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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Doubt in Adjustments to Profit
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?
Is the answer $358,650 or $355,000?
It is $358,650 (but why are you attempting a question for which you do not have the answer ? 🙂 )