At the close of his financial year, Raminder recorded an adjustment for rent that a tenant still owed him. What effect did this have on Raminder’s financial statements?
- Aprofit for the year: decrease; current assets: decrease
- Bprofit for the year: decrease; current assets: increase
- Cprofit for the year: increase; current assets: decrease
- Dprofit for the year: increase; current assets: increase