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  • What Amount of Adjustment Should Be Made For The Profit For 2020 Presented As Comparative Figure in The 2021 Financial Statement?

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    What Amount of Adjustment Should Be Made For The Profit For 2020 Presented As Comparative Figure in The 2021 Financial Statement?

    Uploaded by

    Ara

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    The draft financial statement for Love Co.

    for 2021 revealed an


    overvaluation of the closing inventory of P4,000,000 on December 31,
    2020.  Further investigation showed that there was an overvaluation of
    closing inventory on December 31, 2019 of P4,000,000. 
     
    What amount of adjustment should be made for the profit for 2020
    presented as comparative figure in the 2021 financial statement?

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