Banking Audit Department on reflecting subsequent collateral in accounting

Subject of collateral

The subject of the pledge can be things (including securities), property rights, land plots, enterprises, buildings, structures, apartments (Clause 4 of Article 334, Clause 1 of Article 336, Articles 128, 357, 358.1, 358.9, 358.15 , 358.16, 358.18 Civil Code of the Russian Federation).

You cannot pledge:

• property that cannot be recovered. Such property includes, for example, some types of firearms (Article 6 of the Law of December 13, 1996 No. 150-FZ), pesticides and agrochemicals (Article 3 of the Law of July 19, 1997 No. 109-FZ), narcotic and psychotropic substances in accordance with the list approved by Decree of the Government of the Russian Federation of June 30, 1998 No. 681, leaded motor gasoline (Article 1 of the Law of March 22, 2003 No. 34-FZ);

• requirements inextricably linked with the identity of the creditor of the mortgagor. These include claims for alimony, compensation for harm caused to life and health (other rights, the assignment of which to another person is prohibited by law).

This is stated in paragraph 1 of Article 336 of the Civil Code of the Russian Federation.

At the same time, the pledge of certain types of property may be limited or prohibited by law. For example, these could be:

• especially valuable objects of cultural heritage (clause 6 of the Regulations approved by Decree of the President of the Russian Federation of November 30, 1992 No. 1487);

• subsoil plots (Article 1.2 of the Law of February 21, 1992 No. 2395-1);

• water bodies (Article 22 of the Water Code of the Russian Federation).

To learn whether money can be the subject of collateral, see How to register and record the transfer of property as collateral.

The subject of the pledge must belong to the organization by right of ownership, or the organization must be properly authorized to dispose of such a subject (Clause 2 of Article 335 of the Civil Code of the Russian Federation). Pledge of someone else's property is allowed only with the consent of its owner or copyright holder (Article 335 of the Civil Code of the Russian Federation).

Pledge agreement

The pledge agreement must be drawn up in writing. This agreement should indicate the subject of the pledge, its value, the size and deadline for fulfilling the obligation secured by the pledge. The agreement may stipulate the procedure for the sale of the pledged property. In some cases provided by law, the pledge agreement must be registered. In particular, this applies to agreements on the pledge of real estate (mortgage), on the pledge of a share in the authorized capital of an LLC. Notarization of a pledge agreement is mandatory only if the pledge is issued to secure obligations under the agreement, which itself is subject to notarization.

This procedure is established in Articles 339, 339.1 of the Civil Code of the Russian Federation.

Use of collateral

The pledged property remains with the organization, unless otherwise provided by civil legislation or an agreement (clause 1 of Article 338 of the Civil Code of the Russian Federation). Moreover, the property on which the mortgage is established, as well as goods in circulation, remain with the organization in any case (Article 357 of the Civil Code of the Russian Federation, paragraph 1 of Article 1 of the Law of July 16, 1998 No. 102-FZ).

If the collateral remains with the organization, then it has the right to use it (including for the purpose of generating income), unless otherwise specified in the collateral agreement. If the pledged item is transferred to the pledgee, he has the right to use it only in cases provided for by the agreement. At the same time, he is obliged to regularly submit to the pledgor a report on the use of the pledged property.

This procedure is established in Article 346 of the Civil Code of the Russian Federation.

This rule does not apply to pawn shops. They, as pledge holders, do not have the right to use the subject of pledge at all (clause 3 of Article 358 of the Civil Code of the Russian Federation).

The pledgee organization is obliged to insure the pledged property if it is transferred directly to it (does not remain with the pledgor). However, this should be done at the expense of the mortgagor (or at one’s own expense, but with subsequent reimbursement of expenses incurred by the mortgagor), unless otherwise provided in the agreement (law).

This follows from paragraph 1 of Article 343 of the Civil Code of the Russian Federation.

For more information about accounting for property insurance costs, see How to record property insurance costs.

If the pledged item is in the possession of the pledgee, then upon proper fulfillment of the obligation secured by the pledge, he is obliged to return the pledged property to the pledgor (Clause 2 of Article 352 of the Civil Code of the Russian Federation).

Returnable packaging

Contractual issues

The contract must provide for the following points regarding returnable packaging.

Return period for containers. If the contract for returnable packaging specifies the return period, then there is no problem. But the lack of such information may lead to disputes with the supplier in the future.

Deposit value of containers. You pay it upon receipt of the goods. The supplier will return the deposit price to you after you return the container to him. If the container is not returned, the deposit value will remain with the supplier. If the contract did not establish a security deposit for the packaging, you will compensate the supplier for the cost of the unreturned packaging at market prices. 15 Civil Code of the Russian Federation.

Other ways to ensure the return of packaging. The agreement may also establish penalties (forfeits, fines, penalties), for example, for returning containers later than the deadline established by the agreement, etc. 1 tbsp. 330 Civil Code of the Russian Federation

Who bears the additional costs of returnable packaging? These may include the costs of delivering the containers back to the supplier. 517 of the Civil Code of the Russian Federation, for its cleaning and repair. The contract must indicate who will bear these costs - the supplier or the buyer.

Accounting for returnable packaging

Since returnable packaging is in your temporary use, it can be accounted for in off-balance sheet account 002 “Inventory assets accepted for safekeeping.”

If for some reason you do not return the deposit container to the supplier, then the deposit value will remain with him, and the container will remain with you. 185 Instructions:

• <or> upon expiration of the return period established in the contract for the supply of property;
• <or>on the date established by written agreement (additional agreement concluded, by correspondence).

Let's look at the procedure for accounting for collateral containers using an example.

Example. Accounting for collateral containers from the buyer

/ condition / The supplier handed over 40 boxes of goods to the buyer at a deposit price of 500 rubles for the boxes. a piece. The buyer returned only 30 boxes to the supplier, by agreement of the parties he kept 5 boxes for use for his own needs, and another 5 were broken due to the fault of the employee.

/ decision / The buyer makes such entries in accounting.

The supplier must reimburse you for additional expenses that you incur in connection with the use of returnable packaging, unless otherwise provided by the contract. This is reflected in accounting as follows.

If the container breaks down due to your fault, and the supplier repaired it, you will compensate him for the expenses incurred.

Failure to fulfill an obligation secured by a pledge

If an obligation secured by a pledge is not fulfilled, the pledgee's claims are usually satisfied by a court decision. However, in the contract (additional agreement to it), the parties may provide for the recovery of the pledged property out of court.

If the obligation secured by the pledge is not fulfilled (performed improperly), the pledge holder, using extrajudicial procedures, has the right to sell the pledged property to a third party at its market value. This can be done through bidding, under a commission agreement, or other methods established in the pledge agreement (when foreclosure on real estate, bidding is mandatory). In addition, the agreement (additional agreement to it) may provide for the direct transfer of the pledged item into the ownership of the pledgee.

This follows from paragraph 1 of Article 334 and Articles 349–350.2 of the Civil Code of the Russian Federation.

If the sale of property took place through auctions, but they did not take place (they were declared invalid), then the organization has the right to purchase the pledged property from the mortgagor (by agreement with him). In this case, the value of the pledged property must be counted towards the fulfillment of the pledgee’s claims.

If the repurchase of the pledged property is refused, re-auctions are held. If they did not take place (they were declared failed), the pledge holder has the right to keep the subject of the pledge for himself. At the same time, he can evaluate it below the initial price at repeated auctions, but by no more than 10 percent of this value.

This procedure is provided for in Article 350.2 of the Civil Code of the Russian Federation.

