A trader entered the cost of repairing office equipment in the office equipment account. What effect did this mistake 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