Financial Statements for Sole Traders

This week’s topics

Financial Statements for Sole Traders

1. Structure and purpose of sole trader reporting
2. Extended trial balance preparation
3. Statement of profit or loss compilation
4. Statement of financial position presentation
5. The Statement of Financial Position - ACCA Financial Accounting (FA) lectures
6. The Statement of Financial Position and Income Statement (part c) - ACCA (FA) lectures
7. The Statement of Financial Position and Income Statement (part d) - ACCA (FA) lectures

What you will be able to do

• 3.1 Explain the purpose of preparing final accounts for sole traders and partnerships.
• 3.2 Prepare final accounts, including relevant adjustments, for a specific sole trader business.

Activity

Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: explain the purpose of preparing final accounts for sole traders and partnerships.

Study materials

Videos

• The Statement of Financial Position - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 16 min · for registered students
• The Statement of Financial Position and Income Statement (part c) - ACCA (FA) lectures · YouTube · OpenTuition · 9 min · for registered students
• The Statement of Financial Position and Income Statement (part d) - ACCA (FA) lectures · YouTube · OpenTuition · 17 min · for registered students

Further resources

• Introduction to Financial Accounting, Lyryx 2023-A, ch. 13: Proprietorships and Partnerships · PDF · Other, textbook chapter; pp. 533–552 · for registered students
• Principles of Accounting Vol. 1, ch. 2.1–2.3: The financial statements · PDF · OpenStax, textbook chapter; pp. 54–81 · for registered students
• Introduction to Business 2e, ch. 4.1–4.3: Sole traders, partnerships and companies · PDF · OpenStax, textbook chapter; pp. 117–128 · for registered students