If the proceeds are not enough to satisfy the requirements of the pledgee, then he has the right to cover the difference from the other property of the pledgor. To do this, the mortgagee must go to court. However, this can only be done if the contract or legislation does not provide for another procedure for collecting the lost amount. This follows from paragraph 3 of Article 334 of the Civil Code of the Russian Federation.

If the proceeds from the sale of the pledged property exceed the pledgee’s requirement, then he is obliged to return the difference to the pledgor (Clause 2 of Article 350.1 of the Civil Code of the Russian Federation).

The pledgee has the right to foreclose on the pledged property only in the event of non-fulfillment or improper fulfillment by the debtor of the obligation secured by the pledge. The exceptions are:

• cases provided for by contract or law (for example, according to Article 14 of the Law of December 30, 2004 No. 214-FZ, in case of failure to fulfill obligations under agreements for shared construction of apartment buildings, foreclosure on the subject of pledge can be made no earlier than six months after the deadline for delivery by the developer finished object);

• minor violations committed by the mortgagor in the performance of obligations (delay of less than three months), if the organization’s claim is significantly less than the value of the pledged property (the amount of the unfulfilled obligation is less than 5 percent of the contractual valuation of the collateral).

If the obligation is fulfilled by periodic payments, foreclosure is possible only if there is a systematic violation of the deadlines for fulfilling the obligation (if within 12 months the payment deadlines were violated more than three times).

This procedure is provided for in Article 348 of the Civil Code of the Russian Federation.

The pledge secures the organization's claim to the extent that it exists at the time of its satisfaction. That is, the creditor organization, at the expense of the collateral, repays not only the amount of the principal debt on the obligation, but also additional claims related to the delay or failure to fulfill the obligation. In particular, the following sanctions may be included in the scope of the requirement for the pledgor:

• interest;

• penalty;

• compensation for losses caused by delay in fulfilling obligations;

• reimbursement of the necessary expenses of the organization for the maintenance of the pledged item and for the collection of property.

This is stated in Article 337 of the Civil Code of the Russian Federation.

Accounting for collateral received for placed funds

Let's consider practical issues of accounting for collateral in the form of securities, property, pledge rights to property that is acquired by the pledgor in the future, guarantees, and collateral for issued bank guarantees.

Accounting for collateral received by a credit institution from clients for placed funds is a simple topic at first glance. There are corresponding off-balance sheet accounts (91311 “Securities accepted as collateral for placed funds”, 91312 “Property accepted as collateral for placed funds, except for securities and precious metals”, 91414 “Guarantees and sureties received”), there are account characteristics, Regulation of the Bank of Russia dated March 26, 2007 No. 302-P “On the rules of accounting in credit institutions located on the territory of the Russian Federation” (hereinafter referred to as Regulation No. 302-P). However, in practice, when accounting for collateral, many questions arise that often have to be resolved not in accordance with the characteristics of the account, but in accordance with the logic or priority of the economic substance over the legal form.

We will try to answer precisely such non-standard questions that arise when accounting for various types of collateral received by a credit institution from clients for placed funds, as well as for issued bank guarantees.

Accounting for collateral in the form of securities

Accounting for collateral received from the client for placed funds in the form of securities (including bills of exchange) is carried out in off-balance sheet account 91311 “Securities accepted as collateral for placed funds.” In accordance with the requirements of Regulation No. 302-P in analytical accounting, personal accounts must be opened for each type of collateral and each agreement.

First, let’s define what is meant by collateral in the form of securities.

First option: types of securities provided for by law - shares, bonds, bills, depositary receipts, deposit and savings certificates, etc. Second option: types of securities by issuer. Third option: all types of securities are considered one type of collateral (“securities”).

According to the author, types of collateral for accounting purposes should be understood as types of securities (shares, bonds, etc.), since accounting for types of securities by issuer will be redundant, and accounting for different types of securities received as collateral one personal account will be incorrect, since it will not reflect the real picture of the collateral received.

For example, under one pledge agreement, several types of securities are transferred as collateral: shares of issuer No. 1, shares of issuer No. 2, bonds of issuer No. 3, bonds of issuer No. 4. To account for collateral under such an agreement, you need to open only two personal accounts: personal account “ Shares accepted as collateral for placed funds”, on which to record together the shares of issuer No. 1 and issuer No. 2, and the personal account “Bonds accepted as collateral for placed funds”, on which to record bonds of issuer No. 3 and issuer No. 4.

Accounting for collateral in the form of securities is carried out at the collateral value specified in the pledge agreement:

Dt 99998 “Account for correspondence with passive accounts with double entry”

Kt 91311 “Securities accepted as collateral for placed funds” for a separate personal account opened for each type of security accepted as collateral.

If the securities pledged are recorded in the depository of a credit institution, the encumbrance is reflected in the accounting for the pledgor's securities accounts (reflection in securities accounts in pieces):

Dt 98040 “Securities of owners”

Kt 98070 “Securities encumbered with obligations.”

Bills accepted as collateral and placed in the depository of a credit institution are also reflected in securities accounts (reflection in securities accounts in pieces):

Dt 98000 “Securities in storage at the depository”

Kt 98070 “Securities encumbered with obligations.”

As a separate type of security in account 91311 “Securities accepted as security for placed funds”, mortgages are taken into account, which, in accordance with Federal Law dated July 16, 1998 No. 102-FZ “On mortgage (real estate pledge)” are registered securities certifying the right of their legal owners to receive fulfillment of monetary obligations secured by a mortgage, without providing other evidence of the existence of these obligations, and the right of mortgage on property encumbered with a mortgage. A separate personal account should be opened for each mortgage received (unlike the example above for stocks and bonds). The mortgage is recorded in the amount of the value of the property, which is specified in the mortgage agreement and for which the mortgage is issued.

The mortgage accepted as collateral is simultaneously subject to accounting in the securities accounts of the credit organization (reflection in securities accounts in pieces):

Dt 98000 “Securities in storage at the depository”

Kt 98070 “Securities encumbered with obligations.”

Securities received by a credit institution as collateral must be reflected in the appropriate off-balance sheet accounts at the time of issuance of the loan (tranche under the credit line).

Accounting for collateral in the form of property

Accounting for property received using placed funds is carried out on off-balance sheet account 91312 “Property accepted as collateral for placed funds, except for securities and precious metals” in the context of personal accounts opened for each type of collateral and each agreement.

Example 1

Under one mortgage agreement, warehouse premises, the land plot on which they are located, and access railway tracks leading to the warehouse premises were registered as collateral for the credit institution. The collateral value is determined for each object included in the mortgage agreement. How to account for such an agreement?

The first (simple) option is to take everything into account on one account, since all objects belong to the “real estate” category. The second option (more correct) is to take into account each object on a separate account, since they all belong to different types of real estate.

However, the best option would be to conclude a mortgage agreement for each property and, accordingly, open accounts for each agreement. Unfortunately, this is often hampered by the reluctance of both bank employees and clients to draw up and register three mortgage agreements.

In order to obtain more detailed data on the composition of the received collateral, it is advisable to open personal accounts on an off-balance sheet account in the context of the following types of collateral (property):

- Earth;

- Residential Properties;

— non-residential real estate;

— other types of real estate (railroads, pipelines, ships, etc.);

— cars, machinery, equipment;

— other assets (including goods in circulation).

When opening separate personal accounts under one mortgage agreement in off-balance sheet account 91312 “Property accepted as collateral for placed funds, except for securities and precious metals” for each type of real estate, in the name of each account number, it is necessary to indicate that each type of collateral belongs to the mortgage agreement. For example, to record a mortgage agreement in our example, you need to open three personal accounts with the names: “Mortgage agreement No. xxx - non-residential real estate”; “Mortgage agreement No. xxx - land plot”; “Mortgage agreement No. xxx - access road object.”

