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Preparing the final accounts and balance sheet of lucas

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Reference no: EM132578187

In each of the following scenarios explain the accounting principle or concept that would apply in order to rectify the situation:

Question (a) In preparing the final accounts and balance sheet of Lucas Brown Ltd, $100,000 due to Frank Laing a contract worker was owed to him at the end of the accounting period. No recording was made of this at the time of preparing the accounts.

Reference no: EM132578187

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