NET PROFIT £100550

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi a lot of people seem to have £101250 as net profit, but I have the above which is £700 different. Which I think is to do with the suspense account. I cleared that fine though, did people not alter there figures then from the trial balance to the P & L account or what as I don't understand this difference?<BR><BR>

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    NET PROFIT £100550

    I altered my figures for the P&L but it was only the sales figure that was carried on to the P&L, the SLCA figure would have been for the balance sheet, so I'm not sure on that one
  • System
    System Posts: 100,534 🤖 Admin 🤖
    NET PROFIT £100550

    I credited suspense from sales, debtors £700 and £8500 re the vehicle which balanced it out. I deducted £350 from sales and added £350 to debtors and I did get a net profit of £101,250. Did I do wrong?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    NET PROFIT £100550

    I got 101250 but I don't know which one is right or wrong
  • System
    System Posts: 100,534 🤖 Admin 🤖
    NET PROFIT £100550

    majority of people got 101,250
  • System
    System Posts: 100,534 🤖 Admin 🤖
    NET PROFIT £100550

    <BR><BR>i got it £101950<BR><BR><BR>anyone got this figure??<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    NET PROFIT £100550

    I got Net Profit of 101,250<BR>TB 70,390<BR><BR>I mucked up on the memo questions about the leases as I didn't revise this at all so wouldn't have got any marks for that.<BR><BR>Also mucked up on appropriation account I took of 3x£700 instead of adjusting for dan as i thought as it said work it out from the start balances but I realise I should have adjusted it!!!<BR>Also for the FRS18 I put going concern and accruals concept, was this what they were looking for do you think?

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