To indicate the type of security in the free category of a personal account opened on off-balance sheet account 91312, you can use digital designations of types of real estate, for example “1” - land; “2” - residential real estate; “3” - non-residential real estate; “4” - other types of real estate (railroads, pipelines, ships, etc.); “5” - cars, machinery, equipment; “6” – other assets.

What is it for? Not all programs provide a detailed directory of types of collateral, with the help of which you can make the selections necessary for analyzing the loan portfolio. The proposed method may be somewhat primitive, but it is certainly reliable: using the personal account mask, any accountant will make the necessary selection when required.

Accounting for property received using placed funds is carried out on account 91312 at the collateral value specified in the collateral agreement. There is no change in the amount of collateral accepted for accounting until the borrower fulfills its obligations to repay the loan and interest on it.

Changes in the amount of accepted collateral can be made only if an additional agreement is concluded between the credit institution and the borrower, changing the terms of the original collateral agreement, in particular the list and value of the pledged property.

The collateral accepted by the credit institution must be reflected in the corresponding off-balance sheet accounts at the time of issuance of the loan (tranche under the credit line), except for collateral in the form of a mortgage agreement. The mortgage agreement is subject to accounting on account 91312 “Property accepted as collateral for placed funds, except for securities and precious metals” after state registration.

If a pledge agreement is concluded for a complex of property items to ensure the fulfillment of obligations under several loan agreements, then, in our opinion, the cost of the collateral should be recorded in separate personal accounts 91312 “Property accepted as collateral for placed funds, except for securities and precious metals” in the amounts securing each loan agreement.

For example, the cost of collateral (goods in circulation) is determined at 2 million rubles. and applies to two loan agreements of 1 million rubles each. for each (conditionally). The collateral for each agreement should be recorded in separate personal accounts of off-balance sheet account 91312 in the amount of 1 million rubles.

This position does not contradict (I emphasize - in the opinion of the author) the position of the Bank of Russia (letters dated October 3, 2008 No. 18-1-2-9/2096, dated December 13, 2009 No. 15-6-2-1/7459, etc.), who believes that if one collateral secures several loan agreements, dividing the value of the collateral across several personal accounts is optional. “Optional” does not mean impossible. If the accounting policy of a credit organization provides for a method of accounting for the value of collateral under one collateral agreement securing several loan agreements in the context of individual personal accounts, then there should be no claims from Bank of Russia inspectors.

If the subject of pledge, which ensures the fulfillment of obligations under several loan agreements, is an indivisible object of property (for example, a real estate object with one registration certificate, a vehicle, etc.), then its value is recorded, of course, on one personal account 91312, in the name which must indicate which loan agreements this property provides.

If a credit institution receives an enterprise as a property complex as collateral under a mortgage agreement, despite the fact that it includes various objects (land, industrial premises, other real estate, equipment, machinery), such collateral should be accounted for in off-balance sheet account 91312 as non-residential real estate .

In the event of the destruction of the subject of pledge, confirmed by the conclusion of the relevant authorities or the refusal of the court to foreclose on the subject of pledge in connection with its destruction, further accounting of such subject of pledge in account 91312 is terminated.

In the event of loss (theft) of the collateral, it continues to be recorded in account 91312 “Property accepted as collateral for placed funds, except for securities and precious metals” until the loan is fully repaid or the loan agreement is terminated due to the absence of grounds for termination of the collateral .

The property received by the bank as security for the loan must be reflected in the appropriate off-balance sheet accounts at the time of issuing the loan (tranche under the credit line).

Accounting for pledge rights to property acquired by the pledgor in the future

The Law of the Russian Federation of May 29, 1992 No. 2872-1 “On Pledge” (clause 3 of Article 6) establishes that an agreement or law may provide for the extension of the pledge to things that may be acquired by the pledgor in the future. Property that the mortgagor acquires in the future means property acquired by the mortgagor under concluded sales transactions.

There are two positions regarding accounting for the right of pledge acquired by the pledgor in the future:

1) due to the fact that the value of the acquired property by the mortgagor is determined according to the documents confirming the transaction of its purchase and sale, and the pledge agreement concluded by the mortgagor with a credit organization (mortgagee), it is stipulated that the right of pledge arises from the mortgagee simultaneously with the acquisition by the mortgagor of ownership rights for this property in accordance with the terms of the transaction according to the rules established by current legislation, the pledge agreement can be recorded in off-balance sheet account 91312 at the time of issuing the loan;

2) the value of the pledged property under a pledge agreement for property that the pledgor acquires in the future is subject to accounting in off-balance sheet account 91312 only after the pledgor acquires the right of ownership of this property and the pledgee has the right to pledge the property. Until these circumstances arise, the pledge agreement is taken into account outside the system.

The author adheres to the second position in this matter, since it is obvious that the lack of ownership of property indicates the absence of collateral, which should be recorded in account 91312 “Property accepted as collateral for placed funds, except for securities and precious metals.”

Accounting for collateral in the form of guarantees

Accounting for guarantees received as security for placed funds is carried out in off-balance sheet account 91414 “Guarantees and Sureties Received”. Guarantees are accounted for in the amount that ensures the fulfillment of obligations.

In accordance with Art. 363 of the Civil Code of the Russian Federation, the guarantor is liable to the creditor to the same extent as the debtor, including payment of interest, reimbursement of legal costs for debt collection and other losses of the creditor caused by non-fulfillment or improper fulfillment of the obligation by the debtor, unless otherwise provided by the guarantee agreement.

Consequently, the amount of the accepted guarantee must be reflected in the accounting records in the full amount of the borrower's obligations for which the guarantor has guaranteed. The amount of the guarantee at the time of its acceptance for accounting is determined in the amount of the principal debt on the loan and interest payable on it.

In the future, the amount of the guarantee recorded in account 91414 “Guarantees and guarantees received” is subject to adjustment based on the actual requirements for the borrower. Perhaps someone makes adjustments constantly as the amount of debt changes (if the software is well configured). With large volumes of loans secured by guarantees, constant adjustments are quite labor-intensive. In our opinion, it is sufficient to adjust the amounts of guarantees on the reporting date (naturally, such a provision must be enshrined in the accounting policies of the credit institution). The amount of the accounted guarantee decreases when part of the principal debt and interest is repaid, the interest rate on the loan decreases, or increases when fines and penalties arise, or the interest rate on the loan increases.

If a joint guarantee of several persons has been received for a loan agreement (each of the guarantors is responsible for the full amount of the borrower’s obligations), then in order to be recorded in off-balance sheet account 91414, the amounts of obligations of these persons (guarantees received) should not be summed up. In accordance with Art. 322–325, 363 of the Civil Code of the Russian Federation, guarantors (persons who have given a guarantee under one agreement to raise funds and are jointly and severally liable to the creditor) are liable to the creditor to the same extent as the debtor, unless otherwise provided by the surety agreement. That is, regardless of the number of guarantors, the amount of debt can be collected jointly and severally from them within the amount not repaid by the debtor, that is, the amount of the guarantee jointly and severally accepted cannot exceed the full amount of the borrower’s obligation. Each of the debtors who has fulfilled a joint and several obligation has the right of recourse against the remaining debtors in equal shares, minus the share falling on himself.

If for each personal account opened for each guarantor the full amount of the borrower’s obligation is taken into account, then on account 91414 there will be a multiple increase in the amount of the borrower’s obligation secured by a joint guarantee, which will contradict one of the accounting principles - the priority of content over form, according to which transactions are reflected in accordance with their economic essence, and not with their legal form, and there will also be a distortion of reporting on form 0409101.

Each guarantee received is accounted for in a separate personal account 91414 “Received guarantees and sureties”, opened for each guarantor, in an amount proportional to the amount of the guarantor’s share in the total amount of the guarantee.

