Question 2 The trial balance for Mr. Jack Minion, a bicycle repairs shop owner in Dublin, for the year ended 31 December 2019 does not balance, with the debit side having 748 more than the credit side. Mr. Minion posted the balance to a suspense and went on to prepare the financial statements which showed a profit of 2,527. He later identified the following issues but is unsure how to account for these and has approached you for assistance in rectifying the following: (a) Purchase returns of 964 have been debited to the purchases account in error. (b) A loan to buy a non-current asset of 10,000 was received and was credited to capital by mistake. (c) A payment of 500 paid to a supplier was credited to a customer's account who bears a similar name by mistake. (d) In reviewing his cheque journal, Mr. Minion realised that he accidently recorded machine repairs cost of 900 as insurance expense. (e) Mr. Minion took goods worth 350 from his shop for personal use. No adjustment has been included in the financial statements for this transaction. (f) A payment for electricity of 754 was entered correctly in the cash book but debited to postage as 574. An amount of 650 relating to the purchase of machinery was debited to machinery repairs in error. Depreciation on machinery is charged at 20% on a straight-line basis. Requirements: ) Prepare the journal entries required to correct the errors in (a) - (g) above. (ii) Prepare the Suspense Account in 'T' account format. (ii) Draw up a statement showing the impact of these corrections on the profit for the year