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  3. University Of Pretoria (UP)
  4.  
  5. FRK 111 (FRK11)

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Summary Statement of Profit or loss and other comprehensive income.

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An Introduction to the understanding of accounting chapter 3 summary which covers the details of trading and service entities' statement of profit and loss.

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  • No
  • Chapter 3
  • March 25, 2021
  • 9
  • 2020/2021
  • Summary

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CHAPTER 3
STUDY NOTES

, Financial Performance as Reflected
in the Statement of Profit or Loss and
Other Comprehensive Income

→ Financial statements are the end result of the accounting cycle.
→ The elements influencing the accounting equation and the statement o financial
position is equity. Influences on Entity are:
o Capital leads to an increase in equity.
o Drawings lead to a decrease in equity.
o Profit or loss does the income that an entity has earned exceeds the expenses
that the entity has incurred. (SoPL)


What is the Statement of Profit or Loss and other
comprehensive income?

The statement of profit or loss and other comprehensive income (SoPL) is a statement that
reflects the financial performance of an entity. The financial performance of an entity is
determined by whether an entity has made a profit or loss.
There are two types of SoPL namely:
o Service providers
o Trading entity

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