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Can you explain what is meant by prepare income statement as a single statement?
Yes! It means prepare a “statement of profit or loss and comprehensive income” as a single statement (so don’t stop after you get to “profit after tax” but continue on and include the statement of comprehensive income elements too)
Ok?
If there is a revaluation
Does this extract, what you explaining by do not stop
Net profit £3,0000
Other comprehensive income
Building revaluation 50,000
Total comprehensive income £53,300
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