At 31 December 2021, the draft statement of financial position for a business showed total assets of $\$ 1000000$.
The following was then discovered.
1 An increase in the provision for doubtful debts, $\$ 5000$, had not been recorded.
2 Closing inventory had been overvalued by $\$ 20000$.
3 Depreciation, $\$ 10000$, had not been recorded.
What was the corrected total assets value?
$\$ 965000$
2 )
$\$ 985000$
3 )
$\$ 1005000$
4 )
$\$ 1015000$
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