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Answer ALL questions in this paper. [ 1 0 0 MARKS ] QUESTION 1 ( 2 0 Marks ) REQUIRED Use the information given below

Answer ALL questions in this paper.
[100 MARKS]
QUESTION 1
(20 Marks)
REQUIRED
Use the information given below to complete the following financial statements:
1.1 Statement of Comprehensive Income for the year ended 29 February 2024.
(12 marks)
1.2 Statement of Financial Position as at 29 February 2024.(Show the workings in brackets next to the relevant details.)
(8 marks)
Note: Some of the amounts have already been entered in the answer book.
INFORMATION
The following trial balance, adjustments and additional information were extracted from the records of Aerostat
Traders for the financial year ended 29 February 2024:
\table[[AEROSTAT TRADERS],[PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2024],[,Debit (R),Credit (R)],[\table[[Balance sheet accounts section]]],[Capital,,2449000],[\table[[Land and buildings]],1064000,],[Vehicles at cost,2850000,],[\table[[Equipment at cost]],1650000,],[Accumulated depreciation on vehicles,,1380000],[Accumulated depreciation on equipment,,540000],[\table[[Debtors control/Accounts receivable]],480000,],[Provision for bad debts/Allowance for credit losses,,26000],[Bank,358000,],[\table[[Creditors control/Accounts payable]],,615000],[\table[[Mortgage