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Capital Account and Balance Sheet Items

  • 10-08-2015 11:35AM
    #1
    Registered Users, Registered Users 2 Posts: 179 ✭✭


    Hi,

    On the form 11, I'm required to fill out the "Capital Account and Balance Sheet Items" section.

    Most of it is straight forward, as I don't have stock, W.I.P, cash/capital introduced, debtors and prepayments or client accounts i.e. the calculation is:

    Opening Capital Balance
    Add Profit for the year
    Minus Drawings for the year
    =Closing capital Balance.

    The bit I'm unsure about is the treatment of tax paid. During any given year, I will have paid Revenue a balancing amount for the previous year and preliminary tax for the current year. If I don't reflect tax paid, my closing capital balance will be far higher than my actual capital balance.

    Any help would be appreciated.


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