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wilcox and co mock Q1

  • 9 posts
  • # 55474

I have inputed the trial balance data in to my sage 50 software , and the trial balance is coming out correct, but the profit and loss is incorrect , the bad debts is showing as (2000) instead of 500. which makes no sense as my trial balance answers match the trial balance answers that came with the mock so if something was inputed incorrectly then the trial balance would be incorrect too but it isnt, Now 2500 was the bad debt provision and 500 was bad debt write off, so that would leave 2000 in the bad debt provision. im confused i have re inputed the data in to the software 3 times and it is still coming up the same. AAA i am confused the trial balance should be incorrect too if i had done something wrong . please help as it is throwing all my other figures off,

  • Member PM.Dip
  • 109 posts
  • # 55476

Do you have the correct chart of accounts?

  • 9 posts
  • # 55481

sandra.douglas said:

“Do you have the correct chart of accounts?”

Hi yep i have the right chart of accounts , i checked that too, to make sure and everything is in the corredxt place , im confused it makes no sense what so ever have you got any ideas please help x x

  • 160 posts
  • # 69848

Hi Daisy,

I haven't passed my Sage level 3 yet but check and see if there's a suspense account, and if there is that means that something is wrong, because if your accounts are correct, there shouldn't be a suspense account,

Kind Regards

Paula Welsh 

  • 9 posts
  • # 69870

Hi Paul , thanks for your reply , my suspense account is empty , im so stuck and i cant go any further untill i sort this problem out its driving me crazy

  • Practice Licence
  • 698 posts
  • # 69886

Daisy

I have not seen this mock however if you go thorugh it step by step i may be able to help you sort it.

I need to know what you started with i.e. was the opening TB already entered or did yu have to post it.

then I need to know what posting you have made i.e. what nominal codes you debited and credited.

If would also be helpful if you e-mail me the TB from your sage and the TB from the answer.

My e-mail address is stuart.wildman@wellersaccountants.co.uk

Kind regards
Stuart

  • 13 posts
  • # 71459

I think I know what's gone wrong - you have entered an opening credit balance for bad debt provision in the overhead section (possibly account 8102) instead of the current assets section (account 1105 in my case). The result is that you're getting a credit balance in overheads of 2500-500. You only need to put anything into the 8102 account when you do your adjustments for increasing the provision - credit 1105, debit 8102.

Stay cool! 

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