SOFP vs I/S

UK Discussion in 'Exams and Studying' started by Charlie123, Dec 1, 2018.

  1. Charlie123

    Charlie123

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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
     
    Charlie123, Dec 1, 2018
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  2. Charlie123

    bklynboy VIP Member

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    Take a chance - what do you think?
     
    bklynboy, Dec 2, 2018
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  3. Charlie123

    Charlie123

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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?
     
    Charlie123, Dec 2, 2018
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  4. Charlie123

    bklynboy VIP Member

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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
     
    bklynboy, Dec 3, 2018
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