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Help me understand my Micro-entity balance sheet?
The numbers involved are simple, and pretty tiny, but I'm confused about the general structure of the balance sheet (which is, unless I'm mistaken, all that needs to be returned (to Companies House, at least) for a micro-sized company like mine) and what should be put where. The numbers: I hold 1 share (unpaid) at £1 value.
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Should retentions be recognised as income? - AccountingWEB
But I think it is an actual asset - the contract will be for, say £100,000 but £5,000 will be retained until everybody is happy that the job has been done properly. So I think the full £100,000 should be recognised until something happens (e.g. remedial work being necessary) to indicate that the retention will not be paid.
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Bookkeeping for Accrued Income - AccountingWEB
Yes, sorry I meant to say £1000 (£200+£800). My closing journals on Sage are using the sales code 4000 and accrued income 1104. The previous accountants didn't use 4000 they put it to a suspense account 9998 Cr and the Dr 1104. I don't see them using the 4000 code anywhere but their sales figures are correct I'm not doubting their figures ...
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Which box on the tax return for accrued income -relievable amount
17th Feb 2009 14:19. accrued income. This amount can only be relieved against interest income (or an accrued income charge) from the same kind of security, it is not simply available as a deduction against any income. Any excess of relievable amounts over anything to be entered in boxes 1-3 on page Ai1 is simply carried forward as a loss to be ...
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Work in Progress - AccountingWEB
Hi All, I am looking for some clarity around work in progress. I understand this is generally valued at the lower of cost & NRV, but there are also times where it should be treated as accrued income at the selling price dependant on the stage of completion: My question is twofold, and I will use a few examples to help with the questions: 1.)
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FRS 102: How to account for grants - AccountingWEB
17th Apr 2014. 1 comment. FRS 102 becomes mandatory for accounting periods starting on or after 1 January 2015. Steve Collings considers accounting for grants under the new GAAP. Government grants are defined in the glossary to FRS 102 as: “Assistance by government in the form of a transfer of resources to an entity in return for past or ...
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Accrued income scheme and transfer to life tenant
Present income tax position: 45% tax on the accrued amount, being the income accruing before sale (I think from this we infer that it is the trust rate and not the basic rate of tax which applies. But is this not apparent from the trust tax return notes. If I put any income in box 9.23 - accrued income profits - on an IIP tax return, my ...
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Accrued Income - AccountingWEB
Question 1 (Accrued Income): Quarterly Accounts prepared and accrual made in the quarter where client not invoiced - ok with this. At what point would that accrual be reversed, the first day of the first month in the following quarter? Question 2 (Accrued Income): Quarterly accounts prepared and accrual made, client invoiced and accrual not ...
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The new UK GAAP: FRS 102 explained - AccountingWEB
FRS 102 is 350 pages long and in contrast to current UK GAAP at 3,000 pages long, the sheer reduction in volume will, on its own, be a welcome feature of FRS 102. Roger Marshall, an FRC board member and chairman of its accounting council said that FRS 102 “modernises and simplifies financial reporting for unlisted companies and subsidiaries ...
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accrued income??? - AccountingWEB
Accrued income is income that has not yet been credited to income. The second journal entry is: Dr income £x. Cr deferred revenue £x. so if i pick round amounts and say the yearly subscription is £12000 and im to recieve 10 instalments of £1200. would i be correct in saying. Raise the invoice. DR Debtor account £12000. CR Accrued Income £ ...
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