After reporting the profit for the year it is found that 13,200 of stationery reported as an

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After reporting the profit for the year it is found that £13,200 of stationery reported as an asset by the year-end has in fact been fully used up. The effect of the correction of this error would be:

(a) The gross profit as well as net profit would both increase by £13,200

(b) The gross profit and net profit would both decrease by £13,200

(d) The gross profit will remain unchanged but net profit will decrease by £13,200

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 27, 2023 09:35 AM

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After reporting the profit for the year it is found that 13,200 of stationery reported as an

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d The gross pro...View the full answer

Financial Accounting An Introduction

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