[S] On reviewing the financial statements, the company accountant discovers that an invoice for the rent of

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[S] On reviewing the financial statements, the company accountant discovers that an invoice for the rent of £4,000 owed to its landlord has been recorded incorrectly as rent receivable of £4,000 in the company’s accounting records. 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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