Michael Ong started a business on 1 July 2007. He had very little knowledge of bookkeeping but attempted to prepare a set of final accounts at the end of his first year of trading. The final accounts Michael prepared, containing errors, are shown below.

A. Calculate the corrected net profit of Michael Ong for the year ended 30 June 2008.

Michael OngStatement of corrected net profit for the year ended 30 June 2008