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Question · Retrospective application: opening equity and comparatives

Under Vrostède's new policy, the expense of the comparative year 2024 would have been higher by 12,000, with a liability at 31 December 2024 as the other side. The tax effect is dealt with separately. Record the entry restating the 2024 comparative.

Additional 2024 expense
12,000
Your answer
  1. Line 1

    Account Restated 2024 expense

  2. Line 2

    Account Liability at 31 December 2024

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