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kirstie27488


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Can get my balance sheet to balance - please help
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Hi Guys,

Could someone please help with my assignment question, i cant seem to get my balance sheet to balance and im not sure where i am going wrong.

Here goes.....The Chairman of Hawsker & District Allotment Holders Society has asked you to prepare their annual accounts for the year ended 31 Dec 07. You issue a letter of engagement in which you agree a free od 125.

The societys treasurer supplies you with the following info:

Asset & Liabilities at 1 Jan 07

Security Fence 1950
Tractor 4500
Storage Shed 6200
Deposit A/c 3200
Current A/c 750
Cash 50
Creditor 110

Accruals: Rent 750
Water 450

Prepayments: Insurance 20

The receipts and payments summary for the year showed:

Cash:
Balance 1/1/07 50
Locker Keys 31
Balance 31/12/07 19

Bank:

Deposit a/c 1/1/07 3200
current 750

Receipts:
Allotment holders rent and water 8520
Bank interest 125

Payments:
Wages 950
Water 3150
Council Rent 3700
Repairs and Renewals 720
JCB Hire 310
Stationary 75
Purchase of second hand trailer 900
Allotment Prize 100
Insurance 300
Chrysanthermum Show Prize 75

Deposit a/c 31/12/07 2000
Current a/c 315

At 31 Dec07 amounts outstanding from allotment holders for rent was 650.
Accruals for rent ans water were 950 & 400 and insurance pre-paid 30.
All fixed assets are depreciated at 10% reducing balance.

Please help me.

Thanks

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RuthA


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Why don't you also post what you've got for your answer so far, or else it's hard to know where to start!!

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Ruth (AFA, ACIB)

Shore Accounting
www.shoreaccounting.co.uk
Davey


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As ruth said your answer would help.

Anyway i would start with an opening Trial Balance List the Debit and Credit Items


Security Fence                   1950

Tractor                             4500


Storage Shed                    6200

Deposit Account                 3200

Current Account                   750

Cash                                   50

Prepaid Insurance                 20

Creditors                                       110

Accruals Rent                                 750

Water                                           450

Accumulated Fund                          15360



_______          ________
16670              16670



That is a start an opening Trail Balance

-- Edited by Davey on Wednesday 28th of April 2010 02:43:44 PM

-- Edited by Davey on Wednesday 28th of April 2010 02:47:43 PM

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David
Davey


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Have a look at the Reciepts And Payments Account an prepare an

INCOME AND EXPENDITURE ACCOUNT FROM THE FIGURES.


Allotment Holders Rent 8520 + 650 =           9170

Bank Interest                                              125

Engagement Fee                                         125
______                                                         _____
9420




Wages                                              950

Water 3150 - 450 + 400                    3100

Council Rent 3700-750 + 950             3900


Repairs and Renewals                         720

Jcb Hire                                             310

Stationery                                           75

Allotment Prize                                  100

Chrysanthermum prize                         75

Insurance 300 - 30 +20                      290

Locker Keys                                        31



Depreciation

Security Fence 1950 * 10 %                195

Tractor 4500 * 10 %                          450

Storage Shed 6200 * 10 %                 620

Second Hand
Trailer 900 * 10 %                              90

_____
10906






______                      _______

Deficiency of                                                 (1486)

Income/Expenditure









-- Edited by Davey on Wednesday 28th of April 2010 04:25:33 PM

-- Edited by Davey on Wednesday 28th of April 2010 04:29:03 PM

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David
Davey


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Sorry about the total column cant get the position of the totals right

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David
Davey


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Balance Sheet As At 31/12/07



Fixed Assets
_____________


Security Fence              1755


Tractor                        4050


Storage Shed               5580

Second Hand Trailer       810
______

12195




Current Assets
______________

Cash                             19

Deposit Account          2000

Current Account           315

Prepaid Insurance         30

Allotment Rent             650

Engagement Fee          125
_______
3139


Current Liablities
________________

Creditors                    110

Rent Accrual               950

Water Accrual             400
_____

1460        ( 1460)



Net Current Assets                       1679


Total Assets                               13874
______


Accumulated Fund
as at 01/01/07                           15360

Less Deficiency
Income/Over Expenditure          ( 1486)

Accumulated Fund
as at 31/12/07                          13874
________







____

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David
Davey


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Balance sheet Balance at 13874 hope this helps in some way.

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David
kirstie27488


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Davey thats great thanks.

The engagement fee - shouldnt that be under payments? Not sure why you have put it with reciepts.

Thanks again

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Davey


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My Mistake regarding the engagement fee of 125 so put in down as an expense

it will reduce income to 9295


Expenses will be 11031



Deficiency
of Income/ Expenditure (1736)



Fixed Assets will be 12195

Current Assets 3014


Current Liabilities ( 1585)


Net Current Assets 1429


Total Assets 13624




Accumulated Fund 15360

Less Deficiency
of Income/
Expenditure (1736)


Accumulated Fund 13624




New Balance sheet totals 13624

Sorry about the original error


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David
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