Classification of sources of formation of enterprise property. Types of sources of formation of enterprise property Sources of formation of own funds are


Own sources of funds are the property of the enterprise in monetary terms, defined as the difference between liabilities and assets. Own funds are the most optimal way to finance an organization, which reduces the likelihood of bankruptcy. The sources of formation of an enterprise include not only contributions from the founders, but also borrowed funds.

Structure

Depending on how the enterprise’s capital is formed, own financing is divided into 2 groups: internal sources and borrowed (external) ones.

In turn, internal means consist of:

  • own capital (authorized, reserve, additional);
  • arrived;
  • the amount of depreciation charges;
  • income from the sale or rental of unused fixed assets;
  • reserves;
  • targeted financing funds.

External sources of equity formation consist of loans, gratuitous assistance, and issue of securities. Moreover, assistance can be expressed both in monetary terms and in transferred property.

Borrowed capital consists of received loans, loans from banks, other organizations, extra-budgetary funds. Funds raised through the issuance and sale of bonds are also included in this category.

Initial capital

The main source of own funds is the authorized capital. Its monetary value is determined by the constituent documents. This is the initial amount contributed by the owners of the enterprise, which subsequently forms fixed and working capital.

The authorized capital, depending on the type of organization, may consist of contributions:

  • founders;
  • shares;
  • proceeds from the sale of shares.

Depending on the type of legal form and organization of the enterprise, the amount of initial contributions may vary, as well as the amount of initial capital. The money contributed by the founders must be transferred to the company's current account. If the contribution was made in the form of property, an act of acceptance and transfer of it is drawn up.

Working capital of the enterprise

After creating the authorized capital, the enterprise forms working capital and circulation funds necessary for functioning and making a profit. The former are involved in production activities. They consist of the organization's property, which is fully used in the manufacturing processes of products. This does not include fixed assets, since they are involved in the production process more than once. The entire cost of working capital is fully included in the cost of production.

Circulation funds do not participate in the production of products and characterize the next part of the enterprise’s activities - sales. The fund consists of shipped but unpaid goods, finished products in the warehouse, and company funds.

Participation of working capital in the financial activities of the company

The structure of working capital represents mobile assets that are completely consumed and go through several stages:

  1. Monetary - the enterprise purchases materials needed for the production of products.
  2. Production - acquired inventories are transferred to unfinished items of labor or finished products.
  3. Commodity - the enterprise carries out the sales process. Profits are received for goods sold.

The pooling of funds in circulation occurs due to the presence of a continuous advance cost at all stages of the circulation. The structure of working capital is the result of the ratio of individual categories of funds, expressed as a percentage of the total. The ratio of the amounts of money invested in each of the working capital funds is an important indicator of the effectiveness of their use.

Composition and financing of working capital

Working capital consists of several categories of property, which are allocated depending on the nature of participation in the production cycle. Let's consider the main ones:

  • Inventory and equipment make up the majority of current assets. These are raw materials, supplies, spare parts and components, inventory, semi-finished products and tools. In other words, objects of labor.
  • Work in progress - items of the labor process that have not been fully processed and remain at the production workplace.
  • Deferred expenses are part of the funds intended to cover the costs of improving product manufacturing technologies or changing equipment. Funds are spent in this period, but are planned to be repaid in future months.
  • Other funds - other funds of the organization's subsidiary farming.

Financing of working capital can be based on equity, borrowed or attracted capital. Own sources of production cycle funds are created from proceeds from the sales process and some part of the profit. Funds raised for the formation of working capital include amounts of payments for which the claim has not yet been due. For example, funds allocated to pay taxes or employee labor.

Reserves

The reserve capital of an enterprise is formed somewhat later than the authorized capital. After starting financial activities, the company receives a profit, which creates the amount of reserve funds. The amount of reserve capital is regulated by accounting policies. Some enterprises do not create reserves at all. Others set the interest rate according to which funds are annually transferred to the accounts of reserve funds.

Reserve own sources of funds are created in order to:

  • covering unexpected losses or damages if the company does not have other means;
  • payment of income to the founders in the absence of funds intended for this;
  • repayment of bonds or repurchase of shares of one's own organization.

If at the end of the year the reserve capital is not completely spent, the account balances roll over to the next year.

Additional capital

The amount of additional capital is formed by the additional income of the enterprise due to the revaluation of non-current assets (in the case of an increase in value) or the positive difference between the nominal and selling value of the enterprise's shares. The frequency of revaluation of fixed assets is established by the accounting policy.

