Question S. Hines re-drafted the trial balance after computing the net profit for the year ended 30 November 2020 because the statement of financial position does not balance: DEBIT CREDIT Furniture Cost 10,000 Provision for depreciation, 30 November 2020 2,000 Motor Vehicle Cost 12,000 Provision for depreciation, 30 November 2020 3,000 Inventory at 30 November 2020 2,500 Account Receivables 1,500 Bank 8,250 Account Payable 1,700 Prepaid Rent 400 Wages Payable 300 Capital at 1 October 2019 19,400 Net income for the year ended 30 November 2020 9,750 34,650 36,150 The following errors were discovered: i) A creditors account had been debited with RM 300 sales invoice but sales account was correctly recorded. ii) Electricity expenses paid RM 150 had been credited into the account. iii) G. Gordon had been credited with a cheque received from G. Gooding for RM 800. iv) Prepaid insurance of RM 500 at 1 October 2019 was omitted in the opening balance of insurance expenses account. v) Return outwards had been overcast by RM 700. Required a) Prepare the journal entry to correct the above errors. (10 marks) b) Re-calculate the net income for the year ended 30 November 2020 (3 marks) c) Prepare the statement of financial position as at 30 November 2020. (12 marks) (Total: 25 marks)