Example 2

For a loan of 1 million rubles. joint guarantee of four persons was received. Each of the guarantors is responsible for the full amount of the borrower’s obligations, and a separate agreement is drawn up with each guarantor. In this case, four personal accounts must be opened on account 91414 to record the guarantee. Each account must include 1/4 of the joint guarantee, that is, 250 thousand rubles. The total amount of the guarantee in this case will not exceed the amount of the obligation.

According to clause 9.22 of Regulation No. 302-P, the procedure for analytical accounting on account 91414 “Guarantees and sureties received” is determined by the credit institution. If such a procedure is defined in the accounting policy of a credit institution, claims from Bank of Russia inspectors will be avoided. But if it doesn’t work right away, then the correctness of such accounting can be proven (which is confirmed by practice).

Guarantees received by a credit institution to secure a loan must be reflected in the corresponding off-balance sheet accounts at the time of issuance of the loan (tranche under the credit line). But here there is a question: in what amount should guarantees for loans be reflected in the form of lines of credit with an issuance limit, with a debt limit, or in the form of an overdraft?

As for accounting for guarantees received as security for credit lines with a disbursement limit, the answer is simple - they must be taken into account in the amount of the established disbursement limit and interest payable on the loan, and adjusted downward as the loan is repaid and interest is paid.

As for guarantees received as security for loans in the form of an overdraft and lines of credit with a debt limit, the debt on which can change daily, if the client actively uses the credit line, then it is necessary to make an individual decision (approving it in the accounting policy): regulate (change) the amount of the guarantee on an ongoing basis (as the debt changes) or reflect it once in an amount not less than the established debt limit and no longer adjust it until the end of the loan. As a practicing accountant, the author is inclined to the second option (reflect once and not adjust until the end of the loan), which is absolutely justified, since in accordance with the terms of the credit line, the client can use the loan in the amount of the established limit daily. Regulating the amount of the guarantee on an ongoing basis, even with the best software, increases the amount of work of the accounting department associated with subsequent control. In addition, in this case, paper documents must be drawn up (orders to regulate the amount of guarantees), memorial orders must be generated and stored in paper or electronic form.

Accounting for collateral for issued bank guarantees

Guarantees provided by credit institutions can be ensured by all means provided for by current legislation. Collateral can be a pledge of securities, property, a surety, a security deposit (deposit).

The issuance of a guarantee is formalized by posting:

Dt 99998 “Account for correspondence with passive accounts with double entry”

Kt 91315 “Issued guarantees and sureties” for a separate personal account opened for each issued guarantee.

There are no questions regarding the accounting of the guarantee deposit received as security under the issued guarantee. The security deposit, as a rule, is accounted for in the “Other raised funds” account for the appropriate period in a separate personal account of the client.

But collateral received under a guarantee in the form of securities, property and sureties, as explained by the Bank of Russia, is not taken into account in the corresponding off-balance sheet accounts, since Regulation No. 302-P does not provide for the reflection on off-balance sheet accounts of collateral received for any off-balance sheet items (see the answer to question No. 5 in the explanations of the Bank of Russia given to questions from the Association of Regional Banks of Russia, posted on the website of the Bank of Russia on 02/08/2011).

The security received should be taken into account off-system (for example, in a special journal, recording the date, details of the security agreement, amount (if any), number of the off-balance sheet account in which the issued guarantee is recorded, and other necessary information). The procedure for storing collateral agreements accounted for outside the system must be approved by the internal administrative document of the credit institution.

If securities recorded in the depository of a credit organization or bills of exchange are received as collateral, they are recorded in the depository accounts of the credit organization in the prescribed manner.

If the guarantee obligation is paid at the expense of a credit institution, the client’s debt is recorded in account 60315 “Amounts paid under provided guarantees and sureties” under a separate personal account opened for each guarantee:

Dt 60315 “Amounts paid under provided guarantees and sureties”

CT correspondent accounts.

At the same time, the collateral received under the guarantee, which was accounted for off-system, is reflected in the corresponding off-balance sheet accounts (91311 “Securities accepted as collateral for placed funds”, 91312 “Property accepted as collateral for placed funds, except for securities and precious metals”, 91414 “ Received guarantees and warranties").

Accounting

In the accounting of the pledgee, the amount of the received pledge is not recognized as income, since the economic benefits of the organization do not increase (clauses 2 and 3 of PBU 9/99).

Since a pledge is a way to ensure the fulfillment of obligations under a contract, property received as pledge must be reflected off the balance sheet in the valuation provided for in the pledge agreement. To do this, use account 008 “Securities for obligations and payments received.”

When receiving property as collateral, make a note:

Debit 008 – reflects the contractual value of the property received as collateral.

When fulfilling the obligation and, accordingly, when terminating the pledge, make an entry:

Loan 008 – the amount of collateral received under the collateral agreement is written off.

If the obligation secured by the pledge is not fulfilled (performed improperly), the pledged property can be sold at auction (to a third party), sold to the pledgee or transferred into his ownership.

When selling pledged property at auction, make the following entries:

Debit 51 Credit 76 subaccount “Settlements with the auction organizer” - funds received from the sale of the collateral at the auction;

Debit 76 subaccount “Settlements with the auction organizer” Credit 62 (58, 76) - reflects the repayment of the mortgagor’s debt from the proceeds from the sale of the collateral.

If the pledged property is sold at a price exceeding the pledgee's demand, the pledgee is obliged to return the difference to the pledgor. In this case, you need to make the following entries:

Debit 51 Credit 76 subaccount “Settlements with the auction organizer” - funds received from the sale of the collateral at the auction;

Debit 76 subaccount “Settlements with the auction organizer” Credit 62 (58, 76) – reflects the repayment of the mortgagor’s debt from the proceeds from the sale of the collateral (within the limits of the debt);

Debit 76 subaccount “Settlements with the auction organizer” Credit 76 subaccount “Settlements with the pledgor” - reflects the obligation to the pledgor from the proceeds from the sale of the pledged item, exceeding his debt;

Debit 76 subaccount “Settlements with the mortgagor” Credit 51 – the funds remaining after repayment of the debt were transferred to the mortgagor.

If the pledged property became the property of the pledgee without holding an auction, then, depending on the category of property, its value is reflected either as part of non-current assets or as part of current assets. Reflect these operations like this:

Debit 76 subaccount “Settlements with the mortgagor” Credit 62 (58, 76) – reflects the offset of the value of the collateral property to repay the obligation secured by the collateral;

Debit 08 (10, 41...) Credit 76 subaccount “Settlements with the mortgagor” - reflects the receipt of property, the ownership of which has been transferred to repay the obligation secured by the pledge.

An agreement with a counterparty may provide for sanctions for failure to fulfill its obligations. Such sanctions must be included in income on the date of their recognition or on the day the court decision enters into legal force (clause 16 of PBU 9/99).

When presenting a claim to the pledgor for the amount of a fine (penalty, interest) for delay in fulfilling an obligation, make an entry:

Debit 76 subaccount “Settlements with the mortgagor under sanctions” Credit 91-1 – a fine (penalty, interest) was accrued for late fulfillment of the obligation.

Repayment of penalties using funds received from the sale of the collateral is reflected in the following posting:

Debit 62 (58, 76) Credit 76 subaccount “Settlements with the mortgagor under sanctions” - reflects the repayment of the mortgagor’s debt in the amount of penalties.

VAT

The transfer of property as a pledge (mortgage) to the mortgagee (creditor) and the return of such property from the pledge (mortgage) to its owner upon expiration of the relevant agreement, if the place of such transfer (return) is located in the customs territory of Ukraine (clause 196.2) is not subject to VAT. NK).

