I am new to this forum, I have decided to study bookkeeping and all was going well until I come to balancing my Balance Sheet.
To make it balance my p & l needs to have a profit of £18,215 and I have £18,165 - this is made up of:
Sales £168,900
Stock £9,300
Purchases £105,750
Stock (£13,100)
(£101,950)
Gross Profit £66,950
Wages £31,500
MV running costs £870 (to include an accrual of £250 - paper states a further £250is due for motor running costs so I have made an adjustment for an accrual - original amount £1120)
Rent and rates £10,040 (to include a prepayment of £550 - paper states a further £550 is prepaid in rent so I have made an adjustment for a prepayment - original amount £10,590)
Telephone £450
General Expenses £1,750
MV Depreciation Charge £3,375 (reducing balance from original cost of £13,500)
F & F Depreciation Charge £800 (straight line balance from original cost of £4800 already depreciated once)
Can anyone see where I have gone wrong by the missing £50 to make it balance? I have been looking at it for so long I am getting extremely frustrated.
Would still be nice to see the full question as I can't build the balance sheet from the limited information that you have given.
However, to get to the figure that you want for the P&L you should have the following (I've included notes in blue in brackets).
Remember to take the accruals to current liabilities and prepayments to current assets.
kind regards,
Shaun
P&L
Sales
168,900
Cost of Sales
Opening Stock
9,300
Purchases
105,750
115,050
Closing Stock
13,100
(101,950)
66,950
Expenses
Wages
31,500
Vehicle Expenses
(1,120+250)
1,370
Vehicle Depreciation
3,375
F&F Depreciation
800
Rent & Rates
(10,040-550)
9,490
Telephone
450
General
1,750
(48,735)
Profit / Loss
18,215
p.s. sorry that not all of the formatting came through on the cut and paste from Excel.
-- Edited by Shamus on Saturday 17th of August 2013 07:15:48 PM
__________________
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.
just on my way out at the mo but fear not, will look at it later today unless someone else picks it up in the interim.
Don't suppose that you are able to scan in the original question and attach it are you? Or if its from a book which book was it was from as I may have a copy hanging around somwhere and its very easy to miss something subtle or mistype a figure when writing it out here.
If not, as I say, I'll look through it later if someone else doesn't pick it up before,
kind regards,
Shaun.
__________________
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.
can't sort it out just yet but will once I get back in after feeding the grandparents (haven't decided what to yet!) I'll sort you out so expect something before 8 tonight.
I'll also tell you how to attach files to posts when I'm back on.
many thanks, talk later,
Shaun.
__________________
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.
still not received anything which is putting the hope of getting the answer to you by 8 at risk.
looking forwards to hearing from you soon.
kind regards,
Shaun.
__________________
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.
sorry was feeding rug rat children you are such a STAR it was my p & L that was wrong and not my balance sheet!!!I can also clearly see that the error I had made was the accrual - thank you SO much I was nearly tearing my hair out!! You are a good good person - Spag bol for the grandparents?!
Good luck in all of your studies and look forwards to chatting as you work through them.
Kindest regards,
Shaun.
p.s. was that an offer of a swap of a Spag Bol for the Grandparents, if so, you've got a deal, lol.
__________________
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.
Thank you Shaun and thank you for showing me the error you have no idea how much of a relief it is to be able to pin point what I need to work on :)
James
Ps no it wasn't it was a suggestion on what to feed them but they can be entertaining so let me go have a few beers of relief thanks to you and then after a couple I might be happy with that deal lol
