Unit 15 Please help me

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Marga
Marga Registered Posts: 981 Epic contributor 🐘
in AAT Level 4 (Level 8 in Scotland)
Please please tell me i am correct and that what is written in my book is false

Written in the book:

FiXED ASSETS
Land and buildings: 150,000
Plant and Machinery: 280,000
Less Depreciation: (120,000)
160,000
310,000

CURRENT ASSETS
Stock raw materials: 60,000
Finished goods: 55,000
Debtors: 380,000
Cash: 1,000
496,000

CURRENT LIABILITIES
Bank Overdraft: 22,000
Trade Creditors: 120,000
340,000 <
I believe this is wrong????

NET CURRENT ASSETS 156,000
TOTAL ASSETS LESS LIABILITIES 466,000

Am i correct in assuming this is a typing error and that CURRENT LIABILITIES ARE 142,000? and therefore the net current assets and the total assets less liabilities values are incorrect too?

Comments

  • sammyd22
    sammyd22 Registered Posts: 207 Dedicated contributor 🦉
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    Marga wrote: »
    Please please tell me i am correct and that what is written in my book is false

    Written in the book:

    FiXED ASSETS
    Land and buildings: 150,000
    Plant and Machinery: 280,000
    Less Depreciation: (120,000)
    160,000
    310,000

    CURRENT ASSETS
    Stock raw materials: 60,000
    Finished goods: 55,000
    Debtors: 380,000
    Cash: 1,000
    496,000

    CURRENT LIABILITIES
    Bank Overdraft: 22,000
    Trade Creditors: 120,000
    340,000 <
    I believe this is wrong????

    NET CURRENT ASSETS 156,000
    TOTAL ASSETS LESS LIABILITIES 466,000

    Am i correct in assuming this is a typing error and that CURRENT LIABILITIES ARE 142,000? and therefore the net current assets and the total assets less liabilities values are incorrect too?


    The Current liabilities are clearly 142k Unless there are any other Figures it doesnt add up!

    Another thing is the lay out of your BS! You have laid it out in the old format which has now changed.

    It it as follows:

    Statement of Financial Position:

    Non Current assets
    Current Assets
    = Total Assets

    Equity
    Non Current Liabilities
    Current Liabilities
    = Total Equity + Liabilities.

    Overall - Assets = Equity + Liabilities.

    As for the above: Is there a long term Liability (NCL) which you have missed?
  • Marga
    Marga Registered Posts: 981 Epic contributor 🐘
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    sammyd22 wrote: »
    The Current liabilities are clearly 142k Unless there are any other Figures it doesnt add up!

    Another thing is the lay out of your BS! You have laid it out in the old format which has now changed.

    It it as follows:

    Statement of Financial Position:

    Non Current assets
    Current Assets
    = Total Assets

    Equity
    Non Current Liabilities
    Current Liabilities
    = Total Equity + Liabilities.

    Overall - Assets = Equity + Liabilities.

    As for the above: Is there a long term Liability (NCL) which you have missed?

    Hi thanks


    There is no more information given so that is why i am thinking that clearly this is an error

    i know about the old and new layout, still using the old one at the moment but thanks


    I will contact my tutor see if he says anything although not sure if a) he will respond b) what he will respond might me wrong lol from HLC wouldnt surprise me

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