QUESTION 3 Chukwuemeka & Associates, a firm of estate surveyors and valuers in Lagos, maintains its accounting records on a manual double entry system. During a routine review of the firm's books for the year ended 31 December 2023, the following errors and irregularities were discovered by the newly appointed Finance Manager, Mrs. Ngozi Okonkwo ACA: (i) A payment of N84,000 for repairs to office equipment was debited to the Office Equipment (Asset) Account instead of the Repairs and Maintenance Account. (ii) A credit sale of professional fees of N250,000 to Eko Atlantic Property Ltd was correctly entered in the sales day book but was posted to the debit of Eko Atlantic Property Ltd's account as N520,000 (transposition error). (iii) A receipt of N60,000 from a debtor, Mr. Bello Adeyemi, was credited to the account of another debtor, Mr. Bello Adegoke. (iv) The purchase of a new office printer for N95,000 paid by cheque was recorded as: Debit Purchases Account N95,000; Credit Bank Account N95,000. (v) A credit note of N18,500 received from Sunrise Stationery Supplies for goods returned was completely omitted from the books. (vi) An amount of N42,000 received from a debtor was debited to the Bank Account and credited to the Debtors Control Account. However, the same receipt was also recorded in the cash receipts journal a second time. (vii) Professional fees of N175,000 received in cash from a new client were recorded as: Debit Cash Account N175,000; Credit Capital Account N175,000. Required: (a) For EACH of the seven errors listed above: (i) State the TYPE of error; and (ii) Prepare the journal entry (with narration) required to correct the error. (18 marks) (b) Prepare a statement showing the effect of the above errors on the net profit of Chukwuemeka & Associates for the year ended 31 December 2023, before the errors were corrected. State whether net profit is overstated or understated. (7 marks) Total: 25 marks