SECTION B: Attempt any THREE questions in this section Question 2 The following points were discovered in the books of a small restaurant business before the closing entries had been made. Draft financial statements had already been prepared and showed a net profit of K289,000, 1 ii. The purchase of a new van for K75,000 was included in the motor vehicle expenses account. The drawings account included K31. 250 for the purchase of fuel which was used to hear the business offices. Cash totalling K3, 750 paid by a customer, F. Mweemba Ltd had been credited to F. Mweetwa's account in error The electricity bills on the proprietor's home of K7,500 has been paid by the business and debited iv. to V the business electricity bills account. Cash amounting to K9.000 included in the wages account was paid to chef to the proprietor at home Food Stuffs bought on credit from J. Banda for K6, 250 has been delivered to the business on the date of the statement of financial position and had been included in the inventory figure at that date, but the invoice for these goods had not been entered in the purchases day book. VI. Required: eider (a) The journal entries to record the necessary adjustments arising from the above. hepant (12 marks) (b). A statement showing the effect of these adjustments on the profit shown in the draft financial statements