Profit and loss and balance sheets and the ETB

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi can anyone help with Profit and loss and balance sheets and the ETB its just not sinking in, the layout just confuses me, any help appreciated.<BR><BR><BR>Steve

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Profit and loss and balance sheets and the ETB

    Hi <BR><BR>I am doing the foundation course i am doing profit and loss already !!!!<BR><BR>i have no idea why i am doing it, i started my course september and i have an exam in November profit and loss included !!!!<BR><BR>i am very scared i have only been on my course 11 weeks.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Profit and loss and balance sheets and the ETB

    Hi Steve<BR><BR>What I found most helpful for this was a simple phrase:<BR><BR>D ebtors<BR>E expenses<BR>A assets<BR>R royalties<BR><BR><BR>C creditors<BR>L liabilities<BR>I income<BR>P provision<BR><BR>Dear Clip!<BR><BR>Then for the profit and loss all you need to remember is that profit and loss plays host to income and expenses<BR>and the balance sheet plays host to assets and liabilities.<BR><BR>Again I have a simple phrase (in my head) that helps me to remember this, however due to the nature of the words can not post this on the forum!!<BR><BR>Hope it helps anyway.<BR><BR>Good luck with your study.<BR><BR>Littledoe
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Profit and loss and balance sheets and the ETB

    PEARLS is the one i learnt, but your DEAR CLIP makes more sense lol<BR><BR>Purchases <BR>Expenses <BR>Assets <BR>are debit entries <BR><BR>Revenue <BR>Liabilities <BR>Sales <BR>are credit entries<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Profit and loss and balance sheets and the ETB

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