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EXTRACT OF STATEMENT OF COMPRHENSIVE INCOME

                              2009 RE 2008

SALES                    2,60,000     1,83,750

COST OF GOODS SOLD       2,00,000     1,50,000

PBIT                         60,000     33,750

INCOME TAX                   18,000     10,125

PROFIT AFTER TAX             42,000     23,625


EFFECT OF ERROR CORRECTION

DECREASE IN PROFIT                      11,375

DECREASE IN INVENTORY                   16,250

DECREASE IN INCOME TAX                   4,875

DECREASE IN EQUITY                      11,375

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Case study 5 solution ias 8

  • 1. EXTRACT OF STATEMENT OF COMPRHENSIVE INCOME 2009 RE 2008 SALES 2,60,000 1,83,750 COST OF GOODS SOLD 2,00,000 1,50,000 PBIT 60,000 33,750 INCOME TAX 18,000 10,125 PROFIT AFTER TAX 42,000 23,625 EFFECT OF ERROR CORRECTION DECREASE IN PROFIT 11,375 DECREASE IN INVENTORY 16,250 DECREASE IN INCOME TAX 4,875 DECREASE IN EQUITY 11,375