Adjusted Profit or loss ( video below)

David’s draft financial statements for the year to 31 October 20X6 report a loss of $2,972. When he prepared the financial statements, David did not include an accrual of $3,252 and a prepayment of $1,668.

What is David’s profit or loss for the year to 31 October 20X6 following the inclusion of the accrual and prepayment?

Answer

$

Original loss          (2,972)

Accrual                   (3,252)

Prepayment            1,668

Revised loss         (4,556)

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