However, if the pledged property is alienated, the pledgor will have VAT obligations. Let's consider the accounting of VAT by the mortgagor in different situations.

Transfer of property to the pledgee

The operation of transferring property to the creditor (pledgee) to pay off obligations is regarded by the mortgagor as an operation of supplying such property (clause “a”, clause 185.1 of the Tax Code). In this case, it does not matter whether such property is transferred to the creditor for ownership or for sale in order to repay the debt (Letter of the State Fiscal Service of December 15, 2011 No. 9376/7/15-3417-26). In this case, the mortgagor - VAT payer must issue a tax invoice (hereinafter referred to as TN) in the name of the mortgagee.

On what date is such an NN drawn up?

If the property is transferred to the mortgagee:

• into ownership, then the NN is issued according to the “first event” rule - on the date of transfer of property to him (clause “b” of clause 187.1 of the Tax Code) (see also OIR, category 101.06);
• for further implementation - tax obligations arise in accordance with clause 189.4 of the Tax Code, which refers to clause 187.1 of the Tax Code. That is, the tax obligations of the mortgagor also arise according to the rule of the first event. And since the first event in this case will be the transfer of property to the intermediary-mortgagee, the NI is issued on the date of such transfer.

How to determine the tax base?

1. The property is transferred to the pledgee (mortgagee) into ownership.

The general rules of clause 188.1 of the Tax Code apply here. The tax base for asset supply operations is their contractual value.

Moreover, if the subject of the pledge is:

• real estate, then the contractual value is its assessed value. The valuation of real estate is carried out on the date of its transfer to the mortgagee (Article 37 of Law No. 898). Let us note that if the estimated value of the subject of the mortgage exceeds the amount of the mortgagor’s obligations, then the mortgagee shall reimburse the mortgagor only 90% of such difference;
• movable property – the contractual value is the pledged value of the property, unless otherwise provided by the pledge agreement (Part 2 of Article 582 of the Civil Code).

Please note : the tax base, in particular, cannot be lower (clause 188.1 of the Tax Code):

• purchase prices – for purchased goods;
• regular price – for self-made goods;
• book (residual) value according to accounting data, which was formed as of the beginning of the reporting (tax) period during which the supply was made - for non-current assets.

Printable table available on the page: https://uteka.ua/tables/47369-0

2. The property is transferred to the pledgee (mortgagee) for sale.

The same general rules of clause 188.1 of the Tax Code apply here (see above). In this case, the contractual value of the property transferred for sale is its sale price.

If on the date of transfer of property to the pledgee (mortgagee) the sale price is unknown, then tax liabilities are accrued based on the pledge price of such property. In the future, the amount of obligations can be adjusted based on the actual sale price of the property.

Sale of collateral by the enforcement service

The sale of property seized by the executive service is carried out through the organizer of electronic trading (hereinafter referred to as the Organizer) according to the rules provided for by the Procedure approved by Order of the Ministry of Justice dated September 29, 2016 No. 2831/5 (hereinafter referred to as Procedure No. 2831/5). At the same time, to tax such a transaction with VAT, the pledgor also applies the “intermediary” rules of clause 189.4 of the Tax Code. That is, it accrues tax liabilities on the date of the first event: either the transfer of property to an intermediary (Organizer) or the receipt of money (OIR, category 101.06).

In this case, the transfer of property to the Organizer seems to be the first event for the pledgor. But from paragraph 5 of section. II of Order No. 2831/5 it follows that the property is transferred to the Organizer for storage before the auction. But such an operation is not subject to VAT according to paragraphs. 196.1.2 Tax Code.

The organizer will act as custodian until the sale of the property. Therefore, the date of sale of the property will be the date of accrual of tax liabilities for the mortgagor. On this date, he must issue a tax in the name of the Organizer for the contractual value of the property sold (OIR, category 101.06), that is, the sale price of the property. In this case, the tax base will be determined according to the general rules of clause 188.1 of the Tax Code (see above).

Please note that the Organizer provides services to the pledgor for the sale of property. Therefore, for the cost of such services, he must issue a title in the name of the mortgagor on the date of sale of the property.

Example 1

In 2021, the company took out a loan from the bank in the amount of UAH 2,000,000. for a period of 24 months. An office building of the enterprise with the following characteristics was issued as collateral:

• initial (revalued) cost – UAH 5,680,000;
• residual value – UAH 2,840,000;
• estimated (collateral) value – 3,000,000 UAH. (including VAT – 500,000 UAH).

The company was unable to pay the bank on time for the loan and the interest accrued on it. Therefore, in 2021, the bank’s requirements were satisfied at the expense of the collateral.

Let's consider two options when the building:

• option 1 – becomes the property of the bank. The contractual (estimated) cost of the building is UAH 2,640,000. (including VAT – 440,000 UAH);
• option 2 – transferred to the bank for further sale to a third party. The contractual price for the sale of the building is UAH 2,682,000. (including VAT – 447,000 UAH). At the date of transfer of the building to the bank, its contractual value was not yet known.

On the date of transfer of the building:

• the amount of the borrower's debt under loan obligations amounted to UAH 2,212,000, including the loan amount - UAH 2,000,000, the amount of outstanding interest and financial sanctions - UAH 212,000;
• book (residual) value of the building in accounting – UAH 1,988,000; amount of depreciation – 3,692,000 UAH;
• tax book value of the building – UAH 1,836,000. It differs from its accounting residual value due to accounting revaluations.

The book value (residual) value of the building at the beginning of the month in which its transfer occurred is UAH 2,272,000. Based on this cost of the building, the minimum amount of VAT, in case of its alienation, is UAH 554,400.

Let us show how transactions with collateral are reflected in the accounting of the borrower (mortgagor) for two options. To simplify things, we will not show the costs of applying for a loan and transferring the collateral (costs for an appraiser, notary, insurance, bank commissions), as well as interest costs and depreciation on the building.

(UAH)

Printable table available on the page: https://uteka.ua/tables/47369-1

Example 2

In January 2021, the company took out a short-term loan from the bank in the amount of UAH 1,000,000. for a period of 9 months. As security for the loan debt, the bank was offered collateral in the form of goods in circulation with a book value of UAH 5,000,000. The collateral (estimated) value of the goods amounted to UAH 5,400,000. (including VAT – 900,000 UAH).

The company was unable to pay the bank on time for the loan and the interest accrued on it. Therefore, in November of this year, on the basis of a notary’s writ of execution, the collateral property was foreclosed on. The goods were transferred to the executive service for sale. The contractual cost of goods sold was UAH 5,370,000. (including VAT – 895,000 UAH).

The following obligations of the borrower are repaid using funds received from the sale of goods:

• 1,000,000 UAH. – loan debt;
• 194,000 UAH. – debt on interest and financial sanctions for late payment of the loan and interest;
• 2,000 UAH. – bank expenses for notary services;
• 537,000 UAH. – enforcement fee;
• 6,000 UAH. – expenses of the executive service associated with enforcement actions;
• 268,500 UAH. – Organizer’s remuneration.

The funds remaining from the forced sale of goods are transferred to the borrower's current account.

Operations for the forced sale of the collateral are reflected in the accounting of the borrower (pledgor) as follows:

(UAH)

Printable table available on the page: https://uteka.ua/tables/47369-2

conclusions

The transfer of property as collateral (mortgage) is one of the types of security for the fulfillment of the borrower’s obligations. The value of the pledged property is reflected in off-balance sheet account 05. The transfer of property as collateral to the pledgee and its return to the pledgor does not lead to the emergence of income and expenses, as well as tax liabilities and a VAT tax credit. Tax consequences for income tax and VAT arise when the mortgagor’s obligations are repaid with collateral.

