How is income on a bill calculated?
Note 1
A bill of exchange as a security can bring income to the one who acquires this bill (the bill holder, the creditor). However, in order to profitably invest in the purchase of a bill of exchange, it is necessary to calculate the possible income.
Thus, income on a bill can be obtained in the following forms:
- as interest that will be accrued on the bill;
- as a discount (then the discount will represent the difference between the amount on the bill and the amount of debt on the bill).
In the first case, the formula for calculating income looks like this:
$Dv = Sun \cdot C$
- where Дв – income on an interest-bearing bill;
- Вс – nominal amount of the bill;
- C – interest rate (expressed in shares).
Let's consider the formula for calculating income on the second form of a bill:
$Dv = Sun – Tsp$, where Tsp is the purchase price of the bill
$Dv = Tspr – Tsp$, where Tsp r is the sale price of the bill.
In addition to the income from the bill, the profitability of the bill is also calculated. Let's consider the formulas for calculation.
How is the yield on a bill calculated?
Since the maturity of a bill of exchange is usually less than a year or a year. The formula for calculation looks like this:
$S = Bc \cdot (1 + (n/(N\cdot 100)) \cdot C)$
- where S is the amount that will be received on the bill;
- Вс - nominal amount of the bill;
- n is the maturity of the bill, expressed in days;
- C - interest rate (expressed in shares);
- N – number of days in a year;
This method, based on exact percentages, assumes that the number of days in a year is 365 or 366 (leap year). However, another method is used that is based on simple interest, when the number of days in a year is taken as 360 days, and the number of days in a month is taken as 30 days.
There is another formula for calculating profitability. Discount yield is determined by the following formula:
$rd = (D/Nt) \cdot (360/T)$
- where rd is the yield of the bill or the discount rate;
- D – amount of interest income;
- Nc – nominal repayment price of the bill;
- T – the number of days remaining until the funds on the bill are repaid;
An example of calculating the yield on a bill
Let's look at an example of a calculation.
Example 1
Let's assume that the company decides to issue promissory notes. It is necessary to calculate the placement price of such a bill if the amount for which such a bill is issued is 150 rubles, the payment period is 250 days, and the rate is 17%.
Thus, we get the following:
it is necessary to transform the formula, since it is necessary to find the unknown - S.
Transforming the formula, we get the following: 150 rubles / (1 +(250 days/(360 days $\cdot$ 100)) $\cdot$ 17%) = 134.16 rubles
Let's look at another example.
Example 2
The bill is sold on the market for an amount of 19,000 rubles. At the maturity date, within a period of 120 days, the amount of the bill in the amount of 20,000 rubles will have to be paid. Let's find the profitability of the bill according to the conditions of the problem.
rd = ((20,000 rubles – 19,000 rubles)/20,000 rubles) $\cdot$ (360 days/120 days) = 0, 15 or 15%.
That is, the yield on the bill under such conditions is 15%.
So, depending on the form of issue, profitability is also calculated. At enterprises involved in transactions with such securities, systems are being developed for analyzing the profitability of bills using software, including MS Excel. For this purpose, special templates are created that are convenient for presenting results and calculations. An example of such a template for calculating profitability is presented in Figure 1 below.
A promissory note is a written obligation of a bank, possibly a company, to pay a sum of money within a certain period of time to the person specified in the promissory note. Bills of exchange are issued in paper form because they are issued in a specific name. The debt security has no restrictions on the term and amount. After repayment of the bill, income and fixed interest are paid. Nowadays, basically everyone in the market issues discount bills, which are repaid at the amount specified in the paper, but initially they pay a lower price for it - a discount.
The bill market is not as developed as the stock market, but nevertheless, investments can bring quite a large income compared to the income on bonds or on a bank deposit. It must be said that this investment will only be profitable if you are going to put into circulation at least 1 million rubles.
Pros of bills
What is the advantage of these securities? Why is it profitable to do business with them? Investors who do not expect large profits in a short time and are likely to be left with nothing prefer a fixed income on the invested amounts. Their choice falls on government bonds, road certificates, and deposits. Bills of exchange are used very rarely, although they can bring good income. Typically, banks offer interest and discount bills.
