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Final Accounts

  • 16-05-2014 3:49pm
    #1
    chelliam1
    Registered Users, Registered Users 2 Posts: 19 ✭


    In a mock company account (Milan PLC) it includes the revaluation reserve and a revenue reserve in the balance sheet. Does anyone know if this can be asked in the leaving cert or how to get the figure?


Comments

  • #2
    robman60
    Registered Users, Registered Users 2 Posts: 2,228 ✭✭✭robman60


    chelliam1 wrote: »
    In a mock company account (Milan PLC) it includes the revaluation reserve and a revenue reserve in the balance sheet. Does anyone know if this can be asked in the leaving cert or how to get the figure?
    Well you haven't really given an indication of where the figure came from. Did the business receive a grant from a government agency? That goes in the capital section of financed by in the balance sheet I think.

    If so, that's a proper adjustment, just not too common. Part of Ruadrí Quinn's mighty plans for his minions is to reduce the predictability of papers. The fact that the Q1 adjustments are so similar every year does not mean this will be the case in future. Sole trader is so hotly tipped this year, if it comes up I'll be expecting a few tricky adjustments.


  • #3
    3raser10
    Registered Users, Registered Users 2 Posts: 59 ✭✭3raser10


    robman60 wrote: »
    Well you haven't really given an indication of where the figure came from. Did the business receive a grant from a government agency? That goes in the capital section of financed by in the balance sheet I think.

    If so, that's a proper adjustment, just not too common. Part of Ruadrí Quinn's mighty plans for his minions is to reduce the predictability of papers. The fact that the Q1 adjustments are so similar every year does not mean this will be the case in future. Sole trader is so hotly tipped this year, if it comes up I'll be expecting a few tricky adjustments.
    Thanks for scaring me!! :( do you think I should cover all 60 markers then? (most covered while we were doing 100 markers except two so I guess I should cover one more since have to do 2 out of 3) :(


  • #4
    robman60
    Registered Users, Registered Users 2 Posts: 2,228 ✭✭✭robman60


    3raser10 wrote: »
    Thanks for scaring me!! :( do you think I should cover all 60 markers then? (most covered while we were doing 100 markers except two so I guess I should cover one more since have to do 2 out of 3) :(

    No I wouldn't bother doing the questions like revaluation and depreciation. I don't think Q1 will be too difficult, just a little less predictable in the adjustments.


  • #5
    3raser10
    Registered Users, Registered Users 2 Posts: 59 ✭✭3raser10


    like a combination of workings from all three types of accounts right?


  • #6
    robman60
    Registered Users, Registered Users 2 Posts: 2,228 ✭✭✭robman60


    3raser10 wrote: »
    like a combination of workings from all three types of accounts right?

    No I just mean more difficult adjustments, maybe something that hasn't appeared before. If sole trader comes up, there'll definitely be that adjustment where part of the mortgage interest is attributable to a private dwelling I think.


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  • #7
    Poliana.xo
    Registered Users, Registered Users 2 Posts: 300 ✭✭Poliana.xo


    robman60 wrote: »
    No I just mean more difficult adjustments, maybe something that hasn't appeared before. If sole trader comes up, there'll definitely be that adjustment where part of the mortgage interest is attributable to a private dwelling I think.

    Yeah I would expect the adjustments to be tricky.. Even bank going from a liability to an asset or vice versa just to catch people out. :rolleyes:


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