D Madgett is a sole trader. He has just completed his accounts for the year ended 31 May 2010.

His net profit for the year was calculated as £1,760. However, during the following month these errors were discovered:

(i) Sales of goods on credit for £430 to B Street were credited to both accounts.

(ii) Returns inwards of £65 were credited to returns outwards as £95.

(iii) Motor expenses of £145 were debited to motor expenses as £154.

(iv) A sale of an old motor van for £580 was treated as a sale of stock by mistake.

(v) Wages of £760 paid by cash was entered in the wrong side of both accounts.

(a) Show the corrections needed for the above errors in the Journal.

(b) Open up a suspense account and make entries as appropriate in correcting the errors thus showing the correct opening balance on the suspense account.

(c) Produce a statement of corrected net profit.