Question: a)Identity the 3 errors in the current asset section of the balance sheet below . b)Correct the errors. c)Who should the error be reported to?Refer

a)Identity the 3 errors in the current asset section of the balance sheet below.

b)Correct the errors.

c)Who should the error be reported to?Refer to the Extract from Gold Catering Policies and Procedures.

Current Assets

Petty Cash 200

Inventories 61,200

Accounts receivable 30,000

Cash at bank 32,000

Inventories 61,200

Drawings 4,000

Total Current Assets $80,000

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