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P&L Question

Hi

It is many years since I worked in management accounts but I was roped into doing the annual accounts for a friends flat management company (12 flats in

1 block) All is straight forward except that the accounts for last year show a £120 management charge and a £30 filing fee that were never collected. In this years accounts I have shown them as positive expenditures in the P&L and as fees not collected in the balance sheet. I am happy enough with the balance sheet but the P&L seems messy to me. Any ideas if I did the correct thing? Thanks

Michael

Reply to
Giganews
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Do you mean that you have a management charge and filing fee as expenditure totalling £150 and a similar amount as revenue accrued and therefore as well as posting the bank transactions you need to do the following journal:

Dr Debtors (B/S) £150 Cr Service charges (P&L) £150

Reply to
PeterSaxton

. I am happy enough

Thank you for that

Michael

Reply to
Giganews

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