Additional Information: The rent income amounts to R1 000 per month. R500 commission income is still due. The insurance expense includes an annual premium of R5 400 that was paid on the 1st of September 2017. Water and Electricity for February 2018 is still due, R5 000. According to the physical count the following was on hand on 28 February 2018: - Stationery: R800. Adjust the provision for credit losses to R3 000. Adam Bakers account of R2 300 needs to be written off as irrecoverable. Provide for depreciation as follows: Vehicles: 20% p.a. on the diminishing balance method; Furniture: 10% p.a. on cost.

Required: Prepare the Statement of Comprehensive Income (Income Statement) for the year.

QUESTION THREE [20 You have been presented with a pre adjusted trial balance for NBS Ltd which uses the Periodic Inventory System to value their stock