Share premium is possible only for an enterprise with the organizational and legal form of a joint stock company. A positive difference between the value of shares can arise both when a company is created and in the event of an increase in the size of the authorized capital.

Profit

After creating the authorized capital, the company begins financial activities. Own sources of funds are replenished with one more thing - profit. This is the amount that characterizes the excess of income over expenses in monetary terms. There are three types of profit: accounting, net and undistributed.

The amount of accounting profit is the total amount of income of the organization for the period under review, excluding taxes. The value is reflected in the data, but in fact the company will own a different amount.

After paying income tax and other mandatory payments, net profit is formed. The company owns this amount completely, but dividends due to the founders are deducted from it.

The funds remaining after payment of dividends constitute retained earnings, which remain in the possession of the enterprise. Retained earnings are sources of long-term financial resources.

Targeted financing funds

Some enterprises' own sources of funds may constitute revenues for intended use. Amounts of targeted financing are transferred by other companies or the budget of the Russian Federation. At the same time, strict control is maintained over the use of such funds: money can only be spent on appropriate needs. After using the target money, the organization must prepare reporting documentation.

The amount of targeted financing refers to the enterprise’s own capital, since the funds received do not need to be returned. Such contributions may include subsidies, membership fees, and grants. Typically, targeted funding pursues charitable and socially beneficial purposes. For example, the construction of social facilities, conducting research and conferences for the development of science.

Depreciation deductions

The monetary expression of depreciation of fixed assets and intangible assets is annually accumulated in accounting accounts, thereby minimizing the enterprise's expenses for the reproduction of property. This source differs from others in that, in any financial situation, savings will continue to be made and will remain on the company’s account.

The total amount of deductions directly depends on the chosen depreciation method. Choosing the right method in most cases directly affects the self-financing of the enterprise. Management needs to pay due attention to this source: the effective use of depreciation amounts will have a positive impact on the financial well-being of the enterprise.

Advantages of internal sources

Using only your own sources of funds in the process of activity certainly has a positive effect on the operation of the enterprise. The advantages of self-financing include:

  • no need to attract borrowed capital and unnecessary expenses associated with it;
  • high financial stability and competitiveness;
  • the ability of the founders to control the processes of the enterprise;
  • a more favorable environment for raising debt capital if necessary.

Borrowed funds

Borrowed capital is the main source of external financing for an enterprise, and often the only one. They represent a group of borrowed funds and obligations of various types:

  • bank loans;
  • funds on loan;
  • amounts of accounts payable.

Despite the negative impact of borrowed funds on the financial position of the company, they play an important role in the course of business and even bring benefits. Attracting funds from external sources provokes an accelerated turnover of working capital and a reduction in work in progress.

Characteristics of borrowed funds

Let's consider the main external sources of the enterprise's own funds:

  1. Bank loans are an obligation to the bank, which, depending on the term of financing, can be short-term or long-term. Short-term loans are issued for a period of no more than 1 year for small production needs of an enterprise. Long-term loans are issued for a longer period.
  2. Loans are a group of funds received from other legal entities acting as borrowers (but not banks). Promissory notes, debt agreements and other forms can be used for registration. This also includes funds received from the sale of own bonds.
  3. Accounts payable are expressed in various types of obligations of the enterprise, the main of which are settlement and according to the distribution of GDP. The first group consists of debts to suppliers of goods or services, the second - debts to employees and the state budget.

The enterprise's own funds determine the path of its further development. When forming sources of financing, it is necessary to carefully consider the nature of the funds in order to direct the company's activities in the right direction.

All enterprise funds are classified according to two criteria:

By type and location;

By sources of education and destination.

Enterprise funds by type and location are divided into:

Long-term (non-current) assets;

Current assets.

TO long-term assets relate:

1) Fixed assets (buildings, structures, machinery and equipment, etc.) operate and are used in economic activities for a long time, without changing their appearance, wear out gradually, which allows the enterprise to include their cost in the cost of production in parts over a standard period.

2)Intangible assets – long-term use objects that have a valuation, but do not have a tangible form - these are the rights to use patents, licenses, know-how, software products, trademarks, etc. Like fixed assets, intangible assets do not transfer their value to the created product immediately, but gradually, in parts, as it wears out.

3)Profitable investments in material assets – These are investments of an organization in part of the property, buildings, premises, equipment and other valuables that have a tangible form, provided by the organization for a fee for temporary use.

4)Capital investments (investments in non-current assets) - these are the costs of construction and installation work, the purchase of equipment, tools, other capital works and costs (design and survey, geological exploration, etc.).

