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Doubt in Adjustments to Profit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Doubt in Adjustments to Profit

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by John Moffat.
Viewing 3 posts - 1 through 3 (of 3 total)
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    Posts
  • November 21, 2023 at 8:00 pm #695216
    LoudJuniper154
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    The following correction journals have been posted by Salman, a self-employed plumber:
    (1) Dr Suspense $4,000
    Cr Rent $4,000
    (2) Dr Payables $2,500
    Cr Suspense $2,500
    (3) Dr Loan interest $1,000
    Cr Loan $1,000
    (4) Dr Suspense $650
    Cr Sundry income $650
    (5) Dr Suspense $6,000
    Cr Cash $6,000
    His draft profit figure prior to the posting of these journals is $355,000
    What is the revised profit figure?

    November 21, 2023 at 8:01 pm #695217
    LoudJuniper154
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    Is the answer $358,650 or $355,000?

    November 22, 2023 at 7:46 am #695226
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54705
    • ☆☆☆☆☆

    It is $358,650 (but why are you attempting a question for which you do not have the answer ? 🙂 )

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