Once his financial statements had been prepared, a trader found these mistakes: 1. A revenue receipt of $1000 was entered as a capital receipt. 2. Capital expenditure of $800 was entered as revenue expenditure. 3. A capital receipt of $900 was entered as a revenue receipt. What was the net impact of these errors on the profit for the year?
- Aoverstated by $700
- Boverstated by $900
- Cunderstated by $700
- Dunderstated by $900