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Advanced Accounting refers to accounting at a higher level. Advanced Accounting aims to get a deeper understanding of your business rather than just focusing on accounting. As a standard accounting procedure, we would prepare a Journal entry. After posting the Journal in the ledger, we would prepare a trial balance to calculate income statements. However, Advanced Accounting will consider aspects such as impairment loss/profit, which are essential to reflect a true and fair performance view in the Financial Statements.
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Accounting involves recording financial transactions. Under accounting, there are a variety of sub-classes, including:
Information about financial accounting is shown in the business accounts, income statement, and balance sheet. The business regulators, investors, and key stakeholders provide reporting needs to the executive.
Financial accounting differs from management accounting. A management accounting report is intended for professionals and working employees. In terms of financial reporting, it aids an organization in assessing and managing its finances. A bookkeeper maintains records of a business’s day-to-day financial transactions.
Accounting audits are conducted by trusted and authentic accounting enterprises with the firm’s authority who confirm any accounting business deal. The auditors’ agreement or failure to agree with the financial statements of the company is not inappropriate. A financial audit must demonstrate that the transactions comply with accounting principles to the end.
Accountants who deal with tax accounting are in charge of tax reporting, tax collection, and government statements. In every developed economy, foreign exchange is taxed on all commodities. An accounting of taxes is a comprehensive tally of all taxes that are related to each other.
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In this lesson, we will go over some of the journal entries we’re going to encounter when it comes to the equity method and explain through these journal entries.
Journal Entries Equity Method
The first general entry that we’re going to come to us when we decide to invest in an investee. So the investor decides to invest in an investor. And so obviously, cash or some assets go into an exchange in that transaction. Well, cash is going to go down, or the assets are going to go down. Therefore, we put the credit to cash and then debit to an account called Investment X Corp., and there may be different ways to signify that, but the easiest way is to say investment in X Corp and put the corporation’s name for that amount. So that’s the initial thought there. One of the things to understand is that sometimes these acquisitions can be made in cash and stock. And so, we would have to make entries based on the asset that’s given up or the equity that’s given up, to get or receive that investment in the investee.
The next one would be after we’ve now set up that initial investment in that investee, and then they have income. So how do we report that? So with the equity method of journal entries, we will debit the investment in the X Corp and credit an account called equity in X Corp. Now, the thing to understand about net income in an equity method. When the company produces a profit, we will book the profit even if we don’t receive it. So if our investor has a hundred thousand dollars net income for the period and our investment is 30 percent, then we would put our entry thirty thousand dollars and thirty thousand dollars. So what’s happening here? We’re increasing our investment account by thirty thousand dollars. We’re increasing equity in X Corp by thirty thousand dollars as well. Now, a reminder, we’re not receiving any of the income necessarily. We’re just reporting the net income that the investor had on our books on the investor side.
Now we use the accrual method, which means that when they make that income, that’s when we report it. We don’t report it when we receive the cash or the dividends. And the reason why is because we can influence the dividends if we have a significant influence on the organization. That’s what the equity method is for to be understood and overstated based on how we want that to be reported on our books as the investor. So Debit Investment X Corp, Credit Equity In X Corp, that’s if net income is reported, the opposite is true if a net loss is recorded in this case, we will debit equity credit investments. So again, this is pretty easy. We need to know how much net income or net loss the investors have during the period. And then, we book the following entry here. And so when they’re reporting net incomes, we need to report our share of that income right away in these entries here and then the loss here.
Another big thing that could happen is when the dividend is paid. We might have significant control over when the dividend gets paid and how much that dividend gets paid. So, therefore, we can’t rely on that as income. That’s why we’re doing these journal entries. Therefore, when we receive dividends, we will debit the dividends receivable and credit investment in X Corp. Now, let me not mislead you. When I say receive, I don’t necessarily mean received, but when they’re declared. So when they are declared debit dividends receivable, credit investments in X Corp. What happens? Our investment in X Corp goes down. Why does it go down? Because we’re receiving the money. Therefore, we technically have less equity in the organization. Our percentages are still going to be the same because dividends are typically distributed based on the percentage of ownership or whatever that document says when we make that investment in X Corp. But we technically reduce our investment next corp because we have less of it when it comes to monetary value.
So credit investment in X Corp and debit dividend receivable. We debit dividend receivables because the dividends can be declared in one period and then paid off in another period. The Board of directors has said that we will declare the dividends and we’re going to receive X amount of days. So when they’re declared, they become official, and it might take a little bit of time for all the paperwork to be done for them to release the dividends to the investor. That’s why we book it right away. Once they’re declared, they’re technically ours. When we receive the dividends, then we debit cash because we’re receiving cash, and then we’re crediting receivables to get rid of this receivable. Therefore, our dividends receivable become zero because those would cancel each other out. We would receive cash and then reduce our investment in X Corp.
So those are the journal entries that you’re going to encounter when it comes to the equity method. Again, these are just some of them, but these are the building blocks of doing the equity method. The initial one is a debit investment in X Corp, Credit cash. Then if net income or net losses reported, it would either debit investment or credit investment. Then the corresponding debit or credit when it comes to equity when a dividend is declared, debit dividends receivable, credit, investment in X Corp, and then when dividends are received, debit cash because we’re receiving the cash credit to dividend receivable.