When analysing the accounts of Gen Ltd you discover that the following information has not been considered:
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When analysing the accounts of Gen Ltd you discover that the following information has not been considered:
(a) only 90% of the debtors included in the balance sheet at £25,000 are expected to pay even after £500 is spent on legal fees
(b) included in the creditors is £60 owing to an unknown person
(c) the firm is being sued for £50,000 damages from a road accident How would this affect the profit statement and balance sheet?
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Mehwish Aziz
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