Accounting for IGCSE & O level - Accounting Procedures (Section 6 - No. 13)
What is the effect on the financial position of a company if the total of $1,500 of discounts received column in the cash book for January had not been posted to the discount received account and to the debtors account?
No effect
Increase trade receivables.
Decrease profit
Increase liabilities
Explanation
Incorrectly posting of this amount would lead to incorrect profits.
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