During March 2020 Sable Ltd discovered that, due to an error, no entries had been booked in the financial statements for the year ended 31st March 2019 for a supplier invoice in respect of consultancy services. The consultancy services were received by Sable Ltd in January 2019. The supplier invoice, dated 31 January 2019, has a value of 179,240 and remains unpaid. The financial statements for the year ended 31 March 2019 show a profit for the financial year of 731,200.

Required:

i) Explain, with reference to the provisions of relevant accounting standards, how this matter should be dealt with in the financial statements of Sable Ltd for the year ended 31 March 2020 and outline the journal entry that is needed to account for this item.