The draft trial balance of Regent Ltd as at 31 May 20X9 agreed. The business proceeded with the preparation of the draft final financial statements, and these showed a profit of 305,660. However, a subsequent audit revealed the following errors: 1. Bank charges of 56 had been omitted from the cash book. 2. The purchases journal had been overcast by 400. 3. The sales journal had been undercast by 100. 4. An invoice for 127 received from Alpha Ltd had been entered into the purchases journal as 217. (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 88 on P. Shadeys account as irrecoverable. 6. An invoice from Caring Garages Ltd for 550 in respect of servicing Regent Ltds 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 550 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