Partnership SOFP Flashcards
1
Q
What is the difference in the first section?
A
Current assets and non-current assets are listed together and added together to equal total assets
2
Q
What is the difference in the second section?
A
Non-current liabilities and current liabilities are listed AFTER capital and used to calculate total capital and liabilities.
3
Q
How is the capital section different from a sole trader?
A
It only shows the partners year-end balances on their capital account and current account
