Accounting for IGCSE & O level - Accounting Procedures (Section 25 - No. 31)
What is the effect on profit and the balance sheet when the wages have been debited and credited to the bank account?
The expenses are overstated and profit is understated, and the balance sheet is incorrect
No impact to profit and the balance sheet is incorrect
No impact to profit and the balance sheet is incorrect.
Profit will be zero
Explanation
No impact to profit and the balance sheet is incorrect.
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