Often the yield on bills is equal to the yield received on deposits or bonds. Of course, we mean reliable bills of major banks with state participation - Sberbank, Gazprombank, VTB.
Approximate mathematics
A Sberbank bill gives a yield of 5% per annum after six months, and 6% after a year. Annual deposits at the same time have a return of about 9%. Bonds of VTB and Gazprombank provide a yield of about 6% per annum. By the way, Sberbank also offers a discount bill as an income product.
Only bills with low reliability can compete with deposits and bonds of banks with government participation. But this is a big risk; here the investor himself decides whether to invest his funds in banks and financial companies or not. 
Another important point
But there is one very important advantage of a promissory note: with this debt paper you can pay, for example, for an apartment or a car, and it is also accepted as collateral when filling out a loan application.
The debt paper can be transferred to another person, or simply sold.
A sample of a discount bill, as well as other types of written bank obligations, can be viewed on the Internet.
Cons of bills
Debt securities are not very popular among private investors, because they have a number of disadvantages that are quite capable of forcing a person not to pay attention to such investments.
The main disadvantage is the amount of investment. The investor must be a very wealthy person, ready to invest at least 1 million rubles in a debt security.
Bank bills are not protected in the event of a bank failure. Knowing how often in Russia licenses are revoked even from seemingly reliable banks, people refuse to take risks by buying debt securities. Some banks continue to operate but may default on bills. In this case, the investor also does not receive money.
Individuals who have money on deposits are included in the first place as creditors in bankruptcy proceedings, and bill holders are classified as 5th priority creditors.
Non-credit institutions may also default on bills of exchange. 
Difficulties of early return
It is much more difficult to return money before the end of the term on bills of exchange than on deposits, even those concluded under the conditions that early withdrawal of funds is impossible. That is, if an investor urgently needs his money invested in a bill, he will have to sell the debt paper on the secondary market and, most likely, at a price even lower than the purchase price.
Where and how to buy a bill?
If, nevertheless, all the shortcomings of promissory notes did not stop the investor, you can find out in this part of the article how to purchase the paper and where.
Companies that want to place a bill of exchange usually entrust this procedure to banks and investment companies, which are financial agents. This also applies to simple discount bills from Sberbank, for example. The first owner of the bill is the financial agent; other market participants already buy from him. So private investors buy all the bills on the secondary market.
Although the bill has a cash equivalent, it is not traded on exchanges, so average prices can be viewed in the Russian bill of exchange system (RVS), as well as on the official websites of news agencies - Finmarket, Interfax.
Even if you like a certain bill of exchange, it is impossible to buy it yourself on the secondary market; you will need to contact a professional intermediary. Usually these are banks and investment companies (IC Veles-Capital, IC Region, for example). 
The procedure for purchasing a debt obligation is extremely simple. The investor signs a regular paper purchase and sale agreement with a financial agent or professional market participant. Pays for the transaction from his account plus interest on the transaction.
Agent commissions range from 0.3-2.5% of the transaction amount. In any case, you should have at least $100 ready. A private person can turn to the same intermediary or financial agent again if he does not want or for some reason cannot wait for the repayment of the bill. But the commission will have to be paid again in the same amount. Due to these nuances, accounting for discount bills does not seem to be something simple.
Impossibility of speculation
You won’t be able to trade bills on exchanges, so you shouldn’t expect speculative demand for them. Since each time you will have to pay a commission to intermediaries, all these operations will be unprofitable. You also need to remember about the 13% that will have to be paid to the tax authorities if the transaction is profitable. It is extremely rare for private investors to sell bills ahead of maturity.
Sberbank bills
Sberbank offers interest-bearing ruble bills and foreign currency bills. Income on them is accrued in the form of interest.
Also on sale is a discount bill, also in rubles and foreign currency. The difference between the repayment amount and the purchase amount will be the income, amount (face value) and sale price of the bill to the first bill holder. 
An interest-bearing debt obligation to bearer is issued with a predetermined maturity date and with any period, but not earlier than a certain date. This is the difference between a discount bill and an interest bill. But this is only a superficial glance. There are several more nuances.
