Paul has a year end of 31 December.
On 1 January 2020, he bought a non-current asset for $\$ 10000$. He sold it on 1 January 2021 for $\$ 8500$.
Paul usually provides depreciation at the rate of 10% per annum. A full year’s depreciation is charged in the year of acquisition and none in the year of disposal. He forgot to provide for any
depreciation on this non-current asset.
What was the effect of this error on Paul’s profit for the year ended 31 December 2021?
1 )
$\$ 1000{\text{ }}higher$
$\$ 1000{\text{ }}lower$
3 )
$\$ 1500{\text{ }}higher$
4 )
$\$ 1500{\text{ }}lower$
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