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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5112
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am filling in the annual accounts form CT600 & i am getting

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I am filling in the annual accounts form CT600 & i am getting a query saying:ERROR:The retained profit at 2015-03-31 must tally with the value in the balance
sheet. Please check and amend your entries.
i have checked but cannot see where i am going wrong?..can someone advice? thanks
Thank you for your question.Please send me images of the your CT600 pages- profit and loss account- balance sheet- accounting notes -dealing with movement on profit and loss account. I will review your accounts and we will fix the error.I have helped many customers here with filing abbrevaited accounts and CT600 returns. many thanks
Customer: replied 2 years ago.
Hello, you just mean screen shots yes??..
Customer: replied 2 years ago.
I have saved some images here.. please let me know if you can see them, thanks
i also seem to be having an issue with my justanswer account! email address should be***@******.***
Thank you fo rthe information.
I will review your accounts and revert to you later this evening.
Many thanks
Thank you for your patience.I have reveiwed your accounts and my comments are as follows:There is a difference of 13,549 between Total net assets AC68 and shareholders' fund AC80.In my view you need to revisit your stock situation at year end Mar 2015 as you are showing a reduction of (37,824-16,740) £21,084 and your cost of sales figure AC14 is 16,969. it is not right.Furthermore, there is big reduction in creditors AC58/AC59 (34,997-14,274) £20,723 (how were creditors paid off when you only made a profit of £11,344 and the bank balance has moved by (439-142) £297).Here are the figures on one page for your consideration I am happy to offer you additional service to ensure the corrections are made and accounts filed by end of tomorrow, thus meeting the deadline. Please let me know if it is acceptable. 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. and other Tax Specialists are ready to help you
Customer: replied 2 years ago.
hi, im slightly confused now?
ac 12 = is the net amount of the sales for the year
ac 14 = i have put the net cost of the goods sold
should i actually be putting the gross amount of these costs?then the retained profit amount = 4811 ; this amount would go straight back into the business as basically all the sales & purchases vat returns over the year have just about been paying for themselves really, there is no profit amounts being retained? but i am not sure where i should be including this figure?
does this make sense?thanks
thank you for your reply.AC12 = sales at invoice valuesAC14 = cost of sales at cost price..AC16 = gross profit
Attached are revised draft accounts for your perusal. Many thanks
Customer: replied 2 years ago.
Yeah!...all submitted, thanks to you!..
i have put it through, so they send an automatic email within a couple hours..Brilliant!
now can you tell me how i do the rate & bonus on the Taxadvisor bit??. or do i just go to the ratings & it gives the message??thanks
Thanks for the good words