Lola has prepared his financial statements for the year ended 30 April 2021, wh...
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Lola has prepared his financial statements for the year ended 30 April 2021, which showed a profit for the year of R150 000, current assets of R96 000, non-current assets of R200 000 and a total assets figure of R296 000. He has since discovered that the closing inventory amount, he used was overstated by R25 000.
Indicate whether the following statement is true or false regarding the correction of the error that was made?The revised total assets amount will be R321 000.
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