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Briefly explain how to correct the identified errors

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Question: AAA Pty Ltd prepared the draft of the statement of financial position and the statement of profit or loss for the financial year ended 31st Dec. 20X8 as shown below. The business operation was started from 1st Jan. 20X8. All transactions incurred in the year 20X8 were recorded correctly. The PPE was purchased for $20,000 but carried at fair value $18,000.

Required: (please label your responses as 1.,2.)

1. Identify individual errors in the statement of profit and loss and briefly explain how to correct the identified errors.

2. Identify individual errors in the statement of financial position and briefly explain how to correct the identified errors.

Reference no: EM132743755

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