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What will be the reported profit for the year ending march

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Reference no: EM132571967

Alpha Ltd. Has the following details as on March 31, 2016

                                                                             2016                                 2015

Sales                                                       2250                           2000

Opening stock                                                30                              20

Production                                                 2460                         2000

Closing stock                                            400                             30

Cost of goods sold (opening stock + production - Closing stock) 2090                1990

Other expenses                                           80                           50

Net Profit/Loss                                             80                       (40)

Question 1: Suppose the accountant has wrongly computed the closing stock while adding stocks, to an extent of 30%. What would be the impact on the profit of the Alpha Ltd compare to the previous year (2015)? [5]

Question 2: Suppose the error was not rectified in the current year (31st March 2016). Next year Alpha has produced Rs.2650 and sold goods for Rs.2800. It has a closing stock of Rs.240 and there is no error in computing the closing stock value. What will be the reported profit for the year ending 31st March 2017?

Reference no: EM132571967

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