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Question 3 (20 marks) a) Compare the Statement of Financial Position with the Statement of Profit & Loss, with respect to the classification and nature

Question 3 (20 marks) a) Compare the Statement of Financial Position with the Statement of Profit \& Loss, with respect to the classification and nature of the items recorded in them. What is the purpose of each? How does the Statement of Profit \& Loss relate to the information recorded in the Statement of Financial Position? [10 marks]

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