The profit and loss statement of Ace Trading Limited for the years 2016 and 2017 is given
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The profit and loss statement of Ace Trading Limited for the years 2016 and 2017 is given below:
While reviewing the numbers, it was revealed that the closing stock for the year 2016 was understated by ₹ 2,300,000. You are required to restate the profit and loss statement for both the years incorporating the revised value of closing stock.
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