Gce Model Questions Vol1 2021 Financial Accounting Question 42
Practice objective / multiple choice question 42 from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
During the preparation of the trial balance, two errors were made: (i) a credit entry of \(12{,}000\) £ for sales was omitted, and (ii) a purchase of \(8{,}000\) £ was recorded twice. The original trial balance showed sales of \(250{,}000\) £, purchases of \(90{,}000\) £ and other expenses of \(30{,}000\) £, giving a reported net profit of \(130{,}000\) £. After correcting the errors, by how much does the net profit increase?
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About This Question
This is Gce Model Questions Vol1 2021 Financial Accounting Question 42. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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