Quick balance sheet computation question

[RandomQ's]

Hi all,

Doing an accounting exercise and I know I'm missing something on this balance sheet, but the coffee and lack of breakfast is clouding my vision.

If anyone has one small moment, could someone let me know if I'm working this correctly?

Called up share capital not paid:1 - would this be a liability as it has not been paid? If so, the below would be incorrect?
Fixed Assets:59
Current assets:1,594
Creditors: amounts falling due within one year 709 )
Net current assets (liabilities):885
Total assets less current liabilities:944
Total net assets (liabilities):944
Capital and reserves:944

 

[MyAccountantOnline]

Hi all,

Doing an accounting exercise and I know I'm missing something on this balance sheet, but the coffee and lack of breakfast is clouding my vision.

If anyone has one small moment, could someone let me know if I'm working this correctly?

Called up share capital not paid:1 - would this be a liability as it has not been paid? If so, the below would be incorrect?
Fixed Assets:59
Current assets:1,594
Creditors: amounts falling due within one year 709 )
Net current assets (liabilities):885
Total assets less current liabilities:944
Total net assets (liabilities):944
Capital and reserves:944

Unpaid share capital is generally shown as a separate heading at the top of a balance sheet - it's an asset as it's money owing to the company.

How is your figure for capital and reserves comprised?

 

[RandomQ's]

I have done:
fixed assets + current assets = 1653(calculated without the share)

Total Assets - liabilities(709) = 944

So it’s this one share. Meaning total assets should be 1654..?

 

[MyAccountantOnline]

I have done:
fixed assets + current assets = 1653(calculated without the share)

Total Assets - liabilities(709) = 944

So it’s this one share. Meaning total assets should be 1654..?

Yes you need to add the share to the assets if its unpaid.

 

[RandomQ's]

Yes you need to add the share to the assets if its unpaid.

right got it, thanks sooo much!