The Carriage inwards of a business amounted to $6000, and the Carriage outwards was $7000. The Carriage
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The Carriage inwards of a business amounted to $6000, and the Carriage outwards was $7000. The Carriage outwards was charged in the Trading Account in error, and the Carriage inwards was debited in the Profit and Loss Account. What has been the effect of these errors?
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The correct answer is Option C Gross profit understated by 1000 and Net profit overstated by 1000 Ex...View the full answer
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