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FSs

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › FSs

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by AvatarJohn Moffat.
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  • June 9, 2015 at 12:30 pm #255513
    Avatarrustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    tiny confusion sir:
    what is the difference between inventory in Sofp and opening and closing in Sopl?

    June 9, 2015 at 12:38 pm #255520
    AvatarJohn Moffat
    Keymaster
    • Topics: 57
    • Replies: 54839
    • ☆☆☆☆☆

    In the Statement of financial position you are showing the assets and liabilities at the end of the year, so we show the closing inventory.

    In the Statement of profit or loss, we calculate the cost of goods sold as being the opening inventory plus the purchases let the closing inventory.

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