When reporting the performance for 2011 and its position at the end, a business failed to take account of goods costing £45,000 removed by the owner and building depreciation of £18,000. The impact of correcting these errors would be:

Transcribed Image Text:

Gross profit Net profit +£27,000 -£63,000 +£45,000 +£63,000 a +£45,000 b-£45,000 C +£63,000 d +£63,000 Net assets -£18,000 -£63,000 +£45,000 +£63,000