Please do question B. Not A.

31.4X R. James drew up the following statement of financial position on 31 December 2017. When checking the books, the following errors and omissions were found. (i) A purchase of fittings, $140, had been included in the purchases account. (ii) Motor vehicles should have been depreciated by $280. (iii) A debt of $41 included in accounts receivable was considered to be bad. (iv) Closing inventory had been overvalued by $124. Required: (a) show your calculation of the correct net profit (b) draw up a corrected statement of affairs as at 31 December 2017