5)Long-term financial investments – investments in securities or in authorized funds and capital of other business entities as investments in order to generate income for a period of more than 1 year.

TO current assets include material current assets, cash, short-term financial investments, funds in settlements (accounts receivable).

Material circulating assets – These are raw materials and supplies, fuel, semi-finished products, work in progress, finished products, and shipped goods.

Raw materials, materials, fuel, components, spare parts– working capital (items of labor), which are used in one production cycle and therefore fully transfer their value to manufactured products, work performed or services provided.

Unfinished production– this is the cost of products that have not gone through all stages of the production process and have not been transferred to the warehouse or delivered to the customer.

Cash– amounts of cash in the cash register, cash in bank accounts, as well as monetary documents (air and train tickets, excise stamps, etc.).



Accounts receivable are called funds in calculations, i.e. Essentially, these are funds of a given enterprise that are temporarily held by other enterprises or persons and, after a certain period, are subject to return to this enterprise in the form of cash or other funds.

Debtors There may be buyers who did not immediately pay for the goods, accountable persons who received money at the cash desk in the form of an advance against the report, founders who are in debt to the company.

Enterprise funds by source of education are divided into sources of own funds and borrowed funds.

Sources of own funds(capital, reserves, budgetary and other types of financing)

Concept capital in accounting it is divided into such types as authorized capital, reserve capital, additional capital.

Statutory capital - a set of contributions in monetary terms by the founders to the property of an enterprise upon its creation to ensure the activities of the enterprise in the amounts determined by the constituent documents.

Additional capital - is formed from the profit of the enterprise and is intended for production and social development.

Spare capital - is formed from the profit of the enterprise to cover unplanned expenses that arise during the operation of the enterprise. It is mandatory to create it by joint-stock companies and joint ventures.

Provision for doubtful debts– formed at the expense of the enterprise’s profit to repay accounts receivable that are not repaid on time.

Reserve for future expenses– created with the aim of uniformly including certain expenses in the cost of production (to pay for regular vacations, repairs of fixed assets, etc.).

Targeted funding and receipts – These are funds received from the budget, industry and inter-industry funds and other organizations and individuals for the implementation of targeted activities.

retained earnings– this is net profit, not distributed among shareholders (founders), used to accumulate property of a business entity. Retained earnings (loss) of the reporting year is formed based on the profit or loss for the reporting year from ordinary activities.

Sources of borrowed funds(long-term and short-term liabilities)

long term duties– the amount of debt on loans received for a period of more than one year for the expansion and development of production, the introduction of new equipment.

Long-term loans– amounts received from the issue and sale of shares of the labor collective.

Short-term bank loans– the amount of debt to the bank for loans received for a period of less than one year.

Accounts payable– consists of debts to suppliers for goods and services, to buyers and customers for advances received, as well as for income to the founders.

Distribution obligations– consist of obligations for wages, payments to the budget and social insurance and security authorities, and to the founders for income.

3. Accounting method and its main elements

Accounting method is the whole set of techniques and methods used in accounting.

To study the accounting method, it is necessary to consider its individual elements, which include:

1) documentation and inventory;

2) assessment and calculation;

3) accounts and double entry;

4) balance sheet and reporting;

5) analysis of economic activities and control.

All these elements make up the accounting system.

Documentation consists in drawing up documents containing a description of each operation in its quantitative terms. No accounting entry can be made without the appropriate document execution.

Inventory – comparison of the actual availability of funds at the enterprise with accounting data. The inventory results are reflected in special documents - acts that serve as the basis for accounting records.

Grade is a way of expressing accounting objects in monetary terms. Physical indicators contained in primary documents are converted into monetary ones by multiplying the established price by the quantity specified in the document.

Costing – calculation of all costs related to any process, i.e. a method of calculating in monetary terms the actual cost of manufacturing a unit of product.

Accounts serve to group business transactions by accounting objects and obtain general information on these objects. A separate account is opened for each accounting object.

Double entry – reflection of a business transaction on the debit of one account and the credit of another account in the same amount.

Balance sheet – a method of grouping and reflecting in the monetary valuation of economic assets according to their composition and source of formation on a certain date (on the first day of the month).

Reporting – a system of economic indicators characterizing the results of economic activities of enterprises, associations, organizations, the degree to which they fulfill planned targets.

Analysis is a research and evaluation process, the main goal of which is to develop the most reasonable proposals and forecasts, changes in the financial conditions of the functioning of a business entity.

The organization's own sources as a legal entity are determined by the difference between the value of the property owned by the organization and its obligations.

