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what is the link between the statement of balance sheet and statement of profit or loss

jiangjiang Registered Posts: 1
in AAT Level 4 (Level 8 in Scotland)
what is the link between the statement of balance sheet and statement of profit or loss.
could you please give me more details?

Answers

  • BenABenA Registered Posts: 56
    I wouldn't drive yourself crazy over this. I have just taken the exam and could not balance my PL or SoFP even though I have done several practice papers. I also know a few people from my group who couldn't and still passed. Your figure for profit for the period on the PL should also be entered in the the SoFP under equity. From what I can remember that is the only link you will need to know in your exam.
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