For discount bills, the repayment system is slightly different: on a certain date or on any day, but not earlier than the date specified in the bill.
There are also convertible bills of Sberbank. The cost on the paper is stated in US dollars or euros, but it must indicate that payment will be made in rubles on the maturity date. Such a bill of exchange is also purchased for rubles.
Note to investors
Currently, bills of exchange from more than 200 companies and banks are traded on the market, many of them also offer discount bills. Specialists of the stock market and investment companies recommend that private investors invest in bank bills, since the Central Bank maintains strict financial control of all banks and forces them to disclose their financial position on official websites. Here, even the investor himself, having minimal knowledge, will be able to assess the reliability of a particular bank. 
Those at risk are always promissory notes that offer inflated interest rates and are traded by little-known companies with closed financial statements. Very often, such companies are ordinary financial pyramids. It will be extremely difficult or impossible to get the money back.
The note usually has strict maturity dates. It is advisable to receive money on this day or, at most, within the next two banking days. The discount bill is repaid exactly at par at the end of the term. Of course, no one charges any fines or additional interest; they usually accommodate the investor halfway, but they have the right not to pay an overdue bill. You can receive the money yourself, or entrust it to the financial agent or broker who executed the transaction. But you will have to pay interest again. So it is more profitable to pay off privately. By the way, Sberbank also offers a simple discount bill.
The importance of proper formatting
The Geneva Bill of Exchange Convention of 1930 established very strict rules for the execution of bills and repayment periods. If at least one of the requirements is violated, this will prevent the document from being considered a promissory note, so you need to carefully buy a promissory note on the secondary market; there are many counterfeits. Banks or bill-issuing companies have the right to refuse to cancel a bill executed with violations.
The most counterfeited bills on the secondary market are the papers of Sberbank and Gazprombank, since they are the only ones that are mainly traded on the market.
Even if an investor works in the market through an intermediary, you should not completely rely on his integrity and professionalism. In any case, you will need to request additional examination from the drawer to determine the authenticity of the paper. 
Many financial experts believe that a bill is not an investment for individuals. For those who do not agree with them, have calculated, analyzed everything and are ready to take risks, it is better to buy bills closer to the end of the quarter, half-year or year. Then the ruble supply on the market decreases, and financial agents give more favorable interest rates on repayment.
Conclusion
So, the private individual himself needs to decide whether he is ready to invest in a bill or not. Now on the market these debt securities are represented by a discount bill. That is, income is the difference between the purchase price and the repayment amount. It is advisable to repay the bill strictly on the date, otherwise payment may be refused. In order to invest profitably in bills of exchange, you must have at least 1 million rubles to complete the transaction, otherwise it will be unprofitable. On average, semi-annual bills give from 5-7% per annum. There are, of course, higher interest rates, but here the risk of losing everything is huge. Even if you decide to invest money in a bill, you will not be able to buy it on your own; you will need an intermediary - a broker, banks, investment companies. When completing a transaction, they take a commission from 0.3-2.1% depending on the transaction amount and the drawer. It is better to buy bills from banks, because the Central Bank has a strict policy, and the financial results of any bank can be viewed on its official website and a purchase decision can be made.
DETERMINATION OF EXCHANGE VALUE AND
BILL YIELD
1. Discount bill
1. 1. Definition of discount and discount rate
Discount bills are quoted based on the discount rate. It talks about the amount of discount that the seller provides to the buyer. The discount rate is indicated as a percentage of the bill's face value as a simple percentage per year. The discount rate can be converted into ruble equivalent using the formula:
Where: D- bill discount; N- denomination of the bill; d- discount rate; t- the number of days from the date of purchase of the bill until its repayment. The denominator is 360 days, since settlements with the bill are carried out on the basis of a fiscal year equal to 360 days.
Example 1.
N= 100 million rubles, d- 20%, t = 45 days. Determine the amount of the discount.
Solution.
It is equal to:
=250
thousand roubles.
The discount rate is determined by the formula:
(2)
Example 2.
N=10 million rubles, D= 100 thousand rubles, 50 days remain until repayment. Determine the discount rate.
Solution.
