Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 20)
A payment of \$5000 from A. Murry was received. What impact would be on the draft profit in the below scenario?
No impact
Profit was understated by \$5000
Profit was overstated by \$5000
Capital was understated by \$5000
Explanation
In this scenario, there will be no impact.
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