On reviewing the financial statements, the company accountant discovers that there has been no provision made for

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On reviewing the financial statements, the company accountant discovers that there has been no provision made for urgent repairs to external doors and window frames, already identified as being of high priority on grounds of health and safety. The amount of £50,000 should be provided. What will be the effect on the income statement (profit and loss account) and the statement of financial position (balance sheet) when this error is rectified?
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