Own sources include:

Authorized capital - this is the amount of funds initially invested by the owners to ensure the statutory activities of the organization; The authorized capital determines the minimum amount of property of a legal entity that guarantees the interests of its creditors.

In other words, the authorized capital is the totality in monetary terms of the contributions of the founders (owners) to the property when creating an organization to ensure its activities. The minimum amount of authorized capital is determined by federal legislation depending on the organizational and legal form of the legal entity.

The size of the authorized capital is established at the time of formation of the legal entity and is fixed in the constituent documents.

The amount of authorized capital is often associated with the concept of minimum wage (minimum wage). The minimum amount of authorized capital can also be specified in a fixed amount.

The minimum amount of authorized capital is:

For a limited liability company - at least 10,000 rubles;

For a non-public joint stock company – minimum RUB 10,000;

For a public joint stock company – 100,000 rubles;

For newly registered credit institutions – 300 million rubles;

For a state enterprise - 5000 minimum wages (Federal Law “On State and Municipal Unitary Enterprises”).

Contributions to the authorized capital can be cash, securities, various material assets or property rights that have a monetary value. For state registration, at least half of the authorized capital must be paid. For a joint stock company, state registration is allowed without payment of the authorized capital, and at least 50% of the authorized capital must be paid within three months from the date of state registration, and full payment must take place within one year from the date of state registration.

Extra capital - is formed due to the increase in non-current assets, when the value of fixed assets is revalued upward, as well as due to share premium (occurs when shares are sold at a price that exceeds their nominal value and when additional shares are issued).

Reserve capital– created through annual deductions from net profit, intended to cover losses in the absence of other funds. The amount of reserve capital and the amount of mandatory contributions to it are determined by the charter or constituent documents of the organization.

Reserve capital is created by business entities as a guarantee of increased liability for their obligations.

Reserve capital is formed in the amount of at least 5% of the authorized capital. Unlike joint stock companies (JSC), limited liability companies (LLC) and unitary enterprises may not form reserve capital, but can do so in accordance with the constituent documents or accounting policies. The amount of reserve capital is determined by the organization’s charter within certain limits: for joint-stock companies this limit must be no less than 5% of the authorized capital (Federal Law “On Joint-Stock Companies” dated December 26, 1995 No. 208-FZ), and the amount of annual contributions must be no less than 5 % of annual net profit. Reserve capital is used to cover unexpected losses and damages, as well as to pay dividends to shareholders and holders of preferred shares if there is insufficient profit for these purposes.

In addition, reserve capital funds can be used to repay the organization's bonds and repurchase its own shares in the absence of other funds. Reserve capital cannot be used for other purposes.

Special-purpose financing– these are funds received from other legal entities, state and municipal bodies, intended for the implementation of targeted activities. Organizations receive targeted funding (monetary or property) free of charge; they must be used strictly for their intended purpose.

In case of inappropriate use of funds received or their incomplete use, funds of targeted financing are classified as gratuitously received funds, which are subject to taxation in the manner prescribed by law.

Organizations are required to monitor the use of targeted funding.

retained earnings– the amount of net profit that can be used by the organization as its own source of property formation. Retained earnings are formed after deducting income tax, mandatory contributions to reserve capital, and dividends to founders from the profit received by the organization for the year. The part of net profit that remains with the organization after its distribution is called undistributed.

The right to dispose of retained earnings belongs to the owner. Retained earnings remaining at the disposal of the organization constitute the increase in the organization's equity capital during the reporting period, which can be invested in the development of the organization.

Borrowed sources of property formation include:

Bank loans– amounts of short-term and long-term bank loans received.

Borrowed funds– the amount of shares and bonds issued and sold by the organization, short-term and long-term loans received from legal entities and individuals.

Accounts payable - represents a type of obligation that characterizes the amount of debts due for payment in favor of other persons: the amount of debt to suppliers for services, goods; debt on issued bills.

Distribution obligations– this group of borrowed sources of property formation is, in fact, accounts payable. This group includes the organization's debt to employees for wages, arrears of payments to the budget and extra-budgetary funds. These obligations have already been distributed by the organization according to their repayment dates (date of payment of wages, date of repayment of insurance contributions to extra-budgetary funds, date of payment of value added tax, etc.).

The entire group of borrowed sources of property formation represents the organization’s liabilities, which can be divided into two groups: long-term liabilities and short-term liabilities.

long term duties represent obligations with a maturity period exceeding 12 months. Long-term liabilities are the organization's debt on loans and borrowings with a repayment period of more than a year. When assessing the financial condition of an organization that has long-term borrowings, it cannot be said that their presence is a negative phenomenon. Also, taking into account inflationary processes, we can assume that the presence of long-term liabilities is a beneficial factor for the organization, since their real value at the time of receipt differs significantly from the value at the time of payment.

