Preparing accounts from scratch

SarahS

I've been asked to prepare a set of sole trader accounts from some basic excel records.

I've done the P&L no problem but I can't get the Balance Sheet to add up for love or money! I need to go back to basics! Can anyone fresh my memory on the best way to tackle this? I've got the drawings figure by listing all the personal expenses and I've also got the profit figure.

I'm happy the current assets are correct also as I've produced control accounts. I've got all the liability figures too and happy they're also correct but something has to be missing? My net assets are £6K adrift to the capital account!

Aaarrgggghhhh!!

jaybee661

Hi Sarah, it's difficult to tell without seeing what you've done, if you want to send me through a list of your balances to jason@justpure.co.uk I am more than happy to have a look for you.

SarahS

Thank you!

I will send the spreadsheet through.

Many thanks!! Sarah

AK002

Surely sending a clients accounts to someone you do not know is a bad idea...?

SarahS

Fear Not...

All names and confidential info has been removed! It's only a list of balances and account codes.

T.C.

Do you really need to do a Balance Sheet????