When preparing a sole trader’s financial statements, no adjustment was made for a prepayment at the end of the year.
What is the effect of this omission?
1 )
current assets overstated and owner’s capital overstated
current assets understated and owner’s capital understated
3 )
profit for the year overstated and trade payables understated
4 )
profit for the year understated and trade payables understated
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