After preparing its draft final accounts for the year ended 31 March 20X6 and its draft balance
Question:
After preparing its draft final accounts for the year ended 31 March 20X6 and its draft balance sheet as at 31 March 20X6 a business discovered that the stock lists used to compute the value of stock as at 31 March 20X6 contained the following entry:
Required:
(a) What is wrong with this particular entry?
(b) What would the effect of the error have been on
(i) the value of stock as at 31 March 20X6?
(ii) the cost of goods sold for the year ended 31 March 20X6?
(iii) the net profit for the year ended 31 March 20X6?
(iv) the total for Current Assets as at 31 March 20X6?
(v) the Owner’s Capital as at 31 March 20X6?
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Step by Step Answer:
a The issue with this particular entry is that the quantity and cost per unit have been mismatched T...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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