I have a simple balance sheet containing no fixed assets, no long term liabilities.
i started trading with £15000, i spent £5055 leaving me with 9945, I made sales of £3333 leaving me with stock valueing £1721, I have no debtors or creditors at the moment
I have some expenses totalling £3148.11, all in all I made a loss of £3000 according to my profit and loss, the problem i am having is how to adapt this all into a balance sheet.
At the moment my attempt at a balance sheet looks similar to the following
Assets
Till Float 200
cash in hand 10129.89
stock 1721
liabilities 0
i hope someone can help by pointing me in the right direction
I have just tried to recreate your TB, P&L, and BS but am struggling to make the numbers fit. I have assumed the £5055 was stock purchases, as you mentioned expenses separately, and have given a closing stock value.
Unless I have missed something (it is Sunday morning, and I am half asleep), using your figures, you would have had to have made sales of 3482.11, not £3333, to make a £3000 loss.
purchased stock would equal 120, however i make sales of 200 by selling the beer, the cylinder gas is obviously not sold but is stock until it runs out as a result 120 comes out of stock but my valuation of stock based on sales is only 62% as a result
unless I am mistaken my stock is entered as cost price not sale value
