Financial Statements: AAT Books? Wrong Answer?
beckyln
Registered Posts: 52 Epic contributor 🐘
Hi Guys/ Girls,
Is anyone using the AAT Books for Financial Statements?
On Test 6 of the first chapter the question answer goes as follows -
SOFP (answers in £'000) just cannot format on the site
Assets
P&p&e 5852
Current Assets
Inventories 5292
Trade Rec' 3578
8870
Total Assets 14722
Equity & Liabilities
Equity:
Retained Earnings 6042
Share Capital 840
Reval' Reserve 1365
8247
Non Current Liab.
Bank Loan (2100)
Current Liab
Bank OD (420)
Trade Payables (3675)
Tax payable (280)
(4375)
Total Liabilities (6475)
Total Equity and Liabilities 14277
Can someone tell me if this answer from the book is wrong?
I keep coming to the figure of £16,494 as my total equity and liabilities but every other answer is the same!
Many Thanks!
Is anyone using the AAT Books for Financial Statements?
On Test 6 of the first chapter the question answer goes as follows -
SOFP (answers in £'000) just cannot format on the site
Assets
P&p&e 5852
Current Assets
Inventories 5292
Trade Rec' 3578
8870
Total Assets 14722
Equity & Liabilities
Equity:
Retained Earnings 6042
Share Capital 840
Reval' Reserve 1365
8247
Non Current Liab.
Bank Loan (2100)
Current Liab
Bank OD (420)
Trade Payables (3675)
Tax payable (280)
(4375)
Total Liabilities (6475)
Total Equity and Liabilities 14277
Can someone tell me if this answer from the book is wrong?
I keep coming to the figure of £16,494 as my total equity and liabilities but every other answer is the same!
Many Thanks!
0
Comments
-
Hi
The total Equity and liabilities is 14722
Total Equity + total liabilities = 8247 + 6475 = 14722
Jan0 -
Thanks for you're reply.
Not sure why it is a plus and not a minus but I will go and find out why!0
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