Statement of Financial Position

When trying to remember what goes where think back to the accounting equation.
Assets-Liabilities=Equity or Assets=Equity+Liabilities (This is the order of the SoFP)

Assets
When trying to remember what goes where think back to the accounting equation.
Assets-Liabilities=Equity or Assets=Equity+Liabilities (This is the order of the SoFP)

Assets
Current
Non-Current

Equity


Liabilities
Non-Current
Current

When filling in the statement use process of elimination. Fill in the gaps you know i.e. you know Share capital is equity, PPE is an non-current asset, inventories, trade receivables and cash are all current. If there are any headings left to insert you eliminate the ones you know it isn't.

As for there being 3 columns, are you able to provide a link or screenshot? I have only came across three columns in situations as follows

ASSETS
Non-Current Assets
PPE________________________________________________£100,000

Current Assets
Inventories____________________£50,000
Trade and Other Receivables_____£75,000
Cash and Cash Equivalents______£30,000_________________£155,000
Total Assets_________________________________________£255,000


I hope this helps

I don't understand the question

Bertie, I believe the OP was referring to the layout of the statement of Financial Position like in this example...

lucielowe said:

Hi,

Can anyone help me with the statement of F/P. I understand what it is and how it achieves the answer however I dont understand what goes in which column? The template I have has 3 columns and I'm struggling to remember what goes where. Is there a proper explanation for this to help me remember?

I think the OP is asking if you have to lay these statements out in the exact format as shown in the image. If, yes, (which I believe you do have to), then is there any rhyme or reason to it's layout - how can this layout be learned?

Just wanted to bump this question back into life.