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Hello Everyone,
I have been challenged at work with some task. I would like to ask for some advise if you dont mind :-)
This is a limited company`s accounts:
The opening balance shows £20,000 for Debtors, however this amount only includes £2,000 for the Debtors and £18,000 CIS receivable (suffered in previous year) . The £18,000 was refunded by HMRC this year. There is no CIS receivable account for previous years at all.
How do I go by doing the opening adjustment? I debited the Bank £20,000 but if I credit the Debtor it will not show true figure for the closing balance this year. Arrgghh I am so confused.
Am I supposed to reinstate the previous accounts?
Thank you for all your help in advance :-)
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