Good morning sir
even tho it is not asked for in the question, i wanted to prepare (for the sake of practice) SOFP after the sale by incorporating all the notes.
and i get the following figures:
Assets
NCA - 53040
CA - 12300
Balancing figure - 2560
Total===67900
Equity/liabilities
Equity ----- 10,000
8% loan -- 30,000
6% loan -- 20,000
payables -- 7900
Total=== 67900
if the above is correct, what do we call the balancing figure?
thank u
ps: Q1 in march exam was something like this with a whole bunch of notes etc.
Ask the Tutor ACCA AFM
Bento June 15
Yes - it all seems correct :-)
The balancing figure will be goodwill.
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