A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2022 · Q81 Mark
A draft statement of financial position for a business showed total net assets of $600000. The following items were then discovered. 1 A long-term loan for $10000 had not been recorded. This was taken out on the last day of the financial year. 2 Closing inventory had been overstated by $20000. 3 Depreciation had been understated by $15000. What is the correct total net assets value?
A$555000
B$565000
C$595 000
D$605 000
✓ Correct answer
B: $565000
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