Hi, I have looked for an existing answer to a question like this, but apologies if this has been addresed before.
I am (perhaps foolishly) doing my own accounts again for the 2nd year running. I managed fine last time, but this year the business laptop I purchased from my ltd company's funds is messing things up and I can't get the balance sheet to tally with the profit & loss account.
I have added the full £1649 cost of the laptop to the "cost of sales" section in P&L to claim it as a tax-relieved business expense, and added it as a fixed asset on the balance sheet. Unfortunately the latter change causes the total net assets to exceed the P&L running total by the value of the laptop. Any idea what I'm doing wrong?
I am (perhaps foolishly) doing my own accounts again for the 2nd year running. I managed fine last time, but this year the business laptop I purchased from my ltd company's funds is messing things up and I can't get the balance sheet to tally with the profit & loss account.
I have added the full £1649 cost of the laptop to the "cost of sales" section in P&L to claim it as a tax-relieved business expense, and added it as a fixed asset on the balance sheet. Unfortunately the latter change causes the total net assets to exceed the P&L running total by the value of the laptop. Any idea what I'm doing wrong?
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