BASIC: mortgaged property insurance

Situation: can the pledgee organization take into account the costs of insuring property received as collateral when calculating income tax?

No, he can not.

As a general rule, the pledged property must be insured at the expense of the mortgagor. The insured can be either the pledge holder or the pledgor: it all depends on who has the collateral. Such insurance will be mandatory for the pledgor. In this case, the parties have the right to agree on another procedure for insuring the pledged property. For example, at the expense of the mortgagee. But for the mortgagee, insurance will be voluntary - the law does not require this.

This follows from the provisions of paragraph 1 of Article 343 and paragraph 2 of Article 927 of the Civil Code of the Russian Federation.

The list of expenses for voluntary insurance that can be taken into account when calculating income tax is closed (clause 1 of Article 263 of the Tax Code of the Russian Federation). The mortgagee's costs for voluntary insurance of property received as collateral are not directly indicated in it.

The provisions of subparagraphs 7 and 10 of paragraph 1 of Article 263 of the Tax Code of the Russian Federation cannot be used. According to these standards, you can take into account the costs of voluntary insurance of property that serves to generate income or on which the conduct of business depends.

The pledged property can only be used to generate income in the interests of the pledgor (Clause 5 of Article 346 of the Civil Code of the Russian Federation). Also, the insurance clause cannot prevent the mortgagee from conducting its business. The ability to lend to other organizations is not limited in any way, and collateral is just one way to secure such investments. Consequently, voluntary insurance of collateral property will not be a mandatory condition for the lender to conduct business (letter of the Ministry of Finance of Russia dated June 3, 2010 No. 03-03-06/2/111).

Thus, when calculating income tax, the pledgee organization does not have the right to take into account the costs of insuring the property received as collateral.

Accounting

The object pledged as collateral (mortgage) continues to remain on the balance sheet of the mortgagor. In this case, in the debit of off-balance sheet account 05 “Guarantees and security provided,” the mortgagor reflects the collateral value of the property pledged as collateral (mortgage).

You can also transfer the book value of pledged items in accounting to separate subaccounts of the enterprise, for example, pledged goods - to the subaccount of the same name 2819.

On the date of fulfillment of obligations to the creditor bank, the borrower (mortgagor) writes off the collateral value of the property (reflects it in the credit of account 05).

If the borrower cannot fulfill his obligations to the lender, the collateral is subject to alienation in one way or another to satisfy the lender's claims. In this case, the borrower (mortgagor) reflects such alienation in accounting as an ordinary sale of property.

BASIC: return of deposit

Upon proper performance of the obligation secured by the pledge, the pledge is terminated. If the pledged property was in the possession of the pledgee, he is obliged to return it to the pledgor (Clause 2 of Article 352 of the Civil Code of the Russian Federation). This operation does not lead to a decrease in the economic benefits of the pledge holder, therefore, when calculating income tax, the return of the pledge is not recognized as an expense (clause 1 of Article 252 of the Tax Code of the Russian Federation).

An example of how transactions related to the receipt of collateral are reflected in accounting and taxation. The pledgor fulfilled the obligations under the agreement secured by the pledge. The pledged property was returned to the pledgor

On October 1, Torgovaya LLC, secured by property, provided Alpha LLC with a loan in the amount of 1,000,000 rubles. for a period of three months. The monthly fee for using the loan is 1 percent of the amount issued. The subject of the pledge is materials whose book value is RUB 1,200,000. In the pledge agreement, the parties valued the materials at RUB 1,100,000. The collateral remains with Alpha. Alpha pays interest on the loan agreement monthly.

The loan was repaid on December 31. On the same day, the pledge agreement expired.

To reflect transactions related to the provision of an interest-bearing loan secured by property, the Hermes accountant opened a subaccount “Settlements with the borrower” to account 76 “Settlements with various debtors and creditors”. The following entries were made in accounting.

October 1:

Debit 58-3 Credit 51 – 1,000,000 rub. – a loan was issued to Alfa;

Debit 008 – RUB 1,100,000. – reflects the contractual value of materials received as collateral.

Monthly during the term of the loan agreement (on the last day of the month):

Debit 76 subaccount “Settlements with the borrower” Credit 91-1 – 10,000 rubles. (RUB 1,000,000 × 1%) – interest accrued on the loan provided;

Debit 51 Credit 76 subaccount “Settlements with the borrower” – 10,000 rubles. – interest on the loan has been received.

31th of December:

Debit 51 Credit 58-3 – 1,000,000 rub. – the debtor has returned the loan amount;

Loan 008 – 1,100,000 rub. – the amount of collateral received is written off.

Nuances of accounting for returnable packaging

Possible accounting difficulties are caused by the special status of returnable packaging: despite the fact that it is delivered to the buyer along with the goods, the ownership of it remains with the seller. An important point that determines accounting is the classification of reusable containers into different types of assets:

• material and production inventories;
• fixed assets.

Accounting for returnable packaging as stock

It is possible to register returnable containers as inventories in accounting if their useful life does not exceed 1 year or one operating cycle (if it exceeds 12 months).

To reflect transactions with such containers, the following are used:

• account 22 “Low value and wearable items”;
• subaccount 10.4 “Containers and packaging materials” - for warehouse and in-production storage and movement;
• subaccount 284 “Containers for goods” - mainly used by trading enterprises.

Accounting for returnable packaging as a main means of production

If the period of use of the container is greater than 12 months, and the cost is included in the limit established for the fixed assets, it falls under the definition of a fixed asset and should be recorded in the corresponding account 115 “Non-current assets”. Like all fixed assets, it is subject to depreciation and subsequent write-off.

Accounting for containers at the supplier

The supplier gives the container along with the goods, retaining ownership of it. In the receipt documents, a separate line is allocated to account for the cost of purchasing such containers; it is not added to the cost of other inventories, but is calculated at net realizable value. When it arrives with the goods, it will have a separate line on the delivery note or invoice.

Stock containers are recorded on account 41 “Containers under goods and empty,” and special containers are recorded on account 01 as fixed assets.

Accounting for containers from the buyer

The safety of returnable packaging and its return can be guaranteed by the text of the contract; in this case, no deposit is required, but sanctions for damage or loss of packaging are stipulated. This procedure will have to be taken into account in off-balance sheet account 002 “Inventory and materials accepted for safekeeping.”

The buyer who has paid a deposit for returnable packaging undertakes to return it to the seller in undamaged condition, after which he will receive the deposit amount back. This procedure is subject to accounting on balance sheet accounts 10 “Container” (if the goods arrived for your own use) and 41 “Container under the goods” (if resale is planned).

Example of posting dynamics of returnable packaging

Uchkuduk LLC entered into 2 agreements:

1. Agreement for the supply of lemonade for its subsequent resale to the consumer. Lemonade in glass bottles is in plastic boxes of 6 pieces. The boxes are multi-return containers, for non-return of which there is a fine of 5,000 rubles. – reimbursement of the cost of boxes.
2. Agreement for the supply of drinking water for employees of Uchkuduk LLC. Water cans are provided by the supplier on a returnable basis with a deposit of RUB 2,000.

Postings regarding containers under Contract 1, made by Uchkuduk LLC (buyer):

• debit 002 “Inventory and materials accepted for safekeeping” – 5,000 rubles. – plastic boxes in which lemonade is supplied are accepted;
• credit 002 – 5,000 rub. – plastic boxes are returned to the supplier.

Postings regarding containers under Contract 1, made by Zhazhda LLC (seller):

• debit 62 “Settlements with buyers and customers”, credit 41 “Container” - 5,000 rubles. – plastic boxes containing bottles of lemonade were handed over;
• debit 41 “Containers”, credit 62 “Settlements with buyers and customers” – 5,000 rubles. – plastic boxes were returned by the buyer.

