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FRA Mr Blobby

beavis182beavis182 Well-KnownRegistered Posts: 130
Has anyone completed a skills test for this. My Profit and loss & Balance sheet doesnt balance but the inital Trial Balance and Adjustments do.

I need to check the totals really to see where im going wrong...

Comments

  • fireitupfireitup Settling In Nicely Registered Posts: 19
    Hi, I haven't long completed this, I had an adjustments total £25,592

    An error I made in this was the treatment of carriage so watch out for that.
  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    Blimey, saw the thread title and thought it was for me!
  • beavis182beavis182 Well-Known Registered Posts: 130
    ahh i have an adjustment total of £26314. Im sure my error is on the equipment depreciation. Do you know what you got as a Profit on the Profit and loss sheet?
  • fireitupfireitup Settling In Nicely Registered Posts: 19
    blobbyh wrote: »
    Blimey, saw the thread title and thought it was for me!

    Stay with it blobby your services might still be needed. :)

    The depreciation figure is £8700 in the P&L.
  • beavis182beavis182 Well-Known Registered Posts: 130
    and the accumulated figure on the balance sheet CR is £27700?

    Ive made a profit amount of £11624? am i still on the right track here? :-)
  • fireitupfireitup Settling In Nicely Registered Posts: 19
    Ok, the profit is £5,888
  • beavis182beavis182 Well-Known Registered Posts: 130
    grrrr, why am i having so much trouble with this. I make the profit £10180?
  • RichardRichard Trusted Regular Registered Posts: 373
    beavis182 wrote: »
    grrrr, why am i having so much trouble with this. I make the profit £10180?

    What are you getting as your gross profit?
  • beavis182beavis182 Well-Known Registered Posts: 130
    gross profit on the P and Loss actual sheet is £56630. If net profit is supposed to be 5888 it means i am 4292 down on the credit side?
  • RichardRichard Trusted Regular Registered Posts: 373
    beavis182 wrote: »
    gross profit on the P and Loss actual sheet is £56630. If net profit is supposed to be 5888 it means i am 4292 down on the credit side?

    Gross profit should be £55,141. Have you adjusted your purchases correctly for the carriage adjustment?
  • beavis182beavis182 Well-Known Registered Posts: 130
    it i put £5888 DR on the balance sheet the totals equal, i just cant see where im going wrong on the P & L as am coming up with a Net Profit of £10180 short on the CR side.

    My P & L looks like

    Credits Sales £138078
    Carriage £2211
    Closing stock £13551

    Debits Purchases £823350
    Carriage £2933
    Rent £5952
    Postage £3001
    Advertising £1330
    Wages £26420
    Bad debt £877
    Provision £170
    Stock £11927
    Depreciation £8700

    Any obviously mistakes?? lol
  • RichardRichard Trusted Regular Registered Posts: 373
    beavis182 wrote: »
    it i put £5888 DR on the balance sheet the totals equal, i just cant see where im going wrong on the P & L as am coming up with a Net Profit of £10180 short on the CR side.

    My P & L looks like

    Credits Sales £138078
    Carriage £2211
    Closing stock £13551

    Debits Purchases £823350
    Carriage £2933
    Rent £5952
    Postage £3001
    Advertising £1330
    Wages £26420
    Bad debt £877
    Provision £170
    Stock £11927
    Depreciation £8700

    Any obviously mistakes?? lol

    The carriage of 2211 needs to be added onto the purchases figure on the debit side and not on the credit side. You also need a 40 debit for provision for debt adjustment. Everything else looks correct.

    EDIT: Just noticed you have put a £170 provision - this should not be there.
  • beavis182beavis182 Well-Known Registered Posts: 130
    perfect, thanks for all your help there.

    Am a little confused as thought Carriage out would have been added to the sales as a credit as carriage in was already on the credit side.... something to remember for future reference i guess.

    Thanks again, much appreciated :thumbup1:
  • RichardRichard Trusted Regular Registered Posts: 373
    beavis182 wrote: »
    perfect, thanks for all your help there.

    Am a little confused as thought Carriage out would have been added to the sales as a credit as carriage in was already on the credit side.... something to remember for future reference i guess.

    Thanks again, much appreciated :thumbup1:

    You're welcome.

    Carriage in and out are both debits as the business would have to pay for both - ie if you buy something online you have to pay postage & packing charges, if you were to re-sell that item, you would have to pay postage again to forward the item. Hope that makes sense!
  • beavis182beavis182 Well-Known Registered Posts: 130
    it does now! lol. sorry for being stupid and not seeing if b4! glad this forum is here with helpful people like yourself
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