72 - Financial expenses

At the end of the reporting period, they are closed by debiting against crediting the
Profit and Loss account. Not only are the revenue for the future periods not
included in the formation of the financial result, but remains as a separate financial
position.
Upon the completion of revenue and expenses, which is a stage of the annual
accounting closure, a financial result from the activity of the enterprise is formed.
To do this, use the Profit and Loss account for the current year (1230). Costs (no
future periods) are transferred to their debit and revenue (no future periods) to the
loan. The debit balance shows an accounting loss and the credit balance shows an
accounting profit.
The financial result thus formed is converted out of the accounting into the CITA
and an annual loss or taxable profit is obtained. Then the corporate tax is calculated
(Profit and Loss from the current year and the Account for Corporate Tax
Calculations - gr.45) and the net (balance) profit remains.