P3 Make adjustments to a limited company’s financial statements
M2 Assess the impact of adjustments to profit and loss account and balance sheet items for a limited company
You must use the Account before and after adjustment documents ( available free) on my Unit 6 bundle!!
p3 make adjustments to a limited company’s financial statements
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Unit 6 - Financial Accounting
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Abdulalah Al-Jobore
Unit 6: Financial Accounting
P3 M2
P3 Make adjustments to a limited company’s financial statements.
M2 Assess the impact of adjustments to profit and loss account and balance
sheet items for a limited company.
The first the draft of the accounts for Jones Haulage Ltd.
On the left side of the draft above you can see the Trading, Profit and loss account for Jones
Haulages before the adjustments. This statement is showing what the amount of money has
been made over a financial year. Therefore, it shows the sales of £55,250 that been made
up by the business and also the cost of sales (£36000).This will help us to calculate the gross
profit by deducting the cost of sales from the sales (revenue).In this statement you can see
that Jones Haulage Ltd has made a good gross profit which help to assess the company’s
efficiency when using its labour and supplies. In addition, this statement shows us how
much net profit the business is making ,and as you can see above in the table it shows that
the business is making a net profit of £10720.
On the right the side of the statement, you can see that the business has also produce the
balance sheet statement. The balance sheet is important for Jones Haulage Ltd as it
summarises the business assets, liabilities, and equity over a period. The balance sheet is
essential as it shows how the business is financed, regardless of whether through investor's
own money through loan form a bank or other people called creditors. It help the investors
or creditors to have idea of how much the business is really worth because it shows the
business assets.
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