• •UVW Corp found that an extra capital of $22,000 paid into the bank had been credited to Sales.
  •Goods taken for own use worth $2,050 had been debited to General Expenses.
  •Private insurance of $145 had been debited to the Insurance account.
  •A purchase of goods from J. Wright for $1,090 was entered in the books as $990.
  •Cash banked of $780 was credited to the bank column and debited to the cash column in the cash book.
  •Cash drawings of $950 had been credited to the bank column of the cash book.
  •Returns inwards of $450 from G. Smith had been entered in error in L. Robinson’s account.
  •A sale of equipment for $3,800 had been credited to Motor Expenses.
  Requirement: Write the correcting journal entries and analyze the effect on the net profit.