Q.2 During the review of accounting records and financial statements of Jelly Traders (JT) for the year ended 30 June 2023, the following errors were highlighted: (i) A payment of Rs. 90,000 to a supplier was recorded as purchase of inventory on cash. Inventory withdrawn by owner for personal use was recorded as a credit sale for Rs. 460,000. (ii) (iii) Inventory returned by a customer, with a selling price of Rs. 540,000, were debited to inventory and credited to receivables at the selling price. (iv) On 1 November 2022, an item of equipment was sold for Rs. 90,000. The disposal was not recorded, and the amount received was credited to depreciation expense. On 1 July 2022, the equipment had a written down value of Rs. 120,000, while its original cost was Rs. 250,000. (v) A cheque issued for one year's rent from 1 May 2023 to 30 April 2024, amounting to Rs. 240,000, was dishonoured due to a mistake in the name of the party. No entry was made upon the return of the cheque, and a new cheque was issued by JT after the year-end. Other information: JT uses the perpetual inventory method. JT makes a profit of 25% on sales. All fixed assets are depreciated at a rate of 20% using the reducing balance method. Required: Prepare journal entries to correct the above errors. (Narrations are not required)