How to make conducting of profit

How to make conducting of profit

The profit is an excess of the gained income over expenses. It pays off with the help of a difference between the revenue received from product sales and funds which spent for receiving this type of production. If this difference positive, it is necessary to speak about profit, if negative, about a loss. In accounting conducting economic operations is made directly by means of conductings.

It is required to you

The declaration on income tax, accounting references, tax registers, a statement of bank of the settlement account, payment orders.

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To reflect the sum of income tax which pays off from accounting profit, it is necessary to make the following conducting: D99 "Profits and losses of" K68 "Calculations for taxes and fees".


Further it is expedient to reflect a deferred tax asset, that is that part of income tax which will reduce a tax and which is paid in the subsequent reporting periods. It becomes by means of the following correspondence: D09 K68 "Deferred tax assets". Primary documents at this operation are the accounting reference and tax registers.


Reducing a deferred tax asset, you have to reflect it conductings: D68 K09. To write off a tax asset, to be exact the sum for which reduction will not be made further, you can by means of record: D99 K09.


It is possible to reflect the sum of a deferred tax liability by means of conductings: D68 K77 "Deferred tax liabilities". At its repayment you have to make the following record: D77 K68. Therefore, to write off this obligation by which the profit is increased it will not be necessary correspondence: D77 K99.


At payment of advance payments on income tax it is necessary to reflect them in the basis of an extract of bank from the settlement account. It becomes by means of conducting: D68 K51 "Settlement accounts". At payment of income tax make the same record.