Case - 5: Gulf Greetings is a holding company based in Dubai has started its operations in Oman in January 1, 2020. It has 2 branches in Oman - Muscat and Ibra. The bookkeeper of the Ibra branch has caused the following errors in the books of the branch. i An account balance of OMR 200,000 Dr. in Building Account in General Ledger is wrongly carried forward to the next page as OMR 20,000 Dr. ii. Repair Expense Account was undercast OMR 400. iii. An error occurred in balancing Dividend Account that leads to OMR 12,500 excess balance in the account iv. Office expenses of OMR 350 is wrongly debited to withdrawals Account. The adjusting entry of depreciation on equipment OMR 5,000 has not been posted to Accumulated Depreciation Account. vi. Interest on bonds payable OMR 18,000 is not recorded. vii. Credit purchase from Khalid OMR 700 is recorded twice. viii. An error of OMR 120 excess credit in Sales Revenue Account is counterbalanced by another error of excess debit in Cost of Goods Sold Account ix. OMR 786 interest received is recorded with an amount of OMR 876. Interest revenue received OMR 500 is credited to Commission Revenue Account V. X Question - 5: a. For each of the above errors, you are required to; i. Identify the type of error and (2 Marks) ii. Rectify the errors. (5 marks) b. Identify any three errors that will affect the profitability of the company and explain