•GHI Corp found that an extra capital of $48,000 paid into the bank had been credited to Sales.
•Goods taken for own use worth $3,700 had been debited to General Expenses.
•Private insurance of $205 had been debited to the Insurance account.
•A purchase of goods from N. Johnson for $1,270 was entered in the books as $1,170.
•Cash banked of $1,460 was credited to the bank column and debited to the cash column in the cash book.
•Cash drawings of $1,480 had been credited to the bank column of the cash book.
•Returns inwards of $800 from H. Robinson had been entered in error in G. Davis’s account.
•A sale of equipment for $5,700 had been credited to Motor Expenses.
Requirement: Write the correcting journal entries and analyze the effect on the net profit.