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 Statement of Error 2019-2025

Statement of Error Adot 2019-2025 Form

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Instructions and help about statement error

okay 17.8 what would be the net profit after adjusting this error so adjustment to profit a business statement of profit or loss and other comprehensive income for the year ended 31st december showed a net profit of 83 600. so your profit is 83 600. it was later found that 18 000 paid for the purchase of motor vehicle had been debited to the motor expenses account it is the company's policies to depreciate motor vans at 25 per year okay now this is if you remember we discussed this topic we called it error of principle and i explained it in with the help of an example that error of principle means when you are you know debiting or crediting or charging a wrong account like an opec account is being uh probably replaced or mistaken with a capex account so there will be a difference in profit whenever a capex is treated as opex or an opex is treated as capex because one opex should go to income statement capex goes to the balance sheet so something you should take to the balance s

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