Carriage inwards in a trial balance is $2300. It has been entered in the Trading Account as
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Carriage inwards in a trial balance is $2300. It has been entered in the Trading Account as $3200. In addition, motor expenses of $600 been posted to the Motor Vans account.
What effect has this had on the Trading and Profit and Loss Account?
Transcribed Image Text:
2002 62 Gross profit A understated by $900 B overstated by $900 ( understated by $900 D overstated by $900 Net profit overstated by $300 understated by $300 overstated by $1500 understated by $1500 DE
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The correct answer is Option C Gross profit understated by 900 Explanation Carriage Inwards Carriage ...View the full answer
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