Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 41)
What is the impact on the draft profit and financial position when repairs ($200) were entered to the premises account?
Expenses understated by $200; Non-current assets overstated by $200
Profit overstated by $200; Capital overstated by $200
Profit understated by $200; Expenses overstated by $200
Expenses overstated by $200; Non-current assets understated by $200
Explanation
Expenses understated by $200; Non-current assets overstated by $200
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