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Determine effect of errors on beginning retained earnings

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Reference no: EM133078194

Question - The following errors regarding a company's inventory balances for the current year were discovered:

Beginning and ending physical inventories were understated by P20,000 and P35,000, respectively.

Purchases in transit with terms FOB shipping point were not yet recorded amounting to P47,000. These were purchased on December 27 of the current year but were only received on January 2 of the next year.

Required - Determine the effect of these errors on beginning retained earnings of the next year.

Reference no: EM133078194

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