Types of long-term liabilities:

Credits and borrowings with a repayment period exceeding 12 months;

Bills issued with a maturity exceeding 12 months;

Bonds issued for a period of more than 12 months;

Deferred tax liabilities.

Long-term loans are issued to organizations for the purchase of investment assets, to replenish working capital or to pay off current liabilities.

To short-term liabilities includes accounts payable with a maturity of less than a year. An example of short-term liabilities is the group of borrowed sources “distribution obligations”, which includes the organization’s obligations to repay debts to its suppliers for previously delivered products, goods, work performed or services provided; obligations to repay debts to the budget for taxes, debts to employees for wages, etc. The repayment period for obligations of this subgroup is less than 12 months.

In the process of operation, any company receives income from its activities, while incurring corresponding expenses. In accordance with the Federal Law “On Accounting”, the income and expenses of an organization are objects of accounting.

Income of the organization an increase in economic benefits is recognized as a result of the receipt of assets (cash, other property) and (or) repayment of liabilities, leading to an increase in the capital of this organization. Accounting for the organization’s income is regulated by PBU 9/99 “Organization’s Income”, approved by Order of the Ministry of Finance of Russia dated May 6, 1999 N 32n.

The income of the organization, depending on its nature, conditions of receipt and direction of activity, is divided into:

a) income from ordinary activities;

b) other income.

Income from ordinary activities are revenue from the sale of products and goods, receipts related to the performance of work, provision of services

For example, if an organization is engaged in construction activities, then income from ordinary activities is the income received from the construction of facilities, for which the organization was created.

Income received by an organization from the provision for temporary use of its assets under a lease agreement for a fee, income from the sale of excess inventories, income received from participation in the authorized capital of other organizations, income the receipt of which is not related to the main activity are classified as other income.

The organization's income received during the reporting period consists of revenue for the reporting period and other income received during the reporting period.

Accounting for an organization's expenses is regulated by PBU 10/99 “Organization's Expenses”, approved by Order of the Ministry of Finance of Russia dated May 6, 1999 N 33n.

Organizational expenses a decrease in economic benefits is recognized as a result of the disposal of assets (cash, other property) and (or) the occurrence of liabilities, leading to a decrease in the capital of this organization, with the exception of a decrease in contributions by decision of participants (owners of property).

Similar to income, the organization’s expenses are divided into two groups:

a) expenses from ordinary activities

b) other expenses.

Expenses from ordinary activities form the cost of products, works, and services. Other expenses are not associated with the main activity; they arise, for example, when selling surplus material assets, when leasing property, in the form of fines for violating contractual terms and in other similar cases.

Having determined income and expenses, an organization can calculate the financial result of its activities, that is, determine profit or loss. Profit or loss for the reporting period is defined as the difference between the income received during the reporting period and the expenses that are associated with obtaining this income.

Organizations receive the bulk of their profits from the sale of products, goods, works and services. Profit from the sale of products (works, services) is defined as the difference between the proceeds from the sale of products (works, services) and the costs of its production and sale.

Any organization strives for its activities to be effective, that is, profitable, since the goal of any business activity is to make a profit.

Organizations, receiving net profit at the end of the year as a result of their activities, distribute it. The remainder of net profit (after distribution to the reserve fund and dividends to the founders) is called retained profit. This part of the profit is considered as its own source of property formation; at the expense of retained earnings, the organization can develop.

The financial condition of an organization largely depends on what funds it has at its disposal and where they are invested.

The funds of an organization are understood as the monetary resources that a business entity has at its disposal to carry out its activities in order to make a profit.

According to the degree of ownership, the capital used is divided into equity and borrowed capital.

Own funds are funds at the disposal of the enterprise, generated from internal sources.

Own funds include authorized capital, accumulated capital and other income. The structure of own funds is shown schematically in Figure 1.1.1

Rice. 1.1.1 Structure of the organization's own funds

Now let's take a closer look at the sources of our own funds.

The authorized capital determines the minimum amount of property that guarantees the interests of its creditors. The composition of the authorized capital depends on the legal form of the enterprise. The authorized capital adds up

  • - from contributions of participants for business partnerships and limited liability companies;
  • - nominal value of shares for a joint-stock company;
  • - property shares;
  • - authorized capital allocated by a state body or local government body.

