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While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer?.

Solutions for While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.

Here you can find the meaning of While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,a)Previous year’s profit is overstated and current year’s profit is also overstatedb)Previous year’s profit is overstated and current year’s profit is understatedc)Previous year’s profit is understated and current year’s profit is also understatedd)Previous year’s profit is understated and current year’s profit is overstatedCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.