CA CPT Model Test Paper 9 with solutions for online practice

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Question : 19 of 199

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Closing Stock of previous year is overvalued by Rs. 50,000. Due to this:

Previous year's profit is overstated and current year's profit is understated.
Previous year's profit is understated and current year's profit is overstated.
Previous years profit is overstated and current year's profit is overstated.
Previous year's profit is understated and current year's profit is understated.

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