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Prepare statement to show osamas corrected profit

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Reference no: EM132462781

Osama is a trader. Financial position:   31 Dec

Non current assests at cost               17500

inventory                                         1830

trade receivable                               2650

drawing                                          5100

Total                                                    27080

Capital at 1 Jan =                         21000

Profit for year                                1710

trade payable                                3100

bank overdraft                                790

Total                                                   26600

suspence account                           480

Total                                                 27080

errors in books

Error 1: non current assets should depreciate by 10% on cost

Error 2: sales account undercast by $500

Error 3: no adjustment for rates and insurance $40 paid in advance

Error 4: no entry for goods $280 taken for personal use

Error 5: bank statement on 31 Dec showed bank charges $81. no entry has been made provision for doubtful debts 2% correctly recorded in bank account but no other entry made office expense, $20 correctly recorded in bank but no other entry made

Question A. Prepare statement to show Osamas corrected profit for year ended 31 Dec

Question B. Prepare corrected statement of financial posiont on 31 Dec

Reference no: EM132462781

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