Financial Statements: AAT Books? Wrong Answer?

beckylnbeckyln Feels At HomePosts: 52Registered
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!

Comments

  • janwaljanwal Experienced Mentor Posts: 1,189Registered
    Hi

    The total Equity and liabilities is 14722

    Total Equity + total liabilities = 8247 + 6475 = 14722

    Jan
  • beckylnbeckyln Feels At Home Posts: 52Registered
    Thanks for you're reply.

    Not sure why it is a plus and not a minus but I will go and find out why!
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