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Balance Sheet Help

  • 18-08-2013 10:57pm
    #1
    pleasehelp1320
    Closed Accounts Posts: 1 ✭


    Am really stuck -- brain just frazzled tonight.

    Doing year end accounts which I need for tomorrow morning for Sub-contractor.

    Have operating profit of 2500 but its the "Financed by" section that I am having a problem with...... I know its very simple but please help --just cant think

    B/S extract
    No assets

    C.Assets
    Balance at Bank 3700

    C. Liabilities 0
    Working Capital 3700

    Financed by
    Net Profit 2500

    Vat Refunds of 1200 -- where do they go?


Comments

  • #2
    Mark1916
    Registered Users, Registered Users 2 Posts: 523 ✭✭✭Mark1916


    pleasehelp1320 wrote: »
    Am really stuck -- brain just frazzled tonight.

    Doing year end accounts which I need for tomorrow morning for Sub-contractor.

    Have operating profit of 2500 but its the "Financed by" section that I am having a problem with...... I know its very simple but please help --just cant think

    B/S extract
    No assets

    C.Assets
    Balance at Bank 3700

    C. Liabilities 0
    Working Capital 3700

    Financed by
    Net Profit 2500

    Vat Refunds of 1200 -- where do they go?

    Just a quick thought surely its

    Dr VAT refunds receivable (assuming they haven't been received?)
    Cr Vat refunds on the income statement (will increase revenue and net profit)

    Not sure on the above but that's what I think


  • #3
    mr_edge_to_you
    Registered Users, Registered Users 2 Posts: 3,189 ✭✭✭mr_edge_to_you


    Mark1916 wrote: »
    Just a quick thought surely its

    Dr VAT refunds receivable (assuming they haven't been received?)
    Cr Vat refunds on the income statement (will increase revenue and net profit)

    Not sure on the above but that's what I think

    Supplier issues invoice to Ops company
    dr Vat receivable (vat amount)
    dr P&L (net amount)
    cr Creditors (gross amount)

    then you receive Vat refund
    dr Bank
    cr Vat receivable

    if Vat was accounted for correctly it should have no impact on P&L.


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