End of year account

[Leew2143]

Hi all,
Hopefully you can help with this one. I’ve got a small business & just finishing off my account ready for account to do end of year.
but I’ve thinking I’m going wrong someware. Non vat business with separate bank account, sole trader.

Can someone tell me if this is correct.

For example

April opening balance £3500.
Year end £7600.
Draw down of £1500.

Should give me a profit of £5600.
opening/ closing stock same balance.

But I seem to be getting a much higher figure of 8k

I’m sure it’s just me

But just want to confirm my thinking is correct & than I can go back through it all again.

Thanks all

 

[Baines Watson]

Hi all,
Hopefully you can help with this one. I’ve got a small business & just finishing off my account ready for account to do end of year.
but I’ve thinking I’m going wrong someware. Non vat business with separate bank account, sole trader.

Can someone tell me if this is correct.

For example

April opening balance £3500.
Year end £7600.
Draw down of £1500.

Should give me a profit of £5600.
opening/ closing stock same balance.

But I seem to be getting a much higher figure of 8k

I’m sure it’s just me

But just want to confirm my thinking is correct & than I can go back through it all again.

Thanks all

How did you arrive at the figure of £8k ? Did you maintain a cashbook recording income and expenses during the period and the £8k is coming from there ?

Check your £8k calculation to see if you are missing any expenses from it, reconcile it with the bank transactions to ensure all are accounted for.

 

[WaveJumper]

I would always advocate the use of an accountant, I know its a small amount of income but as above mentioned have you included everything you should be claiming for (are you 100% sure do you know what you can and can't claim for) also any losses to include from previous year, equipment to write off etc etc ?

 

[MyAccountantOnline]

Hi all,
Hopefully you can help with this one. I’ve got a small business & just finishing off my account ready for account to do end of year.
but I’ve thinking I’m going wrong someware. Non vat business with separate bank account, sole trader.

Can someone tell me if this is correct.

For example

April opening balance £3500.
Year end £7600.
Draw down of £1500.

Should give me a profit of £5600.
opening/ closing stock same balance.

But I seem to be getting a much higher figure of 8k

I’m sure it’s just me

But just want to confirm my thinking is correct & than I can go back through it all again.

Thanks all

It's going to be very difficult to answer your question without seeing your records and workings but we may be able to help or atleast give you some pointers.

First of all I see how your £5,600 is calculated but when you say 'draw down of £1,500' what do you mean?

Also when you calculated your profit figure of £8,000 where did you get your figures from? Are you for example taking into account income receivable which includes monies owing to you? Depending on how much was owed at the start of the year that may well account for the higher profit figure you've calculated.

Are you using any software to record income and expenditure?