Balance Sheet

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
Do you think it is always necessary to provide a Balance Sheet?

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  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Balance Sheet

    Simple answer - No :D

    I have quite a few subbies, and I dont bother with balance sheets for them. They are paid weekly so no debtors. Very few purchases, and only for cash so no creditors. No stock as they are a subbie. No business bank account and only a knackered old van worth £100 (if the sun is shining).

    What therefore is there to put on a balance sheet? Accountancy accrual is all that I can think of :lol::lol:

    Claudia
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Balance Sheet
    claudialowe wrote:
    Simple answer - No :D

    I have quite a few subbies, and I dont bother with balance sheets for them. They are paid weekly so no debtors. Very few purchases, and only for cash so no creditors. No stock as they are a subbie. No business bank account and only a knackered old van worth £100 (if the sun is shining).

    What therefore is there to put on a balance sheet? Accountancy accrual is all that I can think of :lol::lol:

    Claudia

    Agreed. :)

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Balance Sheet

    I am glad you said that because I thought it was just me. In a recent tax enquiry, a tax inspector has suggested that all accounts should come along with a Balance Sheet as this is a "good source of further information". I prepared one for a year end back in 2004 and it didn't really give much information - it just balanced!
    Perhaps this is just HMRC Inspectors exerted their authority?

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