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While finalizing the current year’s profit, the company
realized that there was an error in
the valuation of closing stock of the previous year. In the
previous year, closing stock
was valued more by Rs.50,000. As a result
(a) Previous year’s profit is overstated and current year’s
profit is also overstated
(b) Previous year’s profit is understated and current year’s
profit is overstated
(c) Previous year’s profit is understated and current year’s
profit is also understated
(d) Previous year’s profit is overstated and current year’s
profit is understated
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