Recent content by Fidget

  1. F

    UK Extra gain on sale...

    Hard to say just based on that. But, if whatever a revaluation reserve relates to is derecognised then any revaluation surplus goes to retained earnings rather than directly though the P&L account. So it will be shown in the statement of changes in equity - which is what that pic is doing by...
  2. F

    UK Employer pays 20pm tells staff HMRC "make it up" to 45p total

    HMRC allows 45p per mile for the first 10,000 miles and then 25p for extra miles thereafter. If employer mileage allowance is less that that then the individual can claim the shortfall from HMRC - but they have to submit a tax return to claim it.
  3. F

    UK AR unapplied and unidentified cash - deferred income

    That sounds odd to me. Our AR team have unidentified cash every month and it goes into a suspense account until they find out where it needs to be applied. It's then moved to the relevant account it needs to go to.
  4. F

    UK Company Accounts 2 years late

    You should be able to find what you're looking for re consequences for not/late filing here: Late filing penalties - GOV.UK (
  5. F

    Thoughts on separate UK accountancy forum?

    I think it's probably best left as a single site. If you split it into .com for USA, and for UK, then I think what might happen is that anybody from elsewhere in the world will be more likely to post their question on the .com site because they'll think that is just UK when it's...
  6. F

    UK Paying someone as self employed

    Depends. Employed v. Self Employed is quite a contentious area. Do a net search on it and you'll find the conditions that are likely to classify somebody as employed or self employed. Same with setting up an Ltd - Companies House website will tell you all you need to know to get started.
  7. F

    India What is a good Accounting book with lots of practice questions ?

    I don't think there is any particular books. But, it you want practice questions in them, then you're probably best looking at text books used for exams in your region. Frank Wood's: Business Accounting 1 (and possibly business accounting 2), might be a good "one stop shop" for you for what...
  8. F

    Employees loan

    To record the loan: Dr Staff loans (balance sheet) Cr Bank (balance sheet) Do the opposite as repayments are received, unless the repayments are being taken via payroll. In which case the double entry will be: Dr Payroll control account (balance sheet) Cr Staff Loans (balance sheet) If...
  9. F

    UK Employment dividends on payslip, are they taxed

    The self assessment form has different sections for earned income and unearned income - such as interest & dividends, so you should split it out accordingly.
  10. F

    UK Accounting for money held on behalf of others (insurance)

    I have a similar situation, but don't put the money that's not ours into the ledger. It's in the 'real' bank account, but only the proportion that is due to us goes into the ledger bank/income accounts. The bank rec shows the difference between the ledger bank a/c and actual bank a/c. We have a...
  11. F

    UK "Making the Financial Statements look better" UK Law

    To be fair, he's just being rather open about what most organisations are doing (EFL's rules asides), in structuring operations in order to present healthy financial statements to stakeholders. There's nothing wrong with doing that (in fact, I think there'd be something wrong if an organsiation...
  12. F

    COGS for Membership Fees

    I think the first thing is that clubs and associations don't have a COGS sold because their primary activity is not for selling anything. Instead they have an income & expenditure statement. So membership fees will form part of income and purchase of kits will be an expense. Obviously if the...
  13. F

    Hi Everybody!

    Welcome to the forum!
  14. F

    USA Cash drawer balance

    I would go with the Z reading as that should be the total that's been rang up in the cash register, and therefore represents the total/net sales. The discrepancy between the Z and actual cash, could be on account of a few things - over ringing and not correcting, undercharging...
  15. F

    On what conditions can we credit expense accounts other than entering reversal transactions?

    Credit expense accounts to; * create a prepayment * process a part/full refund * Recharge part or all of an expense to another person/company * Correct errors might be more that I haven't thought of.