# Balance Sheet Q

Registered Posts: 13 Regular contributor ⭐ ? ⭐
Hi All!

Me again.. I have got this question... creating a balance sheet from the data given, and I have come up with an answer and I just wanted people to say yay or nay and help me out! :-)

Doc1.pdf 144.1K

• Registered Posts: 465 Dedicated contributor ? ? ?
Hello,

Had a quick look - thoughts are,

Stock is missing from Balance Sheet
Capital is included under Current Assets - Should be in Capital (Equity)
Creditors under Current Assets - Should be under Current Liabilites

Debtors under Current Liabilities - Should be under Current Assets
Drawnings under Current Liabilites - Should in in deduction from Capital (Equity)

There also does not appear to be a figure included for the Profit for the year - which needs to be calculated first before you can complete the balance sheet.

My advice would to be to complete the profit & loss account first - then we can look at preparing the balance sheet.
• Registered Posts: 283
I think you need to study your books again,what you have done is a complete mess.
• Registered Posts: 422
Hi Emma,

Ok so this question looks a lot easier lol

For the profit and loss account did anyone else get gross profit= 66950
So profit for year continuing operations = 21840 (no tax or finance costs I think?)
idk but why isn't there any retained earnings or interim dividend or final dividend
Ok the balance at 30 September is 21840?
Now the balance sheet, yes I'm pretty sure fixed assets = 13125
So now current assets stock,cash,debtors,prepayment,bank=29490
Total assets = 42615?
So now do total equity
Share Capital = 37500
Drawing= -19500
Balance from balance sheet= 21840
So total equity=39840
So now current liabilities=
Creditors =5550
Vat Owed =1600
= 7150 I think
Don't think there is any non current liabilities, so total liabilities = 7150
equity+ liabilities= 46990
So I can't balance, has anyone else attempted?
AAT

Level 2 - 2010
Level 3 - 2011
Level 4 - 2013

ACCA

F4 - 2015
F5 - 2015
• Registered Posts: 465 Dedicated contributor ? ? ?
Hello,

I agree with aaron's figures - bar the exclusion of depreciation charge of £ 4,375 from the P & L.

I have of Net Profit of £ 17,465 / Assets at £ 42,615 / Capital & Liabilities of £ 42,615.

Note to aaron - there are no dividends / retained earnings as question looks as if it is based on a sole trader - not a ltd company.
• Registered Posts: 422
ahhhhhh ok cheers Crispy, 21840-4375(3375+1000)= 17465 :thumbup1:
AAT

Level 2 - 2010
Level 3 - 2011
Level 4 - 2013

ACCA

F4 - 2015
F5 - 2015
• Registered Posts: 422
lol it's old habits of FNST level 4
AAT

Level 2 - 2010
Level 3 - 2011
Level 4 - 2013

ACCA

F4 - 2015
F5 - 2015