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Answer Posted / k.s.sailakshmi
NET WORTH MEANS OWNER'S EQUITY OR OWNER'S FUNDS
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rents part of its building for a monthly fee of $1,250. The rent for the month just past has not been received.
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
