Hi All, I have just started the level 1 Basic Bookkeeping and i have already hit a brick wall on Question 1 on the assignment reference balance sheets " What would you say is wrong with the following balance sheet ?" Im feeling so silly, but I cant work it out. I have purchased the entire course and i am seriously questioning my ability now. Can anyone help ????
seems strange to get balance sheets rather than basic double entry as a first assignment but regardless don't worry too much. We've all been through it. Have a cup of tea and then come back to this fresh.
Often you will now look at the question and think "Oh heck. how the hell did I miss that!" if not, although we can't help you directly with your assignment as that wouldn't really help you at all we can offer a few pointers to get you going.
Look for postings under the incorrect heading.
Do the columns add up?
Do the two sides of the balance sheet in fact balance?
Is something missing that should be there?
Is something there that should be in the P&L or indeed shouldn't appear at all?
When doing this question assume that there may be more than one thing amiss so don't stop searching when you've got one answer. Sometimes a misposting in one area shows up a misposting in another.
talk later,
Shaun.
edited to take out the question about which course you were on as just had a look at your previous posts which made it clear that it is ICB level 1. Sorry missed that one first time around so a big belated welcome to the forum from me.
-- Edited by Shamus on Monday 18th of April 2011 05:21:46 PM
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