It is equal to:
=0.072 or 7.2%
1. 2. Determination of the bill price
The price of the bill can be determined by subtracting the discount amount from the face value, namely:
P= N− D(3)
Where: R - bill price.
If the discount rate is known, then the price is determined by the formula:
(4)
Example 3.
N= 10 million rubles, d= 6%, 15 days left until maturity. Determine the price of the bill.
Solution.
It is equal to:
9975thousand roubles.
If the investor has determined for himself the value of the return that he would like to provide on the bill, then the price of the paper can be calculated using the formula:
(5)
Where: r- the return that an investor wants to achieve. (If an investor compares investments in a bill with other securities for which the financial year is 365 days, then in formula (5) it is advisable to put the number 365 in the denominator).
5. 3. 1. 3. Equivalent discount rate, bill yield
The discount rate is a characteristic of the profitability of the bill. However, it does not allow one to directly compare the yield of a bill with the yield of other securities, since, firstly, it is calculated on a 360-day basis, and, secondly, when determining it, the discount refers to the face value, whereas in reality the buyer invests a smaller amount, namely, the price.
These circumstances underestimate the profitability of the bill. Therefore, it is necessary to determine a formula to convert the discount rate into a yield based on 365 days and take into account the price. It can be found from the following equality:
(6)
where: r is the equivalent rate of return.
(7)
Example 4.
The discount rate is 20%, the repayment period occurs in 30 days. Determine the equivalent rate.
Solution.
It is equal to:
= 0.2062 or 20.62%
The equivalent rate can also be determined from formula (5), if we take a financial year equal to 365 days:
(8)
2. Interest bill
2.1. Determination of the amount of accrued interest
and bill amount
Interest-bearing bills bear interest at the rate specified on the bill. The amount of accrued interest can be determined by the formula:
(9)
Where: I- amount of accrued interest; N- denomination of the bill; WITH %
- interest rate accrued on the bill; 
- the number of days from the beginning of interest accrual until its repayment.
Example 5.
The face value of the bill is 1 million rubles, 25% per annum is accrued on the bill, 30 days have passed from the beginning of interest accrual until the bill is presented for payment. Determine the amount of accrued interest.
Solution.
It is equal to:
=20833,33
rub.
The total amount that the holder of an interest-bearing note will receive upon its repayment is equal to the sum of the accrued interest and the face value. It can be determined by the formula:
(10)
where: S is the sum of interest and face value of the bill.
2.2. Determining the price of a bill
The price of the bill is determined by the formula:
(11)
Where: R- price of the bill; t- the number of days from purchase to maturity of the bill; r is the return that the investor would like to provide for himself.
2. 3. Determination of the profitability of the bill
The yield of the bill is determined by the formula:
(12)
Example 6.
The face value of the bill is 1 million rubles, the bill accrues 25% per annum, the period from the start of interest accrual to the redemption of the paper is 60 days. Determine the profitability of the operation for the investor if he buys a bill 30 days before maturity at a price of 1010 thousand rubles. and present it after this period.
Solution.
The yield is equal to:
We have presented formulas for determining the price and profitability of bills without taking into account taxation. The formulas for tax rates should be adjusted as follows: it is necessary to multiply the amounts subject to taxation by (1 - Tax), Where Tax- tax rate (the tax rate is inserted into the formula in decimal value, for example, a tax of 15% should be taken into account in the formula as 0.15); For example, for an interest-bearing note, taxes are levied on the amount of accrued interest. Therefore, the value is subject to adjustment:
namely:
Tasks
1. Determine the discount amount, if the discount rate is 10%, there are 100 days left until the bill matures, the par value is 1 million rubles
2. What is the price of a bill of exchange if its face value is 100 thousand rubles, the discount rate is 15%, and the maturity date is 30 days.
3. The investor would like to receive a yield of 30% per annum on a discount bill. The bill has 50 days until maturity, par value 100 thousand rubles. At what price should the bill of exchange be purchased?
4. The discount rate is 30%, there are 100 days until the bill is repaid. Determine the equivalent rate.
5. The face value of an interest-bearing bill is 100 thousand rubles, 10% per annum is charged on the bill, the period from the start of interest accrual to the redemption of the paper is 30 days. Determine the profitability of the operation for the investor if he buys a bill 10 days before maturity at a price of 100,200 rubles.
