Hi All,
I was wondering if someone could help please. I've been left a set of unfinished accounts from an accountant who has been unable to finish them. My friend has been left these and asked for my help.
First I need to know how i account for the sale in the accounts. I'm not sure if i should use the market value less what the client sold it for giving a loss? Or use the net assets less the proceeds from sale showing a gain. The company has been making a loss for the last five years hence the reason for the sale.
Secondly are there any other transactions that i am forgetting about?
Any help would be gratefully apprecaited.
Thanks all
I was wondering if someone could help please. I've been left a set of unfinished accounts from an accountant who has been unable to finish them. My friend has been left these and asked for my help.
First I need to know how i account for the sale in the accounts. I'm not sure if i should use the market value less what the client sold it for giving a loss? Or use the net assets less the proceeds from sale showing a gain. The company has been making a loss for the last five years hence the reason for the sale.
Secondly are there any other transactions that i am forgetting about?
Any help would be gratefully apprecaited.
Thanks all