[S] On reviewing the financial statements, the company accountant discovers that a suppliers invoice for an amount

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[S] On reviewing the financial statements, the company accountant discovers that a supplier’s invoice for an amount of £10,000 has been omitted from the accounting records. The goods to which the invoice relates are held in the warehouse and are included in stock. What will be the effect on the profit and loss account and the statement of financial position (balance sheet) when this error is rectified?

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