2 (20 MARKS) The trial balance and additional information given below were obtained from the records of Phewa Traders on 29 February 2016, the end of the financial year. REQUIRED Use the trial balance, adjustments and additional information to prepare the Statement of Comprehensive Income for the year ended 29 February 2016. Use the following format: Statement of Comprehensive Income format Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year PHEWA TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2016 Capital Balance sheet accounts section Debit (R) Credit (R) Drawings 290 854 Land and buildings 82 182 Vehicles at cost 190 000 91 000 Equipment at cost 67 000 Accumulated depreciation on vehicles 31 000 Accumulated depreciation on equipment 23 800 Trading inventory 46 000 Debtors control 34 000 Provision for bad debts 1.900 Bank 2 230 Cash float 500 Petty cash 100 Creditors control 30 428 Loan: Met Bank (15%) 21 600 Nominal accounts section Sales 421 000 Cost of sales 233 000 Sales returns 5 000 Wages 41 000 Bank charges Rent income Packing materials Advertising Rates Bad debts Discount allowed Discount received Stationery 2 300 26 000 12 000 6 000 2 600 900 500 700 9 000 Interest on loan 2 970 Water and electricity 7 000 Insurance Telephone 5 000 7 000 847 282 847 282