Hi there
I know nothing about accounting, just bumbling my way through here preparing accounts for Limited company.
I have plenty of questions I'm sure, but the one that is vexing me right now...
I use Sage Instant Accounts.
How and where do I put share capital? I just have no idea. There are three directors, each shareholding £500. The company is 8 years old and the shares have been in there since day 1 and haven't changed.
The year I'm dealing with is May 2012 to April 2013.
Thanks for any help you can offer.
Chris
Replies (6)
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The share capital must surely be in the opening balance sheet. Unless there have been any changes you just leave it there.
With the greatest possible respect your question will raise many eyebrows on this forum. It is akin to me, as an accountant, asking surgeons for advice on how to remove my own appendix.
If you do not know what you are doing stop immediately and get an accountant. I appreciate that you seem to be preparing accounts whose filing deadline is tomorrow. Next time don't leave it so late.
With even greater respect, if you can't afford £480 for an accountant you should not be trading through a company. You must have been aware of the compliance costs of running a company when you chose that form of business.
You enter the opening balance for share capital in the same way as you enter all the other opening balances. If you have entered no opening balances at all your accounts will be meaningless.
Your first step must be to get hold of the opening trial balance from the person who prepared last year's accounts. Until you have that you are in no position to even begin to prepare the 2013 accounts. Have you got it?