Hi All
A question regarding LLP Accounts. A set of LLP accounts has me puzzled. The firm is a large practice
with a 5 million plus turnover each year yet on each set of annual accounts, the balance sheet only
shows net assets and members equity capital of £12 (12 Partners at £1 each i expect)
Current Assets
Debtors 12
Total Assets 12
Equity
Members Capital 12
Total Members Interests 12
My question is where does the money go?, how can there be no end of year debtors/creditors?
Many Thanks
PL
Replies (2)
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If the profits have all been distributed to the members, net assets could indeed be small.
SA
VAT Liability
If the turnover is £5m plus, there is VAT to account for. Should it not be found as a current liability on the balance sheet?