Hi
I need help on bulding a balance sheet. I simply cannot make it balance, i need help with it, its very important for a exam i have due, i would be very thankfull if you could help me. Please see the exercise and let me know if you can help...
Witht the below i need to:
Additional Notes :
i) Stock (31/05/12) £ 19 200
iv) Provision for doubtful debtors to be 5 % of outstanding debtors
v) Depreciation : 4000
vi) Investment income due £ 1 000
vii) Auditors fees owing £ 1 150
viii) Tax on profit after interest to be £ 6 000 and is to be paid in arrears
ix) Dividend 3000
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Replies (31)
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Several items you have included in Current Assets & Current Liabilities shouldn't be in the Balance Sheet at all.
You need to use some of the figures to do a Profit and Loss account. Only the Profit (or Loss) will appear on the Balance Sheet.
Pointing you in the right direction is one thing. Doing your homework for you is another.I would be eternally gratfull to you if you were able to help me! What should I remove?
Sorry, but there is so much wrong with what you have done it is clear you don’t understand the fundamentals. You are not ready for any exam.
rather interesting you are asking me to stop wating my time when you come back repeatedly to asnwer to this. If you dont want to answer, just dont, no one is forcing you to return...
But I do want to answer - with the advice that I consider to be best for someone in your position.
I'm afraid this forum is for accountants already qualified (or QBE) and often involves such interesting discussions such as discounting on FRS102 loan balances and tax on sale of a property with a PPR element to it.
It's not a suitable place to get the answers you are looking for, and a quick skim of your answer shows you are miles from being able to do even basic accounts.
It is the busiest time of the year for us accountants. As above, it's not just a matter of pointing you in the right direction. I assume your doing AAT level 2? If so, you need to go back to your tutor and get them to put you on the right track.
What you have above is not a balance sheet. It is closer to a trial balance. If the totals of both columns do in fact balance (at a glance they appear equal) then look at converting a trial balance into a profit and loss account and a balance sheet. If you do that correctly (and the foot totals do in fact balance / add up) then IF you construct a separate P&L and balance sheet, the balance sheet will balance.
If I wasn't up to my neck in tax returns, I would probably offer you a few more pointers, but unfortunately I am.
Try AAT student forums. You're almost certain to get assistance there.
Thankful, grateful, not thankfull or gratefull. Regular combatants will be aware that a double 'L' (ll) passes as a single letter in the welsh alphabet (along with, would you Adam and Eve it, 'ch'?)
OP, you need to figure it out for yourself and then come back and say something more endearing such as "After much research and angst my best guess is X", whereupon the Panel might be more kindly disposed to you.
Since you're so find of double 'l's, it might interest you to know that there's a Welsh town with four straight 'l's in its name. There, I thought that'd grab.you!
Since you're so find of double 'l's, it might interest you to know that there's a Welsh town with four straight 'l's in its name. There, I thought that'd grab.you!
I think you'll find that it's a double Ll.
Yes, a double Ll.
Pwll - pool - three letters, soft mutation.
Llan - parish - three letters.
Ll is pronounced differently to l - however many Ls there are.
I don't know why you are capitalising a letter in the middle of the place name. (I understand the difference between single l and double l in Welsh.)
Just reinforcing my point (advice) - he hasn't a scooby, so attempting to give him the correct answer in order to help him pass an exam will serve no useful purpose whatsoever.
Never goes away does it? Although and, very regretfully in this case, completely lost, I’d imagine.
Let’s hope that, once the penny’s dropped and, it just might, that this young person forges out a career in the art of black magic (as one of my clients used to consider our profession)!
Ruddles wrote:
Must have been sitting with the window on his right
??
Am I too young?
"The debit is the side nearest the window."
A maxim which dates from the days when right handed clerks would sit with the light on their left so that they weren't working in their own shadows.
Not if you did your accounting training in a country which drives on the right hand side of the road!!