Replies to Queries - 1 - No liability please
I act for a husband and wife partnership who have been trading for many years earning annual net profits of £60,000. For the year ended 31 March 2002, their net profit was £80,000. They would now like to incorporate their business.
The balance sheet is as follows:
Replies to Queries - 1 - No liability please
I act for a husband and wife partnership who have been trading for many years earning annual net profits of £60,000. For the year ended 31 March 2002, their net profit was £80,000. They would now like to incorporate their business.
The balance sheet is as follows:
Trade debtors | £ | £ |
Fixed assets | 30,000 | |
Stock | 25,000 | |
Trade debtors | 67,000 | 122,000 |
Bank overdraft | 22,000 | |
Trade creditors | 17,000 | |
HP liabilities | 25,000 | 64,000 |
Total net assets |