5. The face value of an interest-bearing bill is 100 thousand rubles, 10% per annum is charged on the bill, the period from the start of interest accrual to the redemption of the paper is 30 days. Determine at what price the investor should buy it 20 days before maturity in order to ensure a return on the operation of 25% per annum.
The article discusses such questions as: does income arise when issuing one’s own bill of exchange, how the price of acquisition and sale of someone else’s bill of exchange is determined, accounting for the discount on a bill of exchange, etc. In this article, we will not consider accounting for transactions in a situation where a third party’s bill of exchange was received in payment for goods (work, services) supplied.
We issue a bill: no income, no expenses
When issuing your own bill does not occur. And it does not matter how the issuance of the bill of exchange will be formalized: a purchase and sale agreement, a loan agreement, a deed or the bill itself. Money received from the first bill holder is considered a received loan and is considered “profitable” income is not taken into account(Subclause 10, clause 1, article 251 of the Tax Code of the Russian Federation). And the amount equal to the loan received and paid to the holder of the bill upon repayment of the bill, not included in tax expenses(Clause 17 of Article 270 of the Tax Code of the Russian Federation). This was confirmed in 2009 by the Presidium of the Supreme Arbitration Court of the Russian Federation (Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated November 24, 2009 N 9995/09).
We sell or pay off someone else’s bill of exchange - we count the profit
Income and expenses from the sale of someone else's bill of exchange are income and expenses from transactions with securities, so they must be calculated separately from income and expenses from ordinary activities. And this is one of the reasons why some organizations avoid transactions with other people's bills. After all, since the tax base for such transactions is determined separately, then the loss does not reduce the overall profit of the organization (Clause 8, 10 of Article 280 of the Tax Code of the Russian Federation).
Although the opposite option - reducing profits from transactions with securities by losses from core activities - is not prohibited by tax legislation. This is confirmed by both the Presidium of the Supreme Arbitration Court of the Russian Federation (Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated February 26, 2008 N 14908/07), and the Ministry of Finance of Russia (Letters of the Ministry of Finance of Russia dated November 13, 2010 N 03-03-06/2/192, dated March 27, 2009 N 03- 03-06/1/194).
How much is someone else's bill worth?
You cannot simply take and include the sale price of a bill of exchange in income (Article 280 of the Tax Code of the Russian Federation). First of all, it must be compared with the minimum estimated price<8>. And if you sold the bill for less than this minimum price, then it is necessary to include it in income.
In addition, there is also a maximum estimated price. If read literally, paragraph 6 of Art. 280 of the Tax Code, it turns out that if you sell a bill at a cost higher than this price, then in your income you only take into account the maximum estimated price. However, the Russian Ministry of Finance is against this (Letter of the Russian Ministry of Finance dated September 14, 2010 N 03-03-06/2/161).
And you should also compare your costs for purchasing the bill with its maximum estimated price. After all, you could have purchased a bill at an inflated price. Then only the maximum estimated price can be recognized as expenses when selling a bill of exchange (Clause 6, Article 280 of the Tax Code of the Russian Federation).
Of course, when determining the costs of selling someone else’s bill of exchange, I would also like to use the minimum estimated price. That is, when calculating the tax base, take it into account, and not the purchase price, if you bought the bill at a reduced price. However, this will be contrary to the law - after all, only costs incurred, supported by documents, are accepted as expenses (Clause 1 of Article 252 of the Tax Code of the Russian Federation).
Minimum and maximum settlement prices- this is the estimated price, reduced or increased by 20% (Clause 6 of Article 280 of the Tax Code of the Russian Federation):
Minimum Estimated Price = Estimated Price x 0.8
Minimum Estimated Price = Estimated Price x 1.2
So, in order to correctly determine the tax base from the sale of a bill - both income and expenses - we need to know its estimated price.
Today, the Procedure for determining the settlement price is established by the Order of the Federal Financial Markets Service of Russia dated 2010, which provides for three methods (Clause 2 of the Procedure for determining the settlement price, approved by Order of the Federal Financial Markets Service of Russia dated November 9, 2010 N 10-66/pz-n (hereinafter referred to as the Procedure) ).
