Why are you showing a liability? What do you think he owes?
Surely you are not going to tax him on profits of only £1000
profit and loss accounts
Dec 19, 2006
27 Replies
Depends on which period he earned his £1,000, but yes, it is tax and NI.
Period does not matter if it is all he has made.
Maybe a few quid for Class 2 Nics, but not much else till he exceeds the allowance
It's here in Tim's exam question set by the Advanced Institute of Grocery Retailer's (High Class).
"I once sat a (professional) exam which required production of P&L + BS without any mention at all of double entry bookkeeping in the course/syllabus/exam!"
Tim can recognise a lemon.
:)
What is "high class"? Tim, the exam, the question, the institute, the retailer(s), or the actual grocery produce?
Is a high class lemon one which would only be seen in the company of Gordon's and of Tesco's Finest tonic (saccharin-free)?
"Troy Steadman" wrote
Troy, even you should know by now that I'm not a grocer!
"Troy Steadman" wrote
Yes - it generally has "Troy Steadman" in the 'From' field...
Tee hee!
But you've snipped the exam question and snipped my question about whether it was:
MULTIPLE CHOICE Do these balances belong in: (A): the Balance Sheet (B): the P&L? [circle A or B]
1) Docket comprising tea & muffins £2.81 - [A] [B] 2) "It all adds up" tee shirt £85 (VAT 3.5%) [Allowable] - [A] [B] 3) Fine watermarked silver decanter wine set 4,500gns - [A] [B]You owe it to the integrity and honour of your Institute to expand on this seemingly-at-first-sight-and-without-wishing-to-be-rude-Tim-slightly-over-d umbed-down-question even by the lamentable standards of today.
:0)
climb back on top of your Christmas tree
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