Accounting for IGCSE & O level - Accounting Procedures (Section 21 - No. 8)
In the illustration regarding the summarized statement of financial position, what caused the errors to the financial position?
Failure to include a prepaid expense
Failure to record annual depreciation
An irrecoverable debt was not written off
Capital introduced was included in the bank account only
Explanation
Failure to include prepaid expenses, record annual depreciation and to write off an irrecoverable debt.
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