 1170

That's fine, because when you buy something, the VAT is paid directly to the seller, and the price you pay for the thing you buy already includes VAT, and you don't need to make tax entries for this business

If you have a business of selling goods in the month, then you may have to pay taxes, for example, if you sell 10,000 yuan of goods, then you will charge the buyer 11,700 yuan, then you will pay VAT, you have to pay the amount = output tax - input tax = 1700-170 = 1530 yuan, when paying tax to the tax authorities:

Debit: Tax payable 1530

VAT payable (tax paid).

Credit: Bank Deposit 1530

Warehousing, Borrow: Raw Materials Credit: Cash, Bank Deposits, Accounts Payable.

Raw materials are raw materials and materials. Raw material generally refers to products from mining, agriculture, forestry, animal husbandry, and fishery; Processed material generally refers to raw materials that have undergone some processing. For example, logs produced in forestry are raw materials, and when logs are processed into planks, they become materials.

However, the division of raw materials and materials in actual life and production is not necessarily clear, so the term raw materials is generally used to refer to it.

What you did above is correct, there is nothing wrong, the 2 you do is just a combination of 1, and the essence is the same. Nothing to say, that's it!

If the second is correct with the actual cost method, it should be reminded that the VAT on imported goods is collected by the customs when collecting customs duties, and not handed over to the seller.

It is to note that the account name in the new accounting standard is the tax payable, not the tax payable, and the debit is recorded before the acceptance of the material in transit.

With planned costing, there is one more entry that carries forward the material cost variance.

Borrow: Raw material 1000

VAT Payable - Input VAT 170

Credit: Accounts payable 1170

Debit: VAT Payable - Tax Paid 170

Credit: Bank deposit 170

That's what I usually do.

Borrow: Raw material 1000

Tax payable 170

VAT (input tax) due

Credit: Accounts payable 1170

According to your description, it is to purchase materials directly from abroad, directly credit bank deposits, and pay the input tax according to your customs tax payment certificate.

i.e.: DR: Raw material 1000

Tax Payable - VAT (Input Tax) 170

CR: Accounts Payable 1000

Bank Deposit 170

The specific accounting entries for the purchase of raw materials are as follows (raw materials are costed according to plan):

1) Procurement. Borrow: Material Purchase (Actual Cost).

Credit: Bank deposits.

2) Check the receipts.

Borrow: raw materials (planned costs).

Credit: Material Purchases (Planned Costs).

3) Send out raw materials.

Borrow: production costs, etc. (planned costs).

Credit: Raw materials (planned costs).

4) The difference in the amount of material burden at the end of the period.

Carry-forward should bear the difference in savings.

Borrow: Material cost variance.

Credit: Production costs.

Carry forward the difference in overruns that should be borne by you.

Borrow: production costs.

Credit: Material cost variance.

The constituent production cost is composed of three parts: direct materials, direct labor and manufacturing expenses. Direct materials refer to the objects of labor in the production process, which are processed to become semi-finished products or finished products, and their use value becomes another use value; Direct labor refers to the human resources consumed in the production process, which can be calculated by wages and benefits;

Manufacturing expenses refer to the plant, machinery, vehicles and equipment and other facilities and machinery materials and auxiliary materials used in the production process, and part of their consumption is included in the cost through depreciation, and the other part is included in the cost through maintenance, fixed expenses, machine material consumption and auxiliary material consumption.

1) Procurement.

Borrow: Material Purchase (Actual Cost).

Credit: Bank deposits.

2) Check the receipts.

Borrow: raw materials (planned costs).

Credit: Material Purchases (Planned Costs).

Note: Raw materials are priced at planned costing when they are checked into the warehouse.

Purchase of raw materials.

Borrow: raw materials.

Debit: Tax Payable - VAT Payable - Input Tax.

Credit: Accounts payable (or bank deposits).

Or: The specific accounting entries for the purchase of raw materials are as follows (raw materials are accounted for using the planned cost):

Purchase borrow: material purchase (actual cost).

Credit: Bank deposits.

Check the revenue library. Borrow: raw materials (planned costs).

Credit: Material Purchases (Planned Costs).

Note: Raw materials are priced at planned costing when they are checked into the warehouse.

For the purchase of raw materials, the accounting entries are as follows:

Borrow: raw materials.

