A trader posted the cost of fixing office equipment to the office equipment account as a debit. What effect did this error have on the financial statements?
- Aprofit for the year overstated; non-current assets overstated
- Bprofit for the year overstated; non-current assets understated
- Cprofit for the year understated; non-current assets overstated
- Dprofit for the year understated; non-current assets understated