FRA Mr Blobby
beavis182
Registered Posts: 130 Dedicated contributor 🦉
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...
I need to check the totals really to see where im going wrong...
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Comments
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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.0 -
Blimey, saw the thread title and thought it was for me!0
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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?0
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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? :-)0 -
Ok, the profit is £5,8880
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grrrr, why am i having so much trouble with this. I make the profit £10180?0
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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?0
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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?? lol0 -
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.0 -
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 :thumbup1:0 -
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!0 -
it does now! lol. sorry for being stupid and not seeing if b4! glad this forum is here with helpful people like yourself0
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