An invoice for goods for sale, £54,500, was posted to the supplier’s account as £5,450. The resulting difference in Trial Balance was placed in a Suspense account and then adjusted with the Sundry expenses account. The impact of correcting this would be:

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Gross profit Net profit -£54,500 -£49,050 -£49,050 -£49,050 a -£54,500 b c-£56,400 d-£49,050 Net assets -£54,500 -£49,050 +£49,050 +£49,050