Errors on previous P&L/Balance Sheet - how to correct

I’m trying to prepare my balance sheet & P&L account but note that (due to formulae errors I think) there are a couple of figures that are wrong which is throwing my accounts out. How do I correct these so that the errors are amended correctly?

Assistance appreciated.

I’m afraid there’s nowhere near enough information there for us to be able to comment. Can you provide a bit more detail?

Hi Glen,

On the Balance Sheet the Net Assets are shown as 12,136 but the Retained Proffift and Loss acount in the next section shows this figure as 12,165, a £29 difference although there were no additions between these two figures.

On the P&L Account the expenses add up to 11,310 but are shown to add up to 11,308 so all the calculations after that are £2 out.

How can I amend these so that the accounts are ‘put right’?


What date are you setting on the balance sheet and P&L when retrieving these figures?

It’s the P&L and Balance sheet from the previous financial period so it is as at 30/6/12 - I haven’t transferred opening figures over so it isn’t all on QuickFile. I’m doing ‘a bit of both’ systems for this return

You need to journalise the difference , if it is not material then write-off in sundry expense

Unfortunately I couldn’t find any of these figures you mention on your account (I checked the BS and P&L), unless you’re referring to an account other than the one under ‘Alimor Safety Ltd’?