Postings regarding containers under Contract 2, made by Uchkuduk LLC (buyer):

• debit 76 “Settlements with various debtors and creditors”, credit 51 “Settlement accounts” - 2,000 rubles. – a deposit has been paid for drinking water cans;
• debit 10 “Container”, credit 76 “Settlements with various debtors and creditors” - 2,000 rubles. – received canisters of drinking water;
• debit 76 “Settlements with various debtors and creditors”, credit 10 “Container” - 2,000 rubles - drinking water cans were returned to the supplier;
• debit 51 “Current accounts”, credit 76 “Settlements with various debtors and creditors” - 2,000 rubles. – deposit amount received for water canisters.

Postings regarding containers under Contract 2, made by Zhazhda LLC (seller):

• debit 51 “Current accounts”, credit 62 “Settlements with buyers and customers” – 2,000 rubles. – a deposit was accepted for drinking water cans;
• debit 62 “Settlements with buyers and customers”, credit 41 “Container” - 2,000 rubles. – canisters of drinking water were handed over to the buyer;
• debit 41 “Container”, credit 62 “Settlements with buyers and customers” – 2,000 rubles – drinking water cans were returned;
• debit 62 “Settlements with buyers and customers”, credit 51 “Settlement accounts” - 2,000 rubles. – the deposit amount for water canisters has been returned.

BASIC: fulfillment of obligation at the expense of collateral

If the pledgor has not fulfilled the obligations secured by the pledge, the pledgee has the right to sell the pledged property. Since until the sale of the pledged property the pledgor remains its owner, income from the sale of the pledged property arises from him (Article 249 of the Tax Code of the Russian Federation). The mortgagee will not have such income.

The amount of costs associated with the sale of the pledged property should be included in other expenses (subclause 31, clause 1, article 264 of the Tax Code of the Russian Federation). Moreover, such expenses must comply with the criteria of Article 252 of the Tax Code of the Russian Federation. The amount received as reimbursement of expenses for the sale of the pledged item from the pledgor must be included in non-operating income (Article 250 of the Tax Code of the Russian Federation).

When selling a pledged item, due to non-fulfillment of the obligation secured by the pledge, the pledgee does not become subject to VAT (with the exception of pawnshops) (subclause 1, clause 1, article 146 of the Tax Code of the Russian Federation, article 358 of the Civil Code of the Russian Federation). In this case, VAT is required to be charged by the mortgagor (subclause 1, clause 1, article 146 of the Tax Code of the Russian Federation). This is due to the fact that it is he who retains the right of ownership of the pledged item (until the moment of its sale) (Articles 334, 335 of the Civil Code of the Russian Federation).

Sanctions for non-fulfillment (improper fulfillment) of obligations under an agreement secured by a pledge must be included in non-operating income on the date of their recognition by the debtor or on the date of entry into force of the court decision (clause 3 of Article 250 of the Tax Code of the Russian Federation, letter from the Federal Tax Service of Russia in Moscow dated March 31, 2008 No. 09-14/030663). For more information about accounting for sanctions when calculating taxes, see How to record sanctions for violation of a contract imposed on a counterparty.

An example of reflection in accounting and taxation of transactions related to the sale of the subject of pledge. The pledgor failed to fulfill his obligations under the agreement secured by the pledge. The pledgee sold the pledged property at public auction

On September 2, Torgovaya LLC sold goods to Alpha LLC for the amount of 472,000 rubles. (including VAT - 72,000 rubles) with a deferred payment for one month. The supply agreement stipulates that the security for the fulfillment of the obligation to pay for goods is a car owned by Alfa. In the pledge agreement, the car is valued at RUB 600,000. The collateral remains with the pledgor (“Alpha”).

Within the period established by the contract, Alpha did not fulfill its obligation to pay for the goods. For late payment, Hermes imposed a fine on the buyer, Alpha, in the amount of 20,000 rubles. Alpha accepted sanctions in the amount presented.

Due to failure to fulfill obligations under the supply contract, foreclosure was applied to the collateral. The car was sold at public auction on December 30 for 590,000 rubles. (including VAT – 90,000 rubles). From the proceeds from the sale of the collateral at the auction, Hermes withheld the total amount of the buyer's debt - 492,000 rubles. (472,000 rub. + 20,000 rub.). The remaining portion of the proceeds is 98,000 rubles. (590,000 rubles - 492,000 rubles) he transferred to Alfa’s current account on December 31.

The following entries were made in the Hermes accounting.

September 2:

Debit 62 Credit 90-1 – 472,000 rubles. – revenue from the sale of goods is reflected;

Debit 90-3 Credit 68 subaccount “VAT calculations” – 72,000 rubles. – VAT is charged on proceeds from the sale of goods;

Debit 008 – 600,000 rub. – reflects the contractual value of the property received as collateral.

December 30th:

Debit 76 subaccount “Settlements with the auction organizer” Credit 62 – 492,000 rubles. – the repayment of the mortgagor’s debt from the proceeds from the sale of the collateral is reflected;

Debit 76 subaccount “Settlements with the auction organizer” Credit 76 subaccount “Settlements with the pledgor” - 98,000 rubles. – the repayment of the mortgagor’s debt from the proceeds from the sale of the collateral is reflected;

Debit 76 subaccount “Settlements with the pledgor under sanctions” Credit 91-1 – 20,000 rubles. – a fine recognized by the buyer has been assessed;

Loan 008 – 600,000 rub. – the amount of collateral received is written off.

31th of December:

Debit 51 Credit 76 subaccount “Settlements with the auction organizer” – 590,000 rubles. – received funds from the sale of the collateral;

Debit 62 Credit 76 subaccount “Settlements with the pledgor under sanctions” – 20,000 rubles. – the repayment of the mortgagor’s debt in the amount of penalties is reflected;

Debit 76 subaccount “Settlements with the pledgor” Credit 51 – 98,000 rubles. (590,000 rubles – 472,000 rubles – 20,000 rubles) – the funds remaining after repayment of the debt were transferred to the mortgagor.

When calculating income tax, the Hermes accountant included in the income the amount of sanctions in the amount of 20,000 rubles. (clause 3 of article 250 of the Tax Code of the Russian Federation).

By agreement with the pledgor, the pledgee can transfer the pledged property into ownership or redeem it with the subsequent offset of its claims secured by the pledge against payment for the acquired property. This is possible both in the event of the auction being declared invalid, and in the absence of the need to conduct the auction. The pledgee has the right to deduct the amount of VAT presented by the seller of the property on a general basis.

An example of reflection in accounting and taxation of transactions related to the acquisition by the pledgee of the subject of pledge. The pledgor failed to fulfill obligations under the agreement secured by the pledge

On September 2, Torgovaya LLC provided a loan to Alpha LLC in the amount of 500,000 rubles. for a period of two months at 1.5 percent per month (interest is paid monthly) secured by fixed assets (equipment). In the pledge agreement, the parties estimated the cost of the equipment at RUB 590,000. (corresponds to market value). In addition, the pledge agreement provides for the obligation of the pledgee to purchase the pledged property in the event that the primary auction is declared invalid.

During the term of the loan agreement, Alpha did not pay interest and did not return the loan amount on time. In this regard, the collateral was transferred for sale at public auction. After the auction was declared invalid, Hermes acquired ownership of the pledged item at the cost agreed upon by the parties in the pledge agreement (as of the date of sale, the market value of the equipment did not change). The date of purchase of equipment by Hermes is December 10.

In December, an invoice was received from the pledgor. The equipment accepted by Hermes for accounting as part of fixed assets is planned to be used in activities subject to VAT.