Additional capital characterizes the amount of additional valuation of non-current assets, which is carried out in the prescribed manner, as well as values ​​received free of charge and other similar amounts.

Reserve capital is created in accordance with the law to cover unproductive losses and damages, as well as payments of income (dividends) to participants in the absence or insufficiency of profit for the reporting year for these purposes.

Reserve funds are created to cover upcoming expenses, payments, doubtful debts (to the enterprise), for the upcoming payment of vacations to employees, for the payment of remunerations based on the results of work for the year, to cover the upcoming costs of repairing fixed assets, etc.

Reserves are formed in accordance with legislation, constituent documents and accounting policies adopted by the enterprise. The main source of formation of reserves (funds) is net profit. In a market economy, reserve capital acts as an insurance fund created for the purpose of compensating for losses and ensuring the protection of the interests of third parties in the event of insufficient profit from the enterprise.

Accumulation funds are funds used to finance capital investments.

Targeted financing and revenues are funds allocated to an enterprise by the state (municipality) or sponsor to carry out certain targeted activities.

Lease obligations are payments to an enterprise for fixed assets leased from it.

Retained earnings are the profits remaining at the disposal of the enterprise after the payment of income (dividends) to participants and the repayment of liabilities.

Depreciation deductions are part of the proceeds, usually directed to accumulation funds, repair funds, etc.

The organization's own funds are accounted for in section III of the balance sheet.

As part of equity capital, two main components can be distinguished: invested capital, that is, capital invested by the owners in the enterprise, and accumulated capital, that is, created in the enterprise in excess of what was initially advanced by the owners.

Invested capital includes the par value of common and preferred shares, as well as additional paid-in capital. The first component of invested capital is represented in the balance sheet of Russian enterprises by authorized capital, the second - by additional capital.

Accumulated capital is reflected in the form of items arising as a result of the distribution of net profit: reserve capital, accumulation fund, retained earnings, and other similar items.

A decrease in the share of equity capital entails a deterioration in the creditworthiness of enterprises. In addition, given that indicators of equity and debt capital are used to calculate the profitability of investments in the enterprise of various investors, it can be assumed that overestimating the volume of liabilities in total liabilities will negatively affect the objectivity of indicators characterizing the “price” of capital.

As part of equity capital, it is necessary to highlight the share of its individual components, as well as reflect the dynamics of its composition and structure over recent periods. The need to separately consider items of equity capital is due to the fact that each of them is a characteristic of legal and other restrictions on the ability of an enterprise to dispose of its assets.

Borrowed funds are the capital of an organization formed from external sources: loans from banks and financial companies, loans, accounts payable, factoring, leasing, bills, bonds.

The company's sources of borrowed funds are:

  • - bank loans - characterize the amount of debt on funds borrowed from banks at interest.
  • - loans are debt on loans received from other enterprises. These include advances from buyers and customers.
  • - factoring and leasing transactions are a type of commercial loan. Provide the organization with fixed and working capital.
  • - accounts payable. Creditors are legal entities and individuals to whom enterprises have certain debts. The amount of this debt is called accounts payable. Accounts payable may arise as a result of the existing system of settlements between enterprises, when the debt of one enterprise to another is returned after a certain period after the debt arose, in cases where enterprises first reflect the occurrence of debt in their accounts, and then, after a certain time, repay this debt due to absence the enterprise has funds for settlement.

Borrowed capital, unlike equity, is classified into long-term and short-term. Short-term loans include loans for up to a year, long-term loans for a year or more.

Funds raised on a long-term basis are usually used to purchase long-term assets, while current liabilities are usually a source of working capital.

To assess the structure of obligations, it is very important to divide them into unsecured and secured. The importance of such a grouping is due to the fact that secured obligations in the event of liquidation of the enterprise and the announcement of bankruptcy proceedings are repaid from the bankruptcy estate.

The more secured debts, as opposed to unsecured, the better for the secured creditors, but the worse for the remaining creditors, who must be satisfied with the remaining estate in the event of a bankruptcy.

Over the long term, a company's value depends more on its marketing, investment, and production decisions than on its financing decisions. And if a company has extensive investment prospects with positive net present values, easy access to sources of financial resources is of utmost importance.

In addition to the above, it should be taken into account that the costs associated with obtaining a loan are significantly lower than the costs associated with the issue and public offering of shares. Many companies cannot afford to issue shares, and borrowing becomes the only alternative for them to count on business growth.

