Advertisement
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.

Capital Account and Balance Sheet Items

  • 10-08-2015 11:35AM
    #1
    thomas01
    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.


Comments

Advertisement