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Drawings - Form 11

  • 24-05-2011 11:10am
    #1
    Jamesw2
    Closed Accounts Posts: 137 ✭✭


    Last year I prepared a set of accounts for a sole trader.

    Drawings was set up as a balance sheet account under equity.

    Im drafting up this year accounts for tax computation.

    Drawings is a balance sheet item and therefore the balance sheet is showing accumulated balance of drawings.

    When I file Form 11 do I put in accumulated balance of drawings for the two years or deduct previous years balance?


Comments

  • #2
    Shurwhynot
    Registered Users, Registered Users 2 Posts: 561 ✭✭✭Shurwhynot


    The Form 11 should only contain the drawings relevant to the year in question


  • #3
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    Shurwhynot wrote: »
    The Form 11 should only contain the drawings relevant to the year in question

    +1


  • #4
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    Shurwhynot wrote: »
    The Form 11 should only contain the drawings relevant to the year in question
    Yes drawings less taxation and pension amounts


  • #5
    Jamesw2
    Closed Accounts Posts: 137 ✭✭Jamesw2


    Thanks for that. So just to confirm in general my drawings figure (negative) in Equity will increase year on year indefinately? Its currently the biggest figure on the balance sheet. Havent practiced sole trader accounts in years, am a bit rusty!


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