In addition, debt may be issued in the international capital market to hedge against changes in exchange rates or as a way to protect against political risk. Macroeconomic trends cannot be ignored either. As a rule, during periods of declining business activity, firms with high debt loads lose their market share to competitors with more conservative capital structures, including those who have chosen moderate growth using only their own profits or using shareholder funds.

In modern conditions, capital structure is a factor that has a direct impact on the financial condition of an enterprise - its solvency and liquidity, the amount of income, and profitability of operations. The assessment of the structure of the enterprise's sources of funds is carried out by both internal and external users of accounting information. External users - banks, investors, creditors - evaluate the change in the share of the enterprise's own funds in the total amount of sources of funds from the point of view of financial risk when concluding transactions. It is obvious that the risk increases with a decrease in the share of equity capital. Internal analysis of the capital structure is associated with the assessment of alternative options for financing the activities of the enterprise. In this case, the main selection criteria are the conditions for attracting borrowed funds, their “price,” the degree of risk, and possible areas of use.

In foreign practice of financial analysis, the ratio of debt and equity capital is one of the key ones and is considered as a way of assessing risk for the lender. Creditors have the right to require the signing of an agreement, according to which this ratio cannot exceed a certain limit. Under these conditions, some enterprises seek to artificially reduce the amount of liabilities using their off-balance sheet reflection.

The general scheme of funding sources can be presented as Table 1.1.1.

own debt capital financing

Table 1.1.1 Sources of capital formation

Sources of formation (financing)

Equity

Raised capital

Authorized capital

Extra capital

Long-term borrowed funds

Short-term borrowed funds

Reserve capital

Reserve funds

Savings funds

Targeted funding and revenues

Lease obligations

retained earnings

Depreciation deductions

Long-term loans

Long-term loans

Long-term lease of fixed assets

Short-term loans

Short-term loans

Advances from buyers and customers

Accounts payable

Long-term capital

Short-term capital

The sources of formation of the organization's property are different for each enterprise. The economic assets of the enterprise are formed from sources, i.e. financial resources.

There are:

  • - sources of own funds - own capital (Figure 2);
  • - sources of borrowed funds - borrowed capital (Figure 3).

Equity is the source of the portion of assets remaining after subtracting all liabilities from total assets. Own capital consists of authorized, additional and reserve capital; targeted financing and revenues, retained earnings.

Figure 2 - Structure of equity capital

In the composition of equity capital, the main place is occupied by the authorized capital.

Authorized capital is the amount of capital determined by the agreement and the charter of the organization, which is allocated by joint-stock companies and other enterprises to start operations. The authorized capital in enterprises created at the expense of the owners is a combination of contributions from the founders (participants) of business partnerships and business companies (in the form of joint-stock companies, limited liability companies, etc.), municipalities, and the state.

In accordance with the Civil Code of the Russian Federation, business partnerships and business societies are recognized as commercial organizations with authorized (share) capital divided into shares (contributions) of founders (participants).

Contributions to property can be cash, fixed and current assets in kind, securities, property or other rights that have a monetary value.

Authorized capital is formed in limited liability companies and joint stock companies. The size of the authorized capital is fixed in the constituent documents of the organization.

The charter and constituent agreement also indicate the procedure for forming the authorized capital, namely:

  • - the size of the contribution of each founder;
  • - form of payment for the deposit;
  • - term of formation of the authorized capital.

Despite the different forms of contributions of founders (participants) - property, intangible assets, cash, etc., their actual receipt must be documented.

The founders can make intangible assets (property rights to inventions and other intellectual property, rights to use land plots and natural resources, etc.) as a contribution to the authorized capital.

Of considerable importance is control over compliance with the deadlines for the formation of the authorized capital and the correct reflection in the accounting of the moment of actual receipt of contributions to the authorized capital of the organization.

This point is:

  • - for funds - the date they are credited to the settlement (currency) account or deposited in the cash register;
  • - for fixed assets, tangible and intangible assets - the date of drawing up the transfer and acceptance certificate or other documents confirming the posting of these accounting objects.

An increase in the authorized capital of a joint stock company can be done by increasing:

  • - nominal value of shares or their number;
  • - both the nominal value and the number of shares.

In addition, changes in the authorized capital are possible as a result of the reorganization of the company. Increasing the authorized capital in order to attract investor funds is possible only through the issue and placement of additional shares.

The increase in the share capital must be registered at the place where the articles of association were previously registered, for example at Companies House. At the same time, changes are made to the register of state registration of shareholders and to personal accounts.

A decrease in the authorized (share) capital is possible, for example, in the case of withdrawal of contributions by participants (founders), cancellation of own shares by the joint-stock company, reduction of contributions or the nominal value of shares when bringing the size of the authorized capital to the value of net assets.

