The net profit for M Jeffs for the year ended 31 March 2007 had been calculated as £390.

However, the following errors were discovered in April 2007:

(i) The returns inwards day book had been undercast by £82.

(ii) Insurance paid by cheque for £27 included a payment for private insurance of £12.

(iii) Discounts allowed of £25 were credited to the account by mistake.

(iv) A purchase of goods on credit for £45 from A Wood was entered in both accounts as £54.

(v) Carriage outwards paid in cash of £28 was entered in the cash account as £18.

(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.