The profit and loss account of Innovative Products Limited for the years 2016 and 2017 is given
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The profit and loss account of Innovative Products Limited for the years 2016 and 2017 is given below:
The management was surprised to note that though the sales have increased by 9%, the profit before tax has actually declined almost by 35%. While reviewing the numbers it was revealed that the closing stock for the year 2016 was overstated by ₹ 1,000,000. You are required to restate the Profit and loss statement for both the years.
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Corrected profit and loss statement Particulars Sales Cl...View the full answer
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