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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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There, I'm in the middle of completing my companies corporation

Resolved Question:

Hi there,
I'm in the middle of completing my companies corporation tax return and I can't seem to balance the balance sheet.
I was helped last year by wonderful people at JustAnswer and wondered if I could get some help this year...
(very small limited company)
Submitted: 1 year ago.
Category: Tax
Expert: replied 1 year ago.
Thank you for your question...Are you able to send me images of your- profit and loss account- balance sheetpages and I will review your accounts.Alternatively, advise figures as appropriate and we will take it from there..PROFIT AND LOSS Box No. This year Box No. Last yearprofit or (loss) on ordinary activities before taxation AC32 AC33tax on profit or loss on ordinary activities AC34 AC35profit or (loss) for the financial year AC36 AC37dividends for the period AC38 AC39net balance for the financial period transferred to reserves AC40 AC41 BALANCE SHEET Box No. This year Box No. Last yearintangible assets AC42 AC43tangible assets AC44 AC45TOTAL FIXED ASSETS AC48 AC49Stocks AC50 AC51Debtors AC52 AC53cash at bank and in hand AC54 AC55TOTAL CURRENT ASSETS AC56 AC57creditors due within one year AC58 AC59NET CURRENT ASSETS AC60 AC61TOTAL ASSETS LESS CURRENT LIABILITIES AC62 AC63creditors due after more than one year AC64 AC65provision for liabilities AC66 AC67TOTAL NET ASSETS AC68 AC69 CAPITAL AND RESERVES Box No. This year Box No. Last yearcalled up share capital AC70 AC71revaluation reserve AC76 AC77profit and loss account AC74 AC75TOTAL SHAREHOLDERS FUNDS AC80 AC810 STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last yearprofit and loss - opening balance AC184 AC215profit for the period AC185 AC216equity dividends paid AC186 AC217retained profit AC187 AC218 Many thanks
Customer: replied 1 year ago.
AC12 23583.91
AC14 21637.81
AC20 203.80
AC26 1742.00
AC32 1742.00
AC40 1742.00I think this is accurate.....however, I have yet to include any depreciation of £100 on a small machinery item.AC44 499 (599 minus £100 depreciation)
AC54 2393.00
AC58 3698.00 (includes £2460 due to Directors, £1238 due to unpaid invoices)and that's pretty much where I am with it......I will attached balance sheet from last year
Customer: replied 1 year ago.
Nowhere on the 2014-15 balance sheet have I included £808 cash in bank that ended the 2013-14 tax this necessary?
Customer: replied 1 year ago.
And to give a better picture of our "asset".We bought an item of machinery for £599 in 2013-14 on a payment plan with 12 monthly payments (0% interest). There was an outstanding balance of £543 at the end of 2014-14 tax year.This payment plan was cleared in the 2014-15 tax year.
Expert: replied 1 year ago.
Thank you for the information...I have made an adjustment of £100 by increasing admin costs AC20 to 304.You have a revised profit for the year AC40 now reading 1,642I am a bit lost on the bank balance.. the company a profit of 1,742 before depreciation whereas you banl balance has gone up by (2,393-808) 1,585 and presuming the creditors are reduced by (1,742-1585) 157.Your creditors have infact gone up by 658 year on year..If the closing bank balance is correct at 2,393 then your creditors appear to be incorrect.At present there is difference of 815 between total net assets AC68 and AC80. Your total net assets have gone up by the profit for the year and the correct figure for AC68 is 9 based on your profit and loss account.You need to look at both AC54 and AC58.I have attached your accounts after adjusting for depreciation. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
Thank you so much for your help.....of all the figures I have submitted, I am extremely confident of AC54 and AC58.Our Directors Loan account unfortunately was not settled to 0 and the company still owes the Directors £2460.The remaining proportion of AC54 is made up of unpaid invoices to the total of £1238. These figures are definite.Also AC58 must be correct as I have our Bank Statement in front of me and that figure is the statement balance as at 5th April 2015.Is there anywhere else I might have issues?
Customer: replied 1 year ago.
I'm an idiot.........I've found an issue....I have a Debtor for £720 (an invoice issued by our company that was not settled in the 2014-15 tax year)Where does that go? AC52 I assume.
Expert: replied 1 year ago.
Thank you for your reply...There are three items in the balance sheet- fixed assets- cash- creditorsAll three appear to reflect correct values per your statement..Debtors will go in AC52.I suggest you write off the differnce to creditorsI hope this is helpful. and other Tax Specialists are ready to help you
Expert: replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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