Home For AAT student members AQ 2016 Advanced Diploma in Accounting Final Accounts Preparation

Profit and Loss Check

Hi all,
I am fine with getting my P+L correct but I just wondered if there was a way to check if it is 100% correct in my exam. I know that usually you could match it with your statement of financial position but as these tasks are stand alone, you don’t have that option.
If anyone has an idea, that would be fab!

Comments

  • roy ramphulroy ramphul Feels At Home Registered Posts: 38
    You can prepare a journal by listing all the Assets and Liabilities and Capital and drawings if there are any in the
    trial balance. Then the missing figure will be ether profit or loss depending which side of the trial balance the profit and loss appears.

    Example if the missing figure for profit or loss appears on debit side, then it is a loss.
    If the missing figure for profit or loss appears on credit side, then it is a profit.

    This is another way of checking weather the profit and loss is correct
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