Both an increase and a decrease in the authorized capital are made based on the results of reviewing the results of the organization’s activities for the previous year in the prescribed manner and after making appropriate changes to the organization’s constituent documents.

The liquidation of an organization is considered completed, and the organization is considered to have ceased its activities from the moment an entry about this is made in the state registration register.

In cases of termination of the organization's activities, the composition of the liquidation commission is formed by a decision of state arbitration or court.

Sources of own funds may include additional capital, which increases the cost of sources of own funds. It is formed thanks to:

  • - increase in value due to revaluation of fixed assets in cases provided for by Russian legislation;
  • - share premium of a joint stock company (the excess of the selling price of its own shares over the par value of the shares resulting from their sale).

Reserve capital is also a source of own funds.

Reserve capital is a part of the own funds of a joint-stock company and some other enterprises, formed as deductions from profits; used to cover operating losses; replenishment of fixed capital and payment of dividends in cases where current profits are not enough for this. Reserve capital is created as an additional financial internal resource of the enterprise. The organization's reserve fund is formed in accordance with the legislation and constituent documents.

Doubtful debt is a receivable that is not repaid on time and is not secured by appropriate guarantees. Reserves for future expenses and payments - a type of stable liabilities of an association or enterprise; is formed in the current year in order to evenly include future expenses in production or distribution costs. Reserves for future expenses and payments are formed as a result of the advance uniform inclusion of certain types of expenses in costs before they are actually incurred. Reservations are made with the aim of uniformly including one-time costs in production and distribution costs, thus leveling the financial results of the organization throughout the year.

The following reserves for future expenses can be created:

  • - for the upcoming payment of vacations to employees;
  • - payment of annual remuneration for length of service and based on the results of work for the year;
  • - repair of fixed assets, etc.

The procedure for reserving amounts from production and distribution costs is regulated by relevant legislative acts.

Targeted financing is a source of additional funds received from the budget, industry and inter-industry special-purpose funds, from other organizations, individuals for the implementation of targeted activities. An important source of own economic funds is profit.

Profit is a positive financial result of an organization’s activities, a source of costs for production and social development of an enterprise, compensation for losses, and a source of income for the state budget in the form of tax payments.

Profit is generated mainly in the process of selling products, works, services and is defined as the amount of the excess of income over expenses of the enterprise received from the beginning of the year to the reporting period, from the sale of products, work, services, material assets, fixed assets, including the excess of non-operating income over expenses .

Retained earnings of the reporting year is the difference between the final financial result (profit) identified on the basis of accounting of all operations of the organization and the assessment of balance sheet items in accordance with the Regulations on accounting and financial reporting in the Russian Federation. And the amount of profit used to pay taxes and other payments to the budget according to appropriate calculations.

Borrowed funds are funds that are issued by a bank in the form of a loan to an enterprise; they are of a targeted nature and are issued for a certain period and for a fee. Borrowed funds are provided to an organization for temporary use for a certain period, after which they are returned to the owners and appear in the form of:

  • - bank loans;
  • - borrowed money;
  • - accounts payable;
  • - distribution obligations.

Figure 3 - Structure of borrowed capital

The group of bank loans includes short-term and long-term bank loans. Loans are issued by the bank for strictly defined purposes, for a certain period and with the condition of repayment. Short-term bank loans serve as the main source of additional funds for the enterprise for temporary needs (loans for inventories, temporary replenishment of working capital, major repairs of fixed assets and other justified temporary needs).

Long-term bank loans are also a source of additional funds received by an enterprise for periods of more than a year; they are intended for capital investments related to the development, modernization, rationalization of production, as well as improving its organization and increasing intensity.

The group “borrowed funds” includes amounts borrowed from legal entities and individuals for various purposes with mandatory repayment. These include accounts payable arising from its settlement relations with other organizations.

Accounts payable are debts owed to suppliers and other creditors. It occurs in cases where the receipt of goods or materials precedes payment for them.

A supplier is a legal or natural person who has supplied material assets to an enterprise. In accordance with the current system of payments for material assets, a short period of time usually passes between the time of receipt of the values ​​and the moment of their payment, during which the enterprise becomes a debtor to its suppliers. As a result, debt to suppliers becomes a temporary source of some of the funds of the enterprise.

Other creditors include organizations or persons to whom the enterprise owes money for other - non-commodity - operations, i.e. according to other calculations.

All considered sources of economic funds constitute the liability side of the balance sheet.