To reflect transactions related to the provision of a loan and the acquisition of collateral, the Hermes accountant opened subaccounts for account 76 “Settlements with various debtors and creditors”:

• “Settlements with the borrower”;
• "Settlements with the pledgor."

The following transactions were made in accounting.

September 1:

Debit 58-3 Credit 51 – 500,000 rub. – a loan was issued to Alfa;

Debit 008 – 590,000 rub. – reflects the contractual value of the equipment received as collateral.

September 30th:

Debit 76 subaccount “Settlements with the borrower” Credit 91-1 – 7500 rubles. (RUB 500,000 × 1.5%) – interest accrued on the loan provided.

October 31:

Debit 76 subaccount “Settlements with the borrower” Credit 91-1 – 7500 rubles. (RUB 500,000 × 1.5%) – interest accrued on the loan provided.

December 10:

Debit 08 Credit 76 subaccount “Settlements with the pledgor” – 500,000 rubles. – reflects the receipt of property received to repay the obligation secured by the pledge;

Debit 19 Credit 76 subaccount “Settlements with the pledgor” – 90,000 rubles. – VAT presented by the pledgor is taken into account;

Debit 76 subaccount “Settlements with the pledgor” Credit 58-3 – 500,000 rubles. – the borrower’s debt is offset against the obligation to pay for the equipment;

Debit 76 subaccount “Settlements with the pledgor” Credit 76 subaccount “Settlements with the borrower” - 15,000 rubles. (RUB 7,500 + RUB 7,500) – the borrower’s interest payment debt is offset against the obligation to pay for the equipment;

Debit 76 subaccount “Settlements with the pledgor” Credit 51 – 75,000 rubles. (RUB 590,000 – RUB 515,000) – the difference between the cost of the purchased equipment and the amount of debt under the loan agreement was transferred to the mortgagor;

Loan 008 – 590,000 rub. – the cost of equipment received as collateral is written off;

Debit 01 Credit 08 – 500,000 rub. – equipment is accepted for accounting as part of fixed assets;

Debit 68 subaccount “Calculations for VAT” Credit 19 – 90,000 rubles. – the submitted VAT has been accepted for deduction.

Taxation on collateral from the lender and the defaulter

Since the ownership of the property when pledged remains with the principal, VAT is not charged in such cases. The cost of the collateral property is not included in the debtor’s expenses for profit tax purposes. Expenses for insuring the collateral object made by the principal are included in other expenses and are taken into account when taxing income.

For the same reason, the lender is not required to calculate VAT or pay income tax when receiving collateral. Expenses on optional insurance of this property are not taken into account for taxation of the lender's profit. The same is stated in PBU 18/02: insurance expenses should be counted among other expenses and not included in income taxation.

The situation does not change in this regard even after the sale of the collateral at open auction. VAT is not calculated on sales. The proceeds are used to pay off the debt, which is not recognized as income and is not taxed. The situation is different when selling the collateral at open auction from the principal. In this case, the auction organizer is considered a tax agent and must pay VAT on sales.

The tax base is the market price of the collateral being sold. VAT is accepted for deduction by the principal if the pledged object is sold by court decision and there is an invoice. When selling out of court, the debtor calculates VAT and issues an invoice. Proceeds from the sale are income that the organization has the right to reduce due to expenses associated with the purchase of property and payment for the services of the organizer.

Example 1. Accounting of a defaulter during the sale of a collateral object at open auction

The car, which is the object of the pledge, was sold at open auction at the market price. In accordance with the Tax Code of the Russian Federation, Art. 146, paragraph 1, an object of VAT taxation is formed. Transactions on the sale of collateral are displayed using standard account assignments.

Example 2. Display of transactions for the sale of securities at open auctions with a defaulter

Stroy LLC provided Dara LLC with a loan of up to 5 months at 10% per annum. An agreement was drawn up where Dara LLC agreed to repay the loan along with interest. Securities were used as collateral. Upon expiration of the term, Dara LLC did not pay off the collateral obligations. Stroy LLC has the right to obtain satisfaction from the price of the pledged securities, resorting to the help of the court.

According to the court decision, the securities were put up for public auction and sold. The proceeds exceeded the amount of debt of Dara LLC along with interest. In the accounting department of Dara LLC, all transactions were displayed using standard account assignments.

The sale of securities is not subject to VAT taxation, therefore in this case VAT is not calculated (Tax Code of the Russian Federation, Article 149, clause 2, clause 12).

USN: return of deposit

Upon proper performance of the obligation secured by the pledge, the pledge is terminated. If the pledged property was in the possession of the organization, it is obliged to return it to the pledgor (Clause 2 of Article 352 of the Civil Code of the Russian Federation). The return of the deposit under the contract is not recognized as an expense when calculating the single tax:

• for organizations that pay a single tax on income - because the tax base is not reduced by any expenses (clause 1 of Article 346.18 of the Tax Code of the Russian Federation);

• for organizations that pay a single tax on the difference between income and expenses - because in the closed list of expenses, which is given in paragraph 1 of Article 346.16 of the Tax Code of the Russian Federation, the refundable deposit is not named.

Debtor accounting

Accounting for the parties to the transaction will differ. Let us present the features of debtor accounting.

Accounting

The collateral remains the property of the debtor. That is, it must be recorded on the balance sheet as an asset. The object is included in detailed accounting. It also indicates that the object has received the status of collateral. Guarantees for the fulfillment of obligations must be reflected in the DT of off-balance sheet account 009. The corresponding rule is contained in the Instructions for using the Chart of Accounts established by Order of the Ministry of Finance No. 94n dated October 31, 2000. The value of the collateral property is recorded in account 009 in the amount of the collateral assessment made by the parties to the agreement.

If security is transferred to the lienholder, the change in status must be recorded in the property's inventory records or itemized records. All entries are made on the basis of the transfer and acceptance certificate.

In accounting, the transfer of collateral is not considered an expense of the entity. This is explained by the fact that this transfer does not imply a reduction in financial benefits. The basis is clause 2 of PBU 10/99.

When covering the debt, the collateral must be written off from account 009. Also, entries are made in the accounting for the subaccounts of the accounts. Entries are made that are the opposite of entries when objects are pledged. That is, subaccounts that were previously opened for separate accounting of collateral are closed.

Tax accounting

Subclause 1 of clause 1 of Article 146 of the Tax Code of the Russian Federation states that the subject of VAT is the sale of products. This includes the sale of collateral. Article 39 of the Tax Code of the Russian Federation states that sales are considered to be the transfer of rights to property or the provision of services free of charge. When an object is pledged, there is no transfer of ownership rights. This means that no VAT chargeable object is created.

Paragraph 32 of Article 270 of the Tax Code of the Russian Federation states that the cost of the collateral is not included in the cost structure. That is, there is no object for calculating income tax either.

Simplified tax system: fulfillment of an obligation using collateral

If the pledgor has not fulfilled the obligations secured by the pledge, the pledgee has the right to sell the pledged property. Since until the sale of the pledged property, the pledgor remains its owner, income from the sale of the pledged property arises from him (Clause 1, Article 346.15, Article 249 of the Tax Code of the Russian Federation). The mortgagee will not have such income.

By agreement with the pledgor, the pledgee can transfer the pledged property into ownership or redeem it with the subsequent offset of its claims secured by the pledge against payment for the acquired property. This is possible both in the event of the auction being declared invalid, and in the absence of the need to conduct the auction.

Sanctions for non-fulfillment (improper fulfillment) of obligations under an agreement secured by a pledge should be taken into account as part of non-operating income on the date of receipt of funds from the debtor (clause 1 of Article 346.15, clause 3 of Article 250, clause 1 of Article 346.17 of the Tax Code of the Russian Federation) .