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

[DelGirlsRingAreYouListening]

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

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

did the current asset fig incl the debtor fig?

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

current assets
bank acct £100
debtors £200

current liabilities -

net current assets £500

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

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

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?

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??

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

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?)

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

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

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!

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

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

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!

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

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!!!

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

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

Happy to look at it for you!

Can you scan and email it to me at:

joycemgrant at yahoo dot co dot uk

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!

oh you are a sweety

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

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

LOL only just seen this Delgirl. I assume Soapbox has probably been able to help by now but if not I'm sure my DH will have a look.