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I need to find out about the opening balance sheet figures of an incorporated business as I am confused wheather you will use the tax figures or the market values
Mr A has been trading for many years and decides to incorporate his business.He values his business at £400k . His balnce sheet at incorporation is as follows:
NBV MV
Freehold 100k 300k Gain 200k
Fixed assets 50k 40k TWDV £30k
Stocks 10k 8k
Debtors 8k 8k
Bank 3k 3k
Creditors (14k) (11k)
Goodwill (Blancing figure) 52k
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Total 400k
He will receive 400k £1 shares in exchange
If a claim is made to use the TWDV for capital allowance purposes ,then how does it affect the balance sheet for preparing accounts for companies house?
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