Ep. 7 – Statement of Profit or Loss: Did the Business Make a Profit?

In this episode of Debit, Credit, Done!, Dean begins with a review of the trial balance exercise from Episode 6 before guiding you through the next big step—preparing the Statement of Profit or Loss.You’ll learn how to:✅ Identify income and expense accounts✅ Calculate gross and net profit✅ Avoid common mistakes students make✅ Understand how this statement links to the Statement of Financial PositionIncludes a practical task and real-life examples to help cement your understanding. Perfect for AAT Level 2 and 3 learners preparing for assessments or workplace applications.📓 Next up: The Statement of Financial Position—what the business owns and owes.