Can the risk reserve drawn by the futures company be deducted before tax?
Caishui [2009] No.33 stipulates that according to the relevant provisions of (Order No.489 of the State Council) (Order No.42 of CSRC) (Zi [1997] No.44), the risk reserve accrued according to 20% of the fee income collected from members is allowed to be deducted before enterprise income tax when the balance of the risk reserve reaches the relevant provisions.
The risk reserve drawn by a futures company from its net income after deducting the transaction expenses payable by the futures exchange is allowed to be deducted before the enterprise income tax.
Note: The new tax law allows futures companies to deduct the risk reserve within the specified amount before enterprise income tax.
Accounting entries for provision of futures reserves
1. Accept the investment of members and collect the seat occupancy fee.
Accept member investment
Debit: bank deposit
Loan: paid-in capital
Difference: capital reserve
Charge a seat occupancy fee
Debit: bank deposit
Credit: seat fees payable
If the fee is refunded, make the opposite entry.
Step 2 collect the deposit
Collect membership deposit
Debit: bank deposit
Loan: margin payable-settlement reserve
Set aside funds for the opposite entry, and record the interest difference as a financial expense account.
3. Open and closed positions
Open position
Borrow: securities payable-settlement reserve
Loan: margin payable-transaction margin
If you close your position and make a profit
Borrow: member profit and loss
Loan: margin payable-settlement reserve
If you lose money, make the opposite entry.
The trading margin occupied by the liquidation contract shall be transferred.
Debit: margin payable-transaction margin
Loan: margin payable-settlement reserve
4. Actual delivery
Close the delivery contract at the settlement price.
Debit: Payable for delivery-Buyer Member
Loan: delivery of goods
Received the delivery warehouse receipt from the seller member.
Borrow: delivery
Loan: payable delivery-seller's member
Transfer the delivery money to the seller member.
Debit: Payable-Seller Member
Credit: how to deal with the accounting treatment of the deposit payable-settlement reserve to withdraw the unexpired liability reserve? How to make an account?
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