Identification and counting of the amount withheld
By exposing the next is that we are going to accounting for retention of 6% of the GST, in the scheme aplicaion withholding.
The accounting application we will be able to appreciate both sides, that is, to what is the accounting treatment to be applied in accounting PROVIDER (subject to retention) and the CLIENT (withholding agent). Statement
JSP Company SAA is a designated withholding agent SUNAT, dated May 20 made the acquisition of raw materials the company MAT EIRL, the same amount to the figure of S /. 12,000 + VAT, for this acquisition has received a special discount of S /. 2,000 + VAT (NC airs on 21 May).
On May 30 the cancellation is made 60% of the purchase, the balance is paid within 60 days.
Requested:
a. Determining the amount of retention
b. Accounting for transactions (supplier and Accounting customer).
Solution:
1. Determination dei amount of the transaction:
Invoice Detail NET
NC Taxable Income 12,000.00 10,000.00 <2,000.00>
VAT (19%) 2280.00 <>
1,900.00 Total 11,900.00 12,280.00 <2,380.00>
In this case, the amount of the transaction is S /.
11,900.00 2. Determination of Retention: Retention is determined
based on 6% of the payment, in this case, the payment amount is 60% of the total operation, a sum that is h to withhold 6%.
S /. 11,900.00 x 60% to S /. Retention
7,140.00
S /. 7,140.00 x 6% to S /. Net
428.40
pay S /. 7,140.00 - S /. 428.40 S /.
6,711.60 3. JSP company accounts SAA (withholding agent)
3.1. Accounting for the purchase invoice
--------------- x ---------------
60 Buy 602 12.000 6021 Commodity
MP manufactured products
40 TRIB AND CONTRIBUTIONS TO PENS AND HEALTH SYSTEM
2.280 401 4011
Central Government to the Sales Tax General
401102 VAT - Tax Credit CTAS
A 42 per page COMMERCE - THIRD 14.280 421
Fact, comp tickets and other payables
Issued 4212
20/05 For purchases made
x --------------- --------------- Income
to store goods
acquired --------------- x --------------- MATERIALS
24 12.000 241
MP for manufactured products 61 CHANGES IN INVENTORIES 12,000
612 Materias primas
20/05 Ingreso de bienes al costo de adquisición
--------------- x ---------------
3.2. Contabilización de la Nota de Crédito
--------------- x ---------------
42 CTAS POR PAG COMERC – TERCEROS 2,380
421 Fact, boletas y otros comp por pagar
4212 Emitidas
40 TRIB Y APORT AL SIST PENS Y DE SALUD 380
401 Gobierno Central
4011 Impuesto General a la Ventas
401102 IGV – Crédito Fiscal
60 COMPRAS 2,000
602 Materias Primas
MP 6021 manufactured products
21/05 For the discount included the cost
61 --------------- x --------------- CHANGE 612 STOCK 2.000
Commodities COMMODITIES
24 2.000 241
MP for manufactured products
21/05 at cost adjustment
--------------- x ------
--------- 3.3 Payment Posting
42 --------------- x ---------------
CTAS PAY FOR COMMERCE - THIRD 6,711.60
421 bills, tickets and other vouchers to pay
4212 Issued
A 10 CASH 6,711.60
104 Current accounts in financial institutions operating current accounts
1041
30/05 Payment of 60% of the operation unless retention
--------------- x ------ --------- Accounting
3.4 Withholding:
--------------- x --------------- 42 ACCOUNTS PAYABLE
COMMERCE - THIRD 428.40
421 bills, tickets and other vouchers to pay
4212 Issued
APORT.AL A 40 TRIB AND SYSTEM OF HEALTH AND PENS
401 428.40 4011
Central Government to the Sales Tax General
401106 VAT - Deductions Payable 30/05
According record retention
--------------- x --------------- 3.5 Payment retention of SUNAT
--------------- x ---------------
40 TRIB AND CONTRIBUTION TO THE SYSTEM OF HEALTH AND PENS
428.40 4011 401
Central Government to the Sales Tax General
VAT 401106 - Deductions from pay
A 10
CASH 428.40 104 Current accounts in financial institutions operating current accounts
1041
x / x for the payment of SUNAT
month retention --------------- x ---------------
The declaration and payment of withholding is performed on the PDT 0626 - Withholding Agents within the deadline for monthly tax compliance.
4. Company accounts EIRL MAT (subject to retention)
4.1 Accounting for sale
x --------------- --------------- CTAS
BY COB 12 COM - THIRD 14,280.00
121 Fact, ballots and other records Issued receivable
1212 A 40 TRIB AND CONTRIBUTION TO THE SYSTEM OF HEALTH AND PENS 2,280.00
401 4011 Central Government to the Sales Tax General
IGV 401101 - Debit Tax
A 70 SALES Goods
12,000.00 701 20/05 For sale of goods
--------------- --------------- x 4.2 Accounting
CN x --------------- --------------- Receivables 74
reductions and rebates GRANTED 2,000.00
741 Receivables
reductions and rebates granted 7411 Third
40 TRIB AND CONTRIBUTION TO THE SYSTEM OF HEALTH AND PENS
401 380.00 4011
Central Government to the Sales Tax General
VAT 401101 - Debit Tax
CTAS BY COB 12 COM - THIRD 2,380.00
121 Fact, ballots and other vouchers for
charge Issued 21/05 1212
discount granted by the --------------- x ---------------
4.3 Accounting for the collection
10 x --------------- --------------- CASH
6,711.60
104 Current accounts in financial institutions operating current accounts
1041 A 12 CTAS BY COB COM - THIRD 6,711.60
121 bills, tickets and other evidence receivable
1212 Issued 30/05 Fertilizer According Note cta cte (Made by the client) ----------
----- x ---------------
4.4. Withholding accounting
x --------------- ---------------
40 TRIB AND CONTRIBUTION TO THE SYSTEM OF HEALTH AND PEN
401 428.40 4011
Central Government to the Sales Tax General
401107 IGV - Deductions to implement
A 12. CTAS BY COB COMMERCE - TERC 428.40
Bill 121, ballots and other records receivable
1212 Issued 30/05 withholding 6% of sums
--------------- x
--------------- 4.5. Using the amount withheld.
assume that the company presents the following scenario:
GST sales for the month (debit): S /.
24,000.00 GST purchases of the month (credit) :
VAT payable (Debit Tax) VAT 6000.00
<-> <>
withholdings apply VAT to pay this month net
5,571.60
The accounting entry for payment of VAT to SUNAT month would be: -----
---------- x ---------------
40 TRIB AND CONTRIBUTION SYSTEM OF PENS AND HEALTH 5,571.60
401 4011 Central Government to the Sales Tax General
401101 VAT - Tax Debit
A 10 5,571.60 CASH
104 Current accounts in financial institutions 1041
x/06 operating current accounts for VAT payment according PDT
621 x --------------- ---------------
Seat
accounting adjustment of balances of the GST tax credit, the GST and the GST tax debits - Deductions for Apply: --------------- x --------
-------
40 TRIB AND CONTRIBUTION TO THE SYSTEM OF HEALTH AND PENS 18,428.40
401 4011 Central Government to the Sales Tax General
IGV 401101 - Debit Tax
A 40 TRIB AND CONTRIBUTION TO THE SYSTEM OF HEALTH AND PENS
18,428.40
401 4011 Central Government to the Sales Tax General
401102 VAT - Tax Credit 401107 VAT
18,000.00 - 428.40
withholdings apply x/06 reclassification of accounts for the IGV
x ------------- --------------- -
