Sole Trader Accounts for Grant Application

[screencap]

I am a very small scale sole trader and hope to return to college this year. Im applying for the Grant and they require a full set of accounts for 2007.

I am going to prepare these myself as I cant afford an Accountant at this time. This will be the third year of retuns and previously I had an Accountant do all this for me. The ammounts involved are very small >20k income.

The County Council require the following:

1. Adjusted Profit Computations
2. Profit & Loss Sheet,
3. Balance Sheet
4 Final Notice of Assessment.

I am going to go through the ROS system and file a return in order to obtain the notice of accessment, but I am wondering if anyone can supply me with links to examples of the other three items? I cant find online Irish templates or Calculators and I dont know where to start! Basically I am looking for a template for items 1,2 and 3 above.

thanks for any help.

 

[Midsummer]

screencap - I think you might need to buy a book as I don't think there is anything online. If you try Frank Wood's textbooks for 2 & 3, as for no. 1 - is it the adjusted profit for tax that they want ? In which case again Frank Wood's tax book should help. Not sure where you can get them (apart from large bookshops) - have a browse online. You'll also have to use your previous year's info. Maybe you should splash out on the accountant (or find someone to do it cheaper).

 

[Graham_07]

If you file on ROS then you must submit an accounts schedule as part of the ROS file which is basically the P&L and B/S items and there's also an Adj Profit comp too. The Local Authority may not necessarily accept that as satisfying both for their purposes but it does five you the template.

 

[Brokebus]

Hi everybody, apologies for resurrecting an ancient thread, but having searched the site, I appear to be in a very similar position as screencap above.

I am a sole trader and have an extremely small business in the service sector; sales last year amounted to approx €1.5k, with expenditure amounting to €3k, and unfortunately I cannot afford to hire an accountant to prepare the accounts, and would appreciate any help if possible.

The Council requires:

1. Trading A/c
2. Profit & Loss A/c
3. Capital A/c
4. Balance Sheet

From junior cert business, many years ago, I have managed a basic P&L a/c and Balance sheet, and in that regard, I have a few questions.

First, is a capital account, a separate account from the balance sheet? i.e. I understood a capital account to comprise the list of current and fixed assets in the balance sheet.

Secondly, as the business is clearly generating an operating loss, must this be reflected in the balance sheet?

Thirdly, the council lists the trading and Profit & Loss Account as separate accounts, is it customary to combine both into one account - i.e a Trading, Profit & Loss Account, or is this incorrect?

Any light anyone can shed on these questions, would be greatly received!

 

[J.Ryan]

Hi everybody, apologies for resurrecting an ancient thread, but having searched the site, I appear to be in a very similar position as screencap above.

I am a sole trader and have an extremely small business in the service sector; sales last year amounted to approx €1.5k, with expenditure amounting to €3k, and unfortunately I cannot afford to hire an accountant to prepare the accounts, and would appreciate any help if possible.

The Council requires:

1. Trading A/c
2. Profit & Loss A/c
3. Capital A/c
4. Balance Sheet

From junior cert business, many years ago, I have managed a basic P&L a/c and Balance sheet, and in that regard, I have a few questions.

First, is a capital account, a separate account from the balance sheet? i.e. I understood a capital account to comprise the list of current and fixed assets in the balance sheet.

The Capital a/c is the control on the Balance sheet, it should equal the Balance sheet value

Secondly, as the business is clearly generating an operating loss, must this be reflected in the balance sheet?

In the capital account, which is last years balance +/- this years results - this years drawings

Thirdly, the council lists the trading and Profit & Loss Account as separate accounts, is it customary to combine both into one account - i.e a Trading, Profit & Loss Account, or is this incorrect?

They are paying the grant, just do it the way they want it, its only an additional page

Any light anyone can shed on these questions, would be greatly received!

hope that helps

 

[Brokebus]

Thanks J.Ryan, that is very decent of you, and very much appreciated! Cheers again.

 

[J.Ryan]

You're welcome