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NA_AA


Guru

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Balance sheet for sole trader
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This maybe a silly question but sole trader wants a balance sheet Which items would you include on this? Also regarding the bank account - this is a personal bank account so what element of this would you include on the bank Thanks in advance for your help

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Thanks, Nadia.
Leger


Master Book-keeper

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Hi Nadia

You would need to do a full set of accounts in order to produce a balance sheet.  Which software are you using, most should be able to produce the balance sheet.

Only show business income and expenditure on the bank account so the balance will be the net figure showing 

Items showing on the balance sheet would include

Fixed Assets
Outstanding debtors and creditors
cash at bank and in hand 
Accruals and prepayments



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
NA_AA


Guru

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I was going to use quickbooks

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Thanks, Nadia.
abacus12345


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Everything business related, else omit.

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Johnny  - Owner of an overly-active keyboard. 

A man who can read, yet doesn't, is in no way wiser than a man who can't.

 
Cheshire


Master Book-keeper

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abacus12345 wrote:

Everything business related, else omit.

 Succintly put Johnny smile



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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