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Balance Sheet

Balance Sheet

I have recently taken over reporting duties and need some advice on what I believe should be a simple process.

Our firm has to produce a balance sheet at 6 months then a full year at the next 6 month point.

The problem is that I cannot work out how to achieve a balance when updating the 6 month figures to a full year. The issue seems to be that at 6 months there were debtors of £55000 and at the full year most of that income came in (less 1500). There are new debtors of £10000 but I cannot balance the figures with profit, share capital, and past losses.

Any ideas on what to do. I can suppy all figures if it helps.

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11th May 2011 10:34

get a professional

Pay an accountant to do the job

 

"I can suppy all figures if it helps"  - please dont forget to supply a pay cheque too

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By Anonymous
11th May 2011 10:57

Cannot balance the balance sheet

Thank you for your answer. Most helpful, I didn't think of that.

PHopefully you will never need a quick answer to solve a simple proble from anyone, ever.

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By neileg
11th May 2011 11:06

Problem is....

You're asking such a basic question that it is clear you don't have any real understanding of accountancy. If you firm has a full set of well maintained records then producing your full year accounts should not be an issue. It's unlikely that 'updating' the six month results is the best way of achieving a full year set of accounts.

The previous answer was perhaps a bit curt but essentially you can't expect a crash course in accountancy in a forum like this.

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11th May 2011 11:17

Elementary

It is called double entry.

For money received from debtors in the second 6 months, DR Bank and CR Debtors.

For new sales invoices issued, DR Debtors and CR Sales & VAT.

At the end of 12 months, Debtors will then be £11,500 on your figures.

Past losses and (probably) share capital will be unchanged.

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By Anonymous
11th May 2011 12:28

annot balance the balance sheet

Thank you for your answer. I should say that the problem arose due to mistakes by the company's chartered accountancy firm on several issues concerning share capital, dirctor's loans to the business and debtor's amounts. That is why I have taken over sorting this out to get a basic understanding before we appoint a new firm.

I am not an accountant I am a marketing professional.

I will consider this request as closed.

Many thanks.

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12th May 2011 10:39

"I am a marketing professional"
nuff said

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