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Sorry for bothering Sir!
However, I don’t know why some posts have a “REPLY” sign, others without a “REPLY” sign. I viewed those posts, but I couldn’t comment on them. Can you explain it to me? Or I need to donate to comment on all of the posts, don’t I?Thank you a lot, Sir. I appreciate your answer. This is the best ACCA website I have ever found.
Thank for your answer, could you explain to me why did you write negative 750. For my thinking, “LOAN NOTE” is a liability but it is “REPAID A LOAN NOTE” so we write negative 750. Or all of liabilities we also write NEGATIVE.
Hi Sir, I completely agreed with your answer “Firstly it should not have been in inventory of raw materials, which makes the cost of sales higher and therefore the gross profit (and therefore automatically the net profit as well) lower by 10,000”. However, the question is “What is the effect of THESE ERRORS”, Your answer is “Yes – it was included in the closing inventory. That was wrong and I wrote how to correct it”. I could not understand why we need to correct it, we just need to find the effect of wrong. So I could not understand why the profit for the year by 30,000.
Thanks for your help!Thanks a lot! But I couldn’t see the lecture on the topic “Correction of errors” on your channel.