Mnemonic for remembering what goes on the P and L and What goes on the SOFP

Deborah57721633

Hi
Has anyone got any mneumonics for remembering what goes on the P&L and what goes on the SFP pleeeeeeease

Thanks

Uncleboobot

Not a complete answer I’m afraid but for the SFP, for Assets I read Sit Down Pretty Black Cat once and it has always stuck.

Stock
Debtors
Prepayments
Bank
Cash

This also happens to be the correct order they need to be recorded in as well.

gr2egor2

still can't understand why people try to memorize things instead of trying to understand the logic.

Uncleboobot

Not massively helpful mate.

mergen

He does have a point though.

Uncleboobot

I agree, it’s just irrelevant.

gr2egor2

It's more relevant than you think. This is one of common mistakes students make. Once you have be basics right everything in bookkeeping is pretty straight forward. Don't waste your time on memorising but spend a little bit of extra time on trying to understand. visualization of the transaction on T accounts is a great help.

Uncleboobot

Apologies to Deborah for hijacking your post. This was not intentional but I feel I must respond.

I'm not arguing Gregor, and agree especially as there is a bit more context in your last response, but I feel you and I may continue to disagree. Perhaps we can agree to disagree, however this explains it best for me. If I say....

"I don't understand why people get involved in other peoples discussions when they have nothing constructive to say". This is a perfectly acceptable point, it just has no value in this thread.

Deborah57721633

Anyway I took the exam today and smashed it

Thanks for yr help

Uncleboobot

Excellent!