Using the example, the net profit for 2005 was £1,780. This will need recalculating based on the errors mentioned above:
| Statement of corrected net profit for 2004 as at 28 February 2005 |
| - | £ | £ |
| Net profit b/d | - | 1,780 |
| Add: | - | - |
| Discounts received | - | 160 |
| - | - | 1,940 |
| Less: | - | - |
| Advertising | 115 | - |
| Purchases | 250 | 365 |
| - | - | - |
| Correct net profit for 2004 | - | 1,575 |
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