A draft statement of financial position for a business showed total net assets of $\$ 600000$.
The following items were then discovered.
1 A long-term loan for $\$ 10000$ had not been recorded. This was taken out on the last
day of the financial year.
2 Closing inventory had been overstated by $\$ 20000$.
3 Depreciation had been understated by $\$ 15000$.
What is the correct total net assets value?
1 )
$\$ 555000$
$\$ 565000$
3 )
$\$ 595000$
4 )
$\$ 605000$
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