Paper 2 · Departmental accounts, correction of errors and bank reconciliation

N. Chuma's net profit for the year was $369 000 before five errors were corrected. After correcting all five errors -- including removing a$ 35 000 van sale wrongly credited to Sales, and adding purchases of $45 000 from V. Vennon that had been completely omitted -- the corrected net profit was calculated. What was N. Chuma's corrected net profit?

Model answer

$407 300

Also accepted: 407300, 407 300

Explanation:

369 000 -

35 000 +

12 300 +

70 000 -

45 000 +

36 000 = $407 300.

Derived from ZIMSEC Principles of Accounts 7112/2 Paper 2, November 2015, Q3

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