UK SOFP vs I/S


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Hi

I'm having a problem with classifying them, can someone tell me please which should go on Statment of financial position and which should be in the income statement.
Thank you in advance

Bank Balance
Capital
Credit Sales
Drawings
Electricity and Gas
Fixtures and Fittings
Loan due for repayment 21.10.2034
Loan Interest paid
Motor Vehicle
Motor Vehicle Expenses
Opening Inventory
Purchases
Rent
Sales Returns
Stationary
Tax owing
Telephone
Trade Payables
Trade Receivables
Wages
Inventory
 
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Bank Balance - Statement of financial position
Capital- Statement of financial position
Credit Sales- income statement
Drawings- Statement of financial position
Electricity and Gas - income statement
Fixtures and Fittings- Statement of financial position
Loan due for repayment 21.10.2034- Statement of financial position
Loan Interest paid - income statement
Motor Vehicle- Statement of financial position
Motor Vehicle Expenses - income statement
Opening Inventory ...............
Purchases - income statement
Rent - income statement
Sales Returns- income statement
Stationary - income statement
Tax owing- Statement of financial position
Telephone- income statement
Trade Payables- Statement of financial position
Trade Receivables- Statement of financial position
Wages - income statement
Inventory ................


What do you think?
 
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bklynboy

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Looks mostly right to me - Inventory is an asset BTW. Only one I am unsure is Purchases (if its purchase of an asset its SFP if they mean purchase as in a sale then its SOP)

Just curious - where were you unsure as you did fine here
 

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