Debit: Tax Payable - VAT Payable - Input Tax.

Credit: Accounts payable (or bank deposits).

No, if you pay for the goods first, you don't receive an invoice.

Debit: Advance payments.

Credit: Bank deposits.

Receipt of invoice. Borrow: raw materials.

Tax Payable – VAT payable (input tax).

Credit: Accounts prepaid.

Bank deposits.

Invoices arrive at the same time as the materials. It is referred to as "single goods arrive at the same time".

The accounting entries are:

Borrow: raw materials.

Tax Payable – VAT payable (input tax).

Credit: bank deposits or notes payable, etc.

Invoices have arrived, but materials have not arrived. It is referred to as "single arrival has not arrived".

The accounting entries are:

Borrow: Supplies in transit.

Tax Payable – VAT payable (input tax).

Credit: bank deposits or notes payable, etc.

After the material arrives and is inspected in the warehouse:

Borrow: raw materials.

Credit: Supplies in transit.

The materials have arrived, but the invoices have not arrived. It is referred to as "Goods on delivery has not arrived".

The specific accounting entries are:

Borrow: Raw materials (provisional value).

Credit: Accounts Payable – Provisional accounts payable.

At the beginning of next month, the last entry will be rushed back in red

Borrow: raw materials (tentative value) (red-letter write-off).

Credit: Accounts Payable - Provisional Accounts Payable (Write-off in red).

Wait until the invoice arrives, and then again.

Borrow: raw materials.

Tax Payable – VAT payable (input tax).

Credit: bank deposits or notes payable, etc.

Purchase materials in advance. Abbreviated as "prepaid purchase".

When prepaying:

Debit: Advance payment (advance amount).

Credit: Bank deposits.

After receiving: borrowing: raw materials.

Tax payable - VAT payable (input tax).

Credit: Advance payments (actual amounts due).

Retroactive payment: debit: prepaid (difference between prepaid and payable).

Credit: Bank deposits.

Refund of overpayments:

Borrow: Bank deposit.

Credit: Accounts prepaid (the difference between prepaid and payable).

The Material Purchase account is used for the planned costing method and is used to account for the actual cost of purchased materials, which is carried forward to the Raw Materials account at the planned cost and the difference is credited to the Material Cost Variance

"Goods in Transit" applies to the actual costing method, which is used to account for the cost of materials that have been purchased but have not yet been verified into the warehouse.

Under the new guidelines, 1401 materials are purchased, and 1402 materials are in transit.

Accounting entries for the purchase of raw materials. Invoices arrive at the same time as the materials. It is referred to as "single goods arrive at the same time".

The accounting entries are: debit: raw materials, taxes payable - VAT payable (input tax); Credit:

Bank deposits or notes payable, etc. Invoices have arrived, but materials have not arrived. It is referred to as "single arrival has not arrived".

The accounting entries are: debit: tax payable on goods in transit - VAT payable (input tax) credit:

After the arrival of materials such as bank deposits or notes payable, and the inspection is received in the warehouse: borrow: raw material credit:

The materials in transit have arrived, but the invoices have not arrived. It is referred to as "Goods on delivery has not arrived". The specific accounting entries are:

Borrow: Raw Materials (Provisional Value) Credit: Accounts Payable - Provisional Accounts Payable will be reversed in red at the beginning of next month

Borrow: Raw Materials (Provisional Value) (Reverse in Red) Credit: Accounts Payable - Provisional Accounts Payable (Reverse in Red) Wait until the invoice bill arrives, and then borrow:

Taxes payable on raw materials - VAT payable (input tax) credit: bank deposits or bills payable and other materials are purchased in the form of prepayment. Abbreviated as "prepaid purchase".

When the payment is made in advance: debit: the prepaid account (prepaid amount) credit:

After receiving the bank deposit: borrow: the tax payable on raw materials - the VAT payable (input tax) credit:

Prepaid Accounts (Actual Amount Payable) Supplementary Payment: Debit: Prepaid Accounts (Difference between Prepaid and Payable) Credit:

Bank Deposit Returned Overpayment: Borrow: Bank Deposit Credit:

Prepaid accounts (difference between prepaid and payable).

The specifics of the purchased raw materialsAccounting entriesAs shown below (raw materials are taken into planned costing):

1) Procurement. Borrow: Material Purchase (Actual Cost).

