One of the requirement was to recalculate the profit of the year.
An invoice for materials delivered on 12 march 20X4 for $500,000 has been discovered . It has not been recorded in Bookkeeping sysytem, although the materials were included in the inventory count.
in the calculation of profit, they are deducting $ 500k (unrecorded trade payables.). why they do that step?
An invoice for materials delivered on 12 march 20X4 for $500,000 has been discovered . It has not been recorded in Bookkeeping sysytem, although the materials were included in the inventory count.
in the calculation of profit, they are deducting $ 500k (unrecorded trade payables.). why they do that step?
