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Ch: 02: SOFP & SOPL

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Ch: 02: SOFP & SOPL

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by John Moffat.
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  • June 5, 2022 at 12:30 pm #657439
    nealsayd
    • Topics: 1
    • Replies: 0
    • ☆

    For the Sole Trader’s SOFP, under Capital, the capital should be: Capital invested + Profits – Drawings. The resulting figure will be used in the following year’s SOFP.

    Question 01: The profit is the Gross Profit or Net profit? Do we need to minus expense when adding profit here?

    Question 02; Do we add “other income” as well to the profit?

    June 5, 2022 at 4:00 pm #657454
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 50034
    • ☆☆☆☆☆

    The profit is the net profit, which is after subtracting expenses and after adding any other income.

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