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The following errors were discovered in the financial statements of Careless Ltd. for the year ended 30 June 2011: 1. Cost of sales for 2010 was overstated by Rs. 500,000. The correct amount should have been Rs. 12,500,000. 2. Income tax rate applicable for 2010 was 40% and not 50% as applied. 3. Dividend of Rs. 1,000,000 was paid during 2011 but was not recorded. You are required to: (a) Prepare the restated financial statements for 2010 and 2011 after correcting the above errors. (b) State the acco

Author

zarnab azeem

Language

EN