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Final Accounts

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28 June 2011 Ms Janie, a client who has traded as a hardware merchant for the last five years, has told you that she finds difficulty in understanding the draft profit and loss account for the year ended 31 December 2010 which has been prepared by your assistant. Ms Janie’s main concern is that, although the accounts show a profit, the bank overdraft at 31 December 2010 was significantly higher than it was a year earlier.
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Write a report, indicating your response and opinion to Ms Janie
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Nitesh

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Nitesh (Querist)
28 June 2011 answer it,,,plz!!
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CA Rajnish Srivastav

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CA Rajnish Srivastav (Expert)
04 July 2011 SINCE BANK OVERDRAFT IS SHOWN IN BALANCE SHEET NOT IN PROFIT & LOSS A/C THAT'S WHY UNDERSTATED O/D NOT AFFECT PROFIT OF THE CONCERN.
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