QUESTION 5 The trial balance of Victor Muhau as at 31 December 2019 showed a difference and was posted to the suspense account. Draft financial statements for the year ended 31 December 2019 were prepared showing a net profit of K472,000. The following errors were discovered: a) Sales of K4,500 to C. Tembo were debited to Tembo and Sons Manufacturing Limited. b) Payment of K2,750 for telephone charges had been entered on the debit side of the telephone account as K3,750. 6 c) The sales journal had been undercast by K20,000. d) Repairs to a machine amounting to K3,900 had been debited to the machinery account. e) A cheque of K15,000 being rent received from Mutale had only been entered in the cashbook. f) Purchases from P. Chamata, amounting to K7,650 had been received on 31st December 2019 and included in the closing inventory at that date, but the invoice had not been entered in the purchases journal. Required i Prepare the journal entries, without narratives, to correct the above errors ii Prepare the statement of corrected profit to show the effect of each transaction on the net profit (Total: 20 marks)