Previous Year P&L disclosure
Can someone please help on how I disclose a previous year P & L adjustment.
A provision for a bad debt was made in a previous years accounts. The following year cash was reveived for the provision reversing the bad debt.
The problem is HMRC will not allow the 1st years bad debt provision therefore CT should have been a higher amount and the following year a lower amount.
How is the cash received shown if not by reversing the bad debt? Can I obmit the increase in the second years P&L and add an additional line in Capital & Reserves b/f that will increase the previous years profits?
Called up share account ...........
Reserves b/f ..............
Adjustment b/f reserves ..............
Profit & Loss .................
Shareholders Funds ....................
Thank you in advance for any comments
- Vat code for journal entries of director's expenses 89 2
- Company overdue but wants to be struck off 718 28
- Claiming VAT and missing receipts 376 10
- HMRC overreaching its powers -again against a small surveying firm? 292 8
- 2013/14 failure to submit end of year submission 191 9
- Flat rate Vat Scheme & Vat on wholesale production of Cakes and other deserts 92 6
- Help with tax codes on Sage 217 1
- Letting relief on property transferred to a spouse 127 6
- VAT code for invoice from not VAT registered company 231 4
- Accounting for a finance lease 119 4
- SA302's anyone?? 494 16
- A change from the old Q v NQ debate 1,587 41
- Renting for military reasons 142 2
- Cleaners wages at small church -PAYE or self employed ? 1,515 18
- Moneysoft Payroll Windows 8.1 Woes - Help! 1,035 18
- Deed of variation on a will & effect on tax returns 106 2
- Sale of house with planning permission - tax free? 122 1
- do i pay vat when buying a business 502 25
- Auto enrolment for one or two director companies 1,981 30
- Tax status of prizes 317 17
- Skandia using wrong address 1,614
- Nil Rate Band Trust - index linked debt by way of charge over property 894
- International interest certificate 505
- NOVA 366
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 279
- Management expenses for investment company 257
- Bonus Bonds 257
- Entertainer withholding tax in Australia 168
- tax on apprenticeship income 163
- P11D benefit received by widow 146