Balance Sheet Q

AATNewbieAATNewbie New MemberPosts: 13Registered
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! :-)

Much appreciated!Attachment not found.
Doc1.pdf 144.1K

Comments

  • crispycrispy Trusted Regular SouthamptonPosts: 454Registered
    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.
  • omega manomega man Trusted Regular Posts: 283Registered
    I think you need to study your books again,what you have done is a complete mess.
    Start with doing a profit and loss as the question asks.
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    Hi Emma,

    Lets try and help you out on this questions :)

    Ok so this question looks a lot easier lol

    For the profit and loss account did anyone else get gross profit= 66950
    Then the overheads = 45110
    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
  • crispycrispy Trusted Regular SouthamptonPosts: 454Registered
    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.
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    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
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    lol it's old habits of FNST level 4 :)
    AAT

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

    ACCA

    F4 - 2015
    F5 - 2015
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