I am having difficulty making my trial balance balance. I have too many different things on my trial balance that are confusing me. I have lines for bad debts, provision for bad debts, bad debts written off and one for increase provision bad debt. i seem to have done what i was told to do but its not balancing, any help would be greatly appreciated..
2006-11-05 09:46:53 · 8 answers · asked by magia 1 in Politics & Government ➔ Law & Ethics
I know all my figures are correct until the trial balance. the difference between my debit and credit accounts is double the figure that's the increase in the provision. but everytime i mess around with the adjustment figures and they balance the extended trial balance doesnt or vice versa.. arg
2006-11-05 10:09:51 · update #1
I think that you should have amongst the opening balances (dr column) bad debts account, showing total of bad debts already written off during the year. Debtors will have been reduced to take account of this, ie that is the credit entry. Also, on the credit side of the opening balances you should have the opening bad debt provision, which was created in the previous year. Now, if you are increasing the bad debt provision for the current year, you need to debit the P&L a/c with the increase, and extend the new total into the liabilities side of the balance sheet. I am not sure what you mean by 'I have lines for bad debts', do you mean in addition to bad debts written off. If you have bad debts that still need writing off, in addition to those already written off, then you need to reduce debtors in the balance sheet and add them to bad debts already written off. Your closing P&L a/c should show total bad debts w/o (dr entry). Increase in b/d provision ( dr P&L a/c ) The balance sheet will show as a liability, the total bad debt provision. This is the opening balance plus the increase.
As your closing balance sheet is out by double your bad debt provision increase, your problem must be there. HAVE YOU CHARGED (DR) THE INCREASE IN PROVISION TO THE P&La/c? HAVE YOU ADDED THIS INCREASE TO THE BROUGHT FORWARD BALANCE AND SHOWN IT AS A LIABILITY IN THE BALANCE SHEET?
2006-11-06 10:23:23 · answer #1 · answered by Veritas 7 · 0⤊ 0⤋
Go back and check all your double entry entries. It may be that you have entered a figure in just one account and not in the corresponding one. When you have correcectly balanced off all of the accounts and put each in the correct debit/credit side of the trial balance it should balance. It's very easy to miss an entry, put it on the wrong side, balance off incorrectly, you need to check all of these things.
If one side of your trial balance is double to figure of the increase of bad debt provision there is definitely a mistake as you get a double times figure because something to do with your increase figure has been put on the wrong side or not been counter balanced. Other than that sorry can't think of anything else this is usually the problem but if you have checked all your figures and the opposite double entries I don't know what else to suggest!!
2006-11-05 09:59:17 · answer #2 · answered by Anonymous · 1⤊ 0⤋
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2016-07-20 02:22:55 · answer #3 · answered by ? 3 · 0⤊ 0⤋
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2016-04-22 11:53:15 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Ooh, I don't know. We get given trial balances and have to work forwards from there! Good luck, though, I know how you feel.
2006-11-05 10:59:50 · answer #5 · answered by Phil 4 · 0⤊ 0⤋
1
2017-02-28 16:23:30 · answer #6 · answered by Harris 3 · 0⤊ 0⤋
Zeggy has obviously been inside my head, that is exactly what I was going to say!
2006-11-05 10:05:04 · answer #7 · answered by alfie 4 · 1⤊ 0⤋
god, wouldnt it be great if answers genuinly worked...and you didnt have to pay an accountant?
2006-11-05 09:50:54 · answer #8 · answered by ben b 5 · 0⤊ 0⤋