Final accounts for sole trader
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Norbs
Registered, Users Awaiting Email Confirmation Posts: 5
Hi everyone,
I didn't pass my exam at this time, AAT LEVEL 3 Final accounts Preparation.
Please can u help me with the final accounts for sole trader question?
So I know - non current asset: equipment/ machinery
- current asset: trade receivables (sales less doubtful debt)
bank, cash
inventory (closing)
BUT PREPAYMENT AND ACCRUAL INCOME WERE MISSING FROM THE 'list' so I couldn't put any off them
- current liabilities: trade payable (purchase ledger)
VAT
ACCRUAL EXPENSES AND PREPAID INCOME were missing from the option as well.
Any idea what I supposed to put if the ACCRUALS and prepayments were missing and also in the end of the task
I have the capital and the profit off loss and I have to decide to add or less drawings to get the same amount then I supposed to get in the asset.
Sorry maybe hard to understand but I appreciate any ideas.
Thank you very much
I didn't pass my exam at this time, AAT LEVEL 3 Final accounts Preparation.
Please can u help me with the final accounts for sole trader question?
So I know - non current asset: equipment/ machinery
- current asset: trade receivables (sales less doubtful debt)
bank, cash
inventory (closing)
BUT PREPAYMENT AND ACCRUAL INCOME WERE MISSING FROM THE 'list' so I couldn't put any off them
- current liabilities: trade payable (purchase ledger)
VAT
ACCRUAL EXPENSES AND PREPAID INCOME were missing from the option as well.
Any idea what I supposed to put if the ACCRUALS and prepayments were missing and also in the end of the task
I have the capital and the profit off loss and I have to decide to add or less drawings to get the same amount then I supposed to get in the asset.
Sorry maybe hard to understand but I appreciate any ideas.
Thank you very much
0
Comments
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I'm sorry but I do not understand the question.
Are you saying that you'd calculated accruals and prepayments yet within the drop-down, within the exam, there was no place to enter your calculations?
Do you have an example question to upload for direction?
Are you working on missing figures?
0 -
Hi Bertie,
Sorry if i wasn't clear enough.
The task was to fill up the missing part. Choose the correct answer from the drop-down menu like non current assets, current assets and current liabilities however i know for the current assets suppose to be the 'Sit Down Pretty Aged Black Cat' but what about if there is no prepayments and accruals as an option?
And on the current liabilities from the left hand side list u can't find the accrual expenses? what do i need to use from the drop-down menu?
i hope that makes more sense to you
Thank u0 -
Sorry but anyone can help me?
My problem havent been sorted, thank0 -
Hi there, I'm not sure I understand your query, do you mean you wanted to enter a prepayment on your balance sheet not there was no prepayment option as a drop down in your assets?0
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yes exsactly0
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so what I need to do if like prepayment and like accurals missing?0
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