Accounting for IGCSE & O level - Accounting Procedures (Section 25 - No. 46)
If the cash purchase of £45 has been omitted, what should be the next steps?
The expenses and assets have been understated.
The profit will be understated.
The bank account has to be credited by £45
The expense has to be debited by £45
Explanation
The profit is unaffected, while assets and liabilities have been affected.
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