Credit: Bank deposits.

2) Check the receipts.

Borrow: raw materials (planned costs).

Credit: Material Purchases (Planned Costs).

3) Send out raw materials.

Borrow: production costs.

etc. (planned cost).

Credit: Raw materials (planned costs).

4) Period-end carry-over.

The amount of the difference in the burden of issuing materials.

Carry-forward should bear the difference in savings.

Borrow: Material cost variance.

Credit: Production costs.

Carry forward the difference in overruns that should be borne by you.

Borrow: production costs.

Credit: Material cost variance.

Constitute. Production costs are made up of direct materials, direct labor, and manufacturing expenses.

It consists of three parts. Direct materials refer to the objects of labor in the production process, which are processed to become semi-finished products or finished products, and their use value becomes another use value; Direct labor refers to the amount of human resources consumed in the production process, the amount of available wages.

and welfare expenses, etc.;

Manufacturing expenses refer to the plant, machinery, vehicles and equipment and other facilities and machinery materials and auxiliary materials used in the production process, and part of their consumption is included in the cost through depreciation, and the other part is included in the cost through maintenance, fixed expenses, machine material consumption and auxiliary material consumption.

Accounting entries for the purchase of raw materials. Invoices arrive at the same time as the materials. It is referred to as "single goods arrive at the same time".

Bank deposits or notes payable, etc.

Invoices have arrived, but materials have not arrived. It is referred to as "single arrival has not arrived".

The accounting entries are:

Borrow: Supplies in transit.

Tax Payable – VAT payable (input tax).

Credit: bank deposits or notes payable, etc.

After the material arrives and is inspected in the warehouse:

Borrow: raw materials.

Credit: Supplies in transit.

The materials have arrived, but the invoices have not arrived. It is referred to as "Goods on delivery has not arrived".

The specific accounting entries are:

Borrow: Raw materials (provisional value).

Credit: Accounts Payable – Provisional accounts payable.

At the beginning of next month, the last entry will be rushed back in red

Borrow: raw materials (tentative value) (red-letter write-off).

Credit: Accounts Payable - Provisional Accounts Payable (Write-off in red).

Wait until the invoice arrives, and then again.

Borrow: raw materials.

Tax Payable – VAT payable (input tax).

Credit: bank deposits or notes payable, etc.

Purchase materials in advance. Abbreviated as "prepaid purchase".

When prepaying:

Debit: Advance payment (advance amount).

Credit: Bank deposits.

After receiving:

Borrow: raw materials.

Tax payable - VAT payable (input tax).

Credit: Advance payments (actual amounts due).

Retroactive payment:

Debit: Advance payments (the difference between advances and payables).

Credit: Bank deposits.

Refund of overpayments:

Borrow: Bank deposit.

Credit: Accounts prepaid (the difference between prepaid and payable).

Definition of raw materials

Raw materials refer to the basic raw materials for the production of a certain product. It is a product that is used at the beginning of the production process. Raw materials are divided into two main categories.

The first category is forest products, minerals and marine products in their natural form, such as iron ore**. One is agricultural products, such as grain, cotton, oil, tobacco, etc. There are many suppliers of such products, and there is no difference in quality.

Therefore, in marketing should take appropriate measures according to the characteristics of various products, such as mineral products, marine products and other natural forms of white products should be directly sold, the distribution route should be as short as possible transportation, the cost should be as low as possible, and the agricultural products should be strengthened to keep the products, reduce the distribution links, some products can also be concentrated by commercial acquisition outlets to production enterprises.

Kind

Raw materials can be divided into: raw materials and main materials, auxiliary materials, purchased semi-finished products, repair spare parts, packaging materials, fuel.

Raw materials can be divided into three categories according to their storage location: materials in transit, materials in stock, and materials for consignment processing.

Purchase of raw materials.

Borrow: raw materials.

Debit: Tax Payable - VAT Payable - Input Tax.

Credit: Accounts payable (or bank deposits).

Or: The specific accounting entries for the purchase of raw materials are as follows (raw materials are accounted for using the planned cost):

Procurement. Borrow: material procurement (real branch and sun danji cost).

Credit: Bank deposits.

Check the revenue library. Borrow: raw materials (planned costs).

Credit: Material Purchases (Planned Costs).

Note: Raw materials are priced at planned costing when they are checked into the warehouse.