Method 1. The estimated price is determined by the appraiser. As a rule, the price indicated in his report (Clause 19 of the Procedure) does not cause disputes with the tax authorities. However, the services of an appraiser may not be cheap.
Method 2. The settlement price is determined based on the prices of this security existing on the securities market. But this method is only suitable for bills of exchange from banks and some large organizations for which quotes can be found (Clause 4 of the Procedure).
Thus, banks often issue bills of exchange in whole series with the same denomination and maturity date. The selling price of such bills is unlikely to differ greatly from the prices at which they are offered on the market.
If you are selling an unquoted bill of exchange, then the following method for determining the settlement price will suit you.
Method 3. The estimated price is determined according to the formulas given by the Federal Financial Markets Service(Clause 13, 14 of the Procedure). In this case, the formulas make it possible to take into account the level of risk of non-payment of this bill through the discount rate. To do this, it is necessary to establish in the accounting policy the procedure for calculating the level of risk of investment in a bill of exchange, which will influence the determination of the settlement price of the bill of exchange.
Attention! The method for determining the settlement price of a third party bill of exchange must be enshrined in the accounting policy for tax purposes (Clause 20 of the Procedure).
So, you can set several coefficients in your accounting policy depending on the degree of reliability of the drawer and endorsers. For example, for bills issued by an organization that has existed for less than 3 years, you can set the discount rate to 20%. Thus, you enter into the formula an indicator that will “shift” the estimated price.
Of course, as a result, the calculation can turn out to be quite labor-intensive. But this justifies itself, since the sale price of the bill can always be adjusted to the calculated price, taking into account a deviation of 20%. And if your calculation in this case does not coincide with the calculation of the tax authorities, you can always challenge the latter due to the fact that the economic terms of the transaction are not comparable (for example, the drawers or endorsers are not comparable).
Thus, if you are selling a bill for which there are no quotes, then the third calculation method will be most convenient for you. And you won’t have to spend money on an appraiser.
We take into account the discount receivable
Not all income related to the note must be accounted for separately from income from ordinary activities. So, discount (percentage) accrued on someone else’s bill during the period it was in your possession, included in non-operating income(Clause 6 of Article 250 of the Tax Code of the Russian Federation).
And income from the sale of a bill of exchange can be reduced not only by the price of its acquisition, but also by these same previously accrued interest, if this is provided for by your tax accounting policy (Clause 2 of Article 11, paragraph 6 of Article 250, paragraph 2 of Article 280 Tax Code of the Russian Federation).
However, with this accounting option, you can get a loss that will hang with the organization until income from transactions with bills or other securities appears.
Let us explain this with an example.
Example . Calculation of income tax when income from the sale of a bill of exchange decreases by a previously accrued discount
Condition
The organization purchased a bill of exchange with a nominal value of 70,000 rubles from the drawer, the purchase price was 50,000 rubles. The repayment period is in 2 years. After 1 year, the organization sells the bill for 55,000 rubles.
Solution
For convenience, we will assume that the organization had no other income during this period.
Step 1
Step 2
Step 3. The income tax for the first year of ownership of the bill is equal to: 10,000 rubles. x 20% = 2000 rub.
Step 4. The proceeds from the sale of the bill are equal to: 55,000 rubles. - 10,000 rub. = 45,000 rub.
Step 5. The loss from the sale of the bill is equal to: 45,000 rubles. - 50,000 rub. = - 5000 rub.
