Accounting (AS)·Basic accounting for sole traders · NSSCAS 1.1.3
Income statement & statement of financial position
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Question 1 of Paper 1 almost always says 'prepare' — and these are the two statements it usually means. In this lesson you learn the exact vertical layout of the income statement and the statement of financial position of a sole trader, then build both, line by line, for Amutenya Stores in Katutura. By the end you will know exactly which item goes where, and why the two final totals must agree to the last Namibia dollar.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 1.1.3):
- prepare an income statement
- prepare a statement of financial position
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