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The draft accounts for year ended 30 April 2010 of Paul Products Limited show a net profit of £24,760.
A remittance of £3,000 received from D.North, a credit customer, in April 2010 has been credited to sales.
Please prepare journal entry and statement of corrected net profit and explain what you did.Nadahadi, this is almost certainly NOT a P2 question!
The appropriate place for this question is in FA1, AAT or F3
It doesn’t warrant inclusion in F7 let alone P2
(The answer is Dr Revenue, Cr Receivables with £3,000 making the corrected profit figure £21,760)
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