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I know it's xmas eve but any accountants out there please?

(26 Posts)
DelGirlsRingAreYouListening Fri 24-Dec-04 13:32:24

Yes, christmas eve and i'm trying to sort out a blessed accounting query!!!! A few disputes have arisen and I want to make sure I've got my facts straight.

If current assets were £100.00 for expample
and current debtors were £200 for example. if the debt had then been paid, we'd still be left with £100 in the bank, yes or no?

Dispute is with imcompetent management company who were sacked some time ago and they don't agree with the above. I'm sure i'm right but quite happy to be proved wrong just to clear it up. Thanks MN

DelGirlsRingAreYouListening Fri 24-Dec-04 13:34:15

just to add, belwo current assets/debtors it states net current assets £300 example

TracyK Fri 24-Dec-04 13:36:08

did the current asset fig incl the debtor fig?

DelGirlsRingAreYouListening Fri 24-Dec-04 13:38:02

yes, just to clarify it's set out like this:

current assets
bank acct £100
debtors £200

current liabilities -

net current assets £500

DelGirlsRingAreYouListening Fri 24-Dec-04 13:38:41

that isnt set oput how I typed it but there are no current liabilities

TracyK Fri 24-Dec-04 13:43:27

I would assume that if you had £100 in the bank and the debtor paid £200 - then you would have £300 in the bank - unless they paid cash and you bought yourself a bucket load of chocolate with it

DelGirlsRingAreYouListening Fri 24-Dec-04 13:47:32

well thats what we tried to say the 1st time round but they didnt buy it and i'm loathe to call them today cos there's other stuff I need to clear up 1st and I dont fancy a slanging match today. But if it's a debt, it the money would go the person owed or am I being incredibly thick (not for the 1st time). I'm terrible, I think where accountants are concerned, I think, well you've got the qualification so you must be right and it's hard to prove someone wrong iykwim because you're always trying to work out how on earth they came up with the figures. Does that make sense?

TracyK Fri 24-Dec-04 13:49:18

was the debt assigned to a factoring company - ie they pay you upfront for the debt and then when the debtor pays up - they keep the money??

Demented Fri 24-Dec-04 13:51:21

Delgirl, I have shown this to my DH (self-employed work from home accountant) and he is not quite sure what you mean, he has suggested you e-mail him, if you want, and he will have a look at the puzzle? He decided have the day off but he must be getting bored already - jason@abc-fife(dot)co(dot)uk

jingleballs Fri 24-Dec-04 13:51:44

must be a typo, (where did they get £500 from? surely the £300 is right, or do they think u have another £200 dr from some where?)

DelGirlsRingAreYouListening Fri 24-Dec-04 13:52:49

oh dear, brain not good, as ever. sorry jingle, meant £300 net assets.

DelGirlsRingAreYouListening Fri 24-Dec-04 13:54:36

I think the debtors are us/unpaid maintenance. Only because they didnt get their backsides into gear and send us any bills

soapboxingday Fri 24-Dec-04 13:56:29

Delgirls - am an accountant!

The total net assets number doesn't change when the debtors are settled. Double entry is:

Dr cash £200

Cr debtors £200 when the cash comes in.

So bank changes to £300, debtors is nil balance. Assuming no liabs the total net assets number is therefore £300 as before.

If you want to give me exact transaction details I will work out the double entry for the journal that should have been posted.

But... am in between baking and cooking at the mo so might be 1/2 hour or so before I pick up your next post!

DelGirlsRingAreYouListening Fri 24-Dec-04 13:57:44

thats very kind of your dh but I cant burden you with all that, tho I spose thats exactly what I am doing here. What more info would he need anyway, its all sat here <<groan groan groan>>

DelGirlsRingAreYouListening Fri 24-Dec-04 13:59:20

well you've proved me right from the 1st time round soapy but they dont agree thats why I thought I must be wrong a arrrrrggggghhhhh. peeps do there baking etc etc etc, i'll get myself a drink and then try and post something coherent. you're all so helpful, thanks

soapboxingday Fri 24-Dec-04 14:02:48

Delgirl - I think you are getting confused between a debtor - someone who owes money to you (so when cash comes in you bank it) and a creditor someone to whom you owe money (so you pay money out) can you tell me exactly what the transaction is and I will try and work out whether it is a debtor or a creditor in the company's books!

Taking a punt (I assume you are doing the books of the management company who manage your buidlings) then the unpaid maintenance relates to people who have not paid their maintenance on time and so sit as a debtor on the books. WHen these people finally pay then there will be cash coming into the management company which will then boost the bank balance by the amount due!

DelGirlsRingAreYouListening Fri 24-Dec-04 14:05:11

well thats exactly what I thought, honestly, and thats what we told them, but they are trying to say there's nothing. will get it all together from 2004 & 2004 accts and let you know. thanks everso

Demented Fri 24-Dec-04 14:08:35

Delgirl, my DH concurs with Soapbox, the typo earlier on was what confused him.

This thread reminds me why I never got anywhere with book-keeping/accounts, arrrrghhh! Don't know how any of you do it!!!

DelGirlsRingAreYouListening Fri 24-Dec-04 14:12:09

ok - so if you all can give me 1/2 to get head round it all and type something up, i'll be back. (well i'll be here lol!) have just emailed other flat owner and said its not gonna get finished today, but expect they'll go early today anyway

DelGirlsRingAreYouListening Fri 24-Dec-04 14:56:07

soap box and demented, i'm trying to put it together and I have typed up what the 2003 accts say and what we think we owe them in total but my actual bill just shows what I owe rather than the total. Its split 21% for 4 flats & 16% for one other. Mine is 21%, but I can't begin to fathom what the 16% is and I can't get hold of the lady who's share that is. I know full well that the debt (as at 2003) mentioned before has been paid now (all of £274 in total) so would either of you be able to make sense of the rest of it if I just show you what my personal bill is? Feel free to decline, I know I would

soapboxingday Fri 24-Dec-04 15:00:22

Happy to look at it for you!

Can you scan and email it to me at:

joycemgrant at yahoo dot co dot uk

Demented Fri 24-Dec-04 15:01:05

Delgirl, mentioned to my DH again and he has said that you can send stuff to him in confidence and he will have a look at it if you want. Email address below.

He's just playing his guitar just now anyway so you'll be giving my poor ears a rest!

DelGirlsRingAreYouListening Fri 24-Dec-04 15:01:23

oh you are a sweety

Demented Fri 24-Dec-04 15:02:02

Crossed with Soapbox, you could always have a laugh and email them both and see if they agree or not!

DelGirlsRingAreYouListening Fri 24-Dec-04 15:51:47

ok soapbox, i've emailed it all to you, thank you.

Demented, it's taken me all this time to scan stuff on and send it to soapy . willing to send it to you if really want dh to stop playing guitar

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