Self-test How does each of the following errors affect the net profit of £29,000 as shown in the profit and loss account?

(i) Opening stock was undervalued by £858.

(ii) Interest on a business investment of £289 was treated as interest charged.

(iii) A loan of £900 made to the business was credited to the profit and loss account.

(iv) Discounts received of £340 were debited to the profit and loss.

(v) Credit purchases of £540 were omitted from the purchases day book.