Mathematics · Financial Accounting
The draft net profit for a year was $120,000. It was later discovered that: 1. Closing inventory was overvalued by $5,000. 2. A receipt of $1,200 from a customer for a debt previously written off was credited to the receivables ledger but no other entry was made. 3. $3,000 of repairs were capitalised as part of Plant and Machinery (Depreciation is 20% straight line). What is the corrected net profit for the year?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$113,200✓
- 2$114,400
- 3$112,000
- 4$115,000
Correct answer
$113,200
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