A business receives rent from letting part of its premises.
On 1 January 2022, there was a balance brought forward of $1000 in the rent receivable account in respect of one month’s rent received in advance.
During the year ended 31 December 2022, the business received further amounts totalling $13000 to cover the period from 1 February 2022 to 31 January 2023.
A rent increase of 10% was introduced from 1 April 2022.
The statement of profit or loss for the year ended 31 December 2022 incorrectly included an amount of $13000 for rent receivable.
What was the effect of this error on the profit for the year?
$100 overstated
2 )
$100 understated
3 )
$1100 overstated
4 )
$1100 understated
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