Help please

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
I have inherited a new client and found a prob with last year's accounts -

In the P&L closing is £41,965 but on the BS it is £41,695.

I dont wildly want to restate last years accounts if I can help it - also dont want to inform the revenue, as I think that this is tantamount to asking for an investigation.

The amount is, in my opinion, immaterial (0.6%) but, how, or rather what do I adjust. I always do last years figures as a comparative.

As always any help much appreciated.

Claudia

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help please

    Were the accounts done by a professional? Were they prepared manual say in excel?

    I doubt you even need to do anything... its a transposition obviously and the balance sheet won't balance.

    When you enter those figures into your system. Correct the transpostion so it does balance.

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help please

    professional :roll:

    manual - yes.

    balance sheet does balance! :roll:

    Next?

    Claudia

    PS - I assume that they "massaged" drawings to lose the £270!

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help please

    Yes thats all you can really do.

    Just a thought is there any work in progress or any adjustment to work in progress.

    If so the corresponding entry might have been sales !

    Not likely, it looks like a transposition error, but thought I would throw in my tuppance !

    Robin Stride FMAAT
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help please

    Hi guys

    I am sure that it is a transpositional error - but how do I correct it?

    My only thought is drawings, as I assume that is what previous accountant changed to get rid of the balance.

    I think that I will have to play around with the figures and see what happens with various scenarios.

    Claudia
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help please

    Can you not phone the 'numpty' and ask him what he's playing at?! :lol:

    Regards

    Dean

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