Part 2 The Financial Statements of Sole Traders Revision Notes
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1. Vertical Income Statement - Syllabus aim is to prepare income statements and statements of financial position for trading.
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2. Vertical Sole Trader Balance Sheet - Syllabus aim is to prepare a balance sheet of assets and liabilities on a specified date.
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3. Adjustments to the Vertical Income Statement - Syllabus aim is to be able to construct a final income statement that include carriages and returns.
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4. The effects of Profit & Loss - Syllabus aim is to recognise that net profit (or loss) is the increase (or decrease) in the net assets during that period.
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5. The Final Capital Account - Syllabus aim is to be able to construct a final capital account from the income statement using the double entry system.
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