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Prepayment is a current asset in your books if you are the one paying the amount and a liability to the receiver. You just need to understand whose books the question is asking about. Your books or the Suppliers….
1. $8250
2. $1250
3. $9000
4. There’s a difference of $750. There’s missing stock valued at $500 and stock written off of $250 which are included in the Cost of sales.
5. $8250
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