Which categories go to SOFP or SPL

kyleh1048
kyleh1048 Registered Posts: 4 New contributor 🐸
in Financial Accounting: Preparing Financial Statements
Im on the last level of book keeping and there has been no explanation of SPL/ SFP or what goes in it. All of a sudden i have to fill one in, with literally just guessing.
MyAAT have really dropped the ball again,

Which bits go in which one and is there an easy way to remember this?

Comments

  • anony123
    anony123 Registered Posts: 493 Dedicated contributor 🦉
    In the SFP assets liabilities and capital and for the SPL is basically like profit and expenses. If you send a pic we can help you.
  • anony123
    anony123 Registered Posts: 493 Dedicated contributor 🦉
    If you got like a question that would be easier.
  • anony123
    anony123 Registered Posts: 493 Dedicated contributor 🦉
    Which level are you doing? Level 2 or 3?
  • kyleh1048
    kyleh1048 Registered Posts: 4 New contributor 🐸
    HI thanks for the replies, its the fleichmann accounts one level 3 bookkeeping financial statements module.
    They expect you to fill in the ETB and then do the SFP / PLS, but dont tell you which goes where.
    Its some very bad teaching.
    Today i filled it in but it turns out the adjustments column wants only the adjustment and not the total, so that was a waste. Ill try again tomorrow.
  • anony123
    anony123 Registered Posts: 493 Dedicated contributor 🦉
    Yh. But you still need to add up the debits and the credits initially and one will be higher than the other. Then you must equal them out. I think a debit answer means capital has been gained so they are in profit and a credit balance means a loss. Make sure you are happy with suspense accounts as they will definitely come up. The ETB was really hard as what I can remember and this maybe with tax processes the hardest to understand.
    When you add up the debits and the credits at the very end, if they do not total the same amount you have done something incorrectly.

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