ACCOUNTING FOR BUYING A CAR WITH VOUCHER HOW IS ACCOUNTING HANDLED?
A good question to record the NG of fixed assets, which is a car, when enjoying a discount voucher. This voucher will be reduced if the buyer makes a deposit to buy the car. Specific figures are as follows
- Deposit amount of 100,000,000 VND
- Invoice of 1,000,000,000 VND; VAT 100,000,000 VND
- Voucher is reduced 200,000,000 VND; VAT 20,000,000 VND
- The remaining price to pay is 800,000,000 VND; VAT 80,000,000 VND
How will accountants account for this transaction and what is the basis for defending their views?
Reply:
1. Viewpoints included in 711
In the provisions of Account 711, it is stated that “The fines are essentially a reduction in the purchase price, reducing the payment to the seller, which is accounted for as a decrease in the value of the asset or the payment (not recorded in income). other) unless the relevant assets have been liquidated or sold. Therefore, the voucher part is not recorded here.
2. Viewpoints include 515 – Payment discount is enjoyed
The definition of a payment discount states that a payment discount is an amount that the seller deducts from the buyer when paying before the contract period. This discount is not related to the goods or any agreement but only to the payment term. This voucher is related to a deposit to perform the contract without prepayment of the contract, so it is not appropriate to include in 515.
3. The view on reducing the value of fixed assets is recognized.
In the regulations on account 211, it is stated that the historical cost of tangible fixed assets due to procurement includes: Purchase price (except for amounts subject to trade discounts and rebates), taxes (excluding refundable taxes). re)… the actual amount paid by the Company is also the value after the voucher has been used, so in this situation it is appropriate to record a decrease in the value of fixed assets, only recording the actual value. and can only deduct value added tax corresponding to the part with payment documents.
