A9.11 [S] On reviewing the companys financial statements, the company accountant discovers that items of year-end inventory
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A9.11 [S] On reviewing the company’s financial statements, the company accountant discovers that items of year-end inventory of goods which cost £18,000 have been omitted from the record. What will be the effect on the income statement (profit and loss account) and the statement of financial position (balance sheet) when this omission is rectified?
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