For ease of accounting, you can open separate sub-accounts for accounts 76 “Settlements with various debtors and creditors” and 91 “Other income and expenses”. In this case, the accounting entries will be as follows (Instructions for the use of the Chart of Accounts for accounting financial and economic activities of organizations, approved by Order of the Ministry of Finance of Russia dated October 31, 2000 N 94n; clauses 8, 9, 22, 25, 34 PBU 19/ 02 "Accounting for financial investments", approved by Order of the Ministry of Finance of Russia dated December 10, 2002 N 126n; clause 7 PBU 9/99 "Income of the organization", approved by Order of the Ministry of Finance of Russia dated 05/06/1999 N 32n; clause 11 PBU 10/99 "Expenses of the organization", approved by Order of the Ministry of Finance of Russia dated 06.05.1999 N 33n).
|
When purchasing a bill |
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Purchased bill of exchange |
58 "Financial |
76 "Calculations with |
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|
Payment made |
76, subaccount "Calculations |
51 "Calculated |
|
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During the period of holding the bill |
|||
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Discount reflected |
58, subaccount 2 |
91 "Other income |
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At the end of the year |
|||
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Financial written off |
91, subaccount 9 |
99 "Profits |
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On the date of sale of the bill |
|||
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Bill realized |
76, subaccount "Calculations |
91, subaccount |
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The balance sheet is written off |
91, subaccount "Expenses |
58, subaccount 2 |
|
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Financial written off |
99, sub-account "Profit" |
91, subaccount |
|
In tax accounting, income and expenses are reflected in the same amounts. So, the organization has a loss of 5,000 rubles, which cannot be written off against income from ordinary activities.
To avoid losses, you must not reduce the proceeds from the sale of the bill by the amount of previously accrued interest, but take them into account as a separate non-operating expense (Subclause 20, clause 1, Article 265 of the Tax Code of the Russian Federation). However, keep in mind that tax authorities may not agree with this method of accounting. Let's see what we can do.
Example . Calculation of income tax when including a previously accrued discount on a bill of exchange as part of non-operating expenses
Condition
Let's use the conditions of the previous example. In this case, the organization takes into account the discount on the bill as non-operating income, and then accepts the previously recorded amounts as non-operating expenses (effectively “reversing” these amounts). And the tax base for the sale of the bill is calculated separately.
Solution
As in the previous example, we will assume that there is no other income.
Step 1. The discount on the bill is equal to: (70,000 rubles - 50,000 rubles) / 2 years = 10,000 rubles / year.
Step 2. The amount of non-operating income is equal to the accrued discount, that is, 10,000 rubles.
Step 3. When selling a bill, the amount of non-operating expenses is equal to the previously accrued discount, that is, 10,000 rubles.
Step 4. Proceeds from the sale of the bill are determined as follows: RUB 55,000. - 50,000 rub. = 5000 rub.
Step 5. Income tax is equal to: 5000 rubles. x 20% = 1000 rub.
In accounting, the entries for the purchase of a bill of exchange and the calculation of the discount will be the same as in the previous example. And when selling a bill of exchange, the following entries will be made in accounting (Instructions for using the Chart of Accounts).
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When selling a bill |
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Bill realized |
76, subaccount "Calculations |
91, subaccount |
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The balance sheet is written off |
91, subaccount "Expenses |
58, subaccount 2 |
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Amount written off earlier |
91, subaccount 2 |
76, subaccount |
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Financial written off |
99, subaccount |
91, subaccount 9 |
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Financial written off |
91, subaccount |
99, subaccount |
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As we have already noted, profit from transactions with bills of exchange can be reduced by losses from core activities (Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated February 26, 2008 N 14908/07; Letters of the Ministry of Finance of Russia dated November 13, 2010 N 03-03-06/2/192, dated 03/27/2009 N 03-03-06/1/194). That is, in our example, the tax base for transactions related to the bill will be equal to zero.
We reflect the sale of the bill of exchange in the income statement
Having determined the income and expenses when selling the bill, you need to fill out income tax return.
As we have already said, transactions with bills of exchange are shown separately in the statements. For this purpose, the declaration contains a special sheet 05 “Calculation of the tax base for corporate income tax for transactions whose financial results are taken into account in a special manner.”
In the line “Type of transaction” of this sheet we put “2” - the code for transactions with securities that are not traded on the organized securities market (Clause 13.1 of the Procedure for filling out a tax return for corporate income tax, approved by Order of the Federal Tax Service of Russia dated December 15, 2010 N ММВ-7-3/730@ (hereinafter - the Procedure for filling out the declaration)).
The income received from the sale of the bill of exchange is reflected in line 010 of sheet 05. The cost of purchasing the bill of exchange is reflected in line 030 of the same sheet (Clause 13.3 of the Procedure for filling out the declaration).
In the second option we considered for accounting for interest on a bill of exchange, their amount is not reflected separately; it forms indicators of non-operating income and expenses in Appendices No. 1 and 2 to sheet 02 of the declaration. Thus, income in the form of accrued bill interest is indicated in line 100 of Appendix No. 1 to sheet 02 (Clause 6.2 of the Procedure for filling out the declaration). And the expense in the form of previously accrued interest is reflected in line 200 of Appendix No. 2 to sheet 02 (Clause 7.2, 13.3 of the Procedure for filling out the declaration).
As you can see, when selling bills of exchange there are no particular difficulties with calculating income tax. And if you sold the bill at a loss, it is better to include the amount of the accrued discount in non-operating expenses. In this case, you do not overpay income taxes and “get rid of” a loss that you would not have been able to accept until the profit on the securities appeared.
Discount- this is the percentage that a financial institution deducts when purchasing a bill of exchange or when providing a loan against a bill of exchange. The discount is calculated as the product of the amount at the maturity date, the discount rate and time. The amount that the borrower (bill holder) receives as a result (after discounting) is the amount remaining after subtracting the discount from the amount due on the bill on the maturity date. Since accepting bills for discounting is essentially providing a loan to bill holders, and the discount established is interest on the loan, then discounting a bill means taking interest in advance.
Example. Accounting (discounting) of bills.
A bill of exchange in the amount of 20.0 thousand cu, issued for 90 days at 8% per annum, is discounted by a financial institution at a rate of 10% as of the date when 30 days have passed from the date of issue of the bill.
Amount payable on the bill:
- 20000 + (20000 x 0.08 x 90/365) = 20000 + 395 = 20395.
- 20395 x 0.10 x 60/365 = 335.
The amount received by the borrower as a result of discounting:
- 20395 – 335 = 20060.
The discount is subject to accounting by the drawer - as part of expenses, and by the holder of the bill - as part of income.
Accounting with the creditor (bill holder)
In the IFRS concept
| Transaction/Account | Debit | Credit |
|---|---|---|
| 1. Money was transferred for the purchase of a bill of exchange (credit provided) | ||
| Bills received | 20060 | |
| Cash | 20060 | |
| 2. Discount reflected | ||
| Bills received | 335 | |
| Financial income | 335 | |
| 3. Receipt of funds from the debtor (repayment of the bill). | ||
| Cash | 20395 | |
| Bills received | 20395 | |
| Total revolutions: | 40790 | 40790 |
In the PBU concept
It should be noted that in this case it does not matter to the creditor who repays the bill - his direct debtor or the debtor's debtor - this is stipulated by the terms of the loan agreement. But, one way or another, the credit institution does not have commercial relations with any of them. Thus, a commodity bill turns into a financial bill.
Accounting for the debtor (borrower)
In the IFRS concept
| Transaction/Account | Debit | Credit |
|---|---|---|
| 1. Accounting for a bill of exchange discounted by a credit institution. | ||
| Discount on bill | 335 | |
| Bills received | 20395 | |
| Bills in the bank | 20060 | |
| Cash | 20060 | |
| Loan obligations | 20060 | |
| Loan obligations | 20060 | |
| Bills in the bank | 20060 | |
| Total revolutions: | 60515 | 50515 |
In the PBU concept
| Operation | Debit | Credit | Sum |
|---|---|---|---|
| 1. Accounting for a bill of exchange discounted by a credit institution (after acceptance by the person obligated on the bill). | |||
| 1.1. The bill is reflected in the amount receivable as a loan against the bill | 76 | 62 1 | 20060 |
| 1.2. The bill is reflected at the discount amount. | 91.2 | 62 | 335 |
| 2. Obtaining a loan against a bill of exchange | 51 | 66 | 20060 |
| 3. Closing the bill of exchange transaction (upon receipt from the creditor of a notice of repayment of the bill by the debtor) | 66 | 76 | 20060 |
1 Or account 58.2, if the bill of exchange transferred to the potential creditor was purchased externally and was not received from the buyer to secure his obligations.