The draft trial balance of Regent Ltd as at 31 May 209 agreed. The business proceeded with the preparation of the draft final financial statements and these showed a profit of 363,610. However, a subsequent audit revealed the following errors: 1. Bank charges of 148 had been omitted from the cash book. 2. The purchases journal had been overcast by 1,060. 3. The sales journal had been undercast by 265. 4. An invoice for 135 received from Alpha Ltd had been entered into the purchases journal as 315. (This is quite independent of the error made in the purchases journal referred to above.) 5. It is now considered prudent to write off the balance of 233 on P. Shadey's account as bad. 6. An invoice from Caring Garages Ltd for 1,500 in respect of servicing Regent Ltd's motor vehicles had been posted to the debit of motor vehicles account. 7. Depreciation of 10 per cent per annum has been provided for on motor vehicles inclusive of the 1,500 invoice referred to in point 6 above. Regent Ltd maintains control accounts for credit sales and credit purchases in its general ledger. Individual accounts for credit customers and credit suppliers are maintained on a memorandum basis only. Required: a. Prepare journal entries to show how the above errors would be corrected. b. What is the profit for the year after correcting the above errors? The draft trial balance of Regent Ltd as at 31 May 209 agreed. The business proceeded with the preparation of the draft final financial statements and these showed a profit of 363,610. However, a subsequent audit revealed the following errors: 1. Bank charges of 148 had been omitted from the cash book. 2. The purchases journal had been overcast by 1,060. 3. The sales journal had been undercast by 265. 4. An invoice for 135 received from Alpha Ltd had been entered into the purchases journal as 315. (This is quite independent of the error made in the purchases journal referred to above.) 5. It is now considered prudent to write off the balance of 233 on P. Shadey's account as bad. 6. An invoice from Caring Garages Ltd for 1,500 in respect of servicing Regent Ltd's motor vehicles had been posted to the debit of motor vehicles account. 7. Depreciation of 10 per cent per annum has been provided for on motor vehicles inclusive of the 1,500 invoice referred to in point 6 above. Regent Ltd maintains control accounts for credit sales and credit purchases in its general ledger. Individual accounts for credit customers and credit suppliers are maintained on a memorandum basis only. Required: a. Prepare journal entries to show how the above errors would be corrected. b. What is the profit for the year after correcting the above errors