Minor difference in 2015 accounts but significant 2016 deficit likely
The financial report approved by the annual general meeting at Norfolk Island in May has been checked and it has been found that the annual review and the MYOB figures are very close. The financial report for 2015 was accepted at the AGM, but there was some concern expressed that it was inaccurate.
Phil Wait - VK2ASD
WIA Treasurer Chris Hendry with the assistance of an external book keeping company appointed by the Board recently completed their work to review the 2015 report. They found that the Balance Sheet is now showing a difference of $355, where the total equity is less than that reported. In the Profit & Loss there is a nett deficit of $13,130 against $12,610 reported, a difference of $520.
Treasurer Chris Hendry will now close the 2015 accounts and pass on adjusting journals in the 2016 books to correct the small variances. He said that he anticipated a significant deficit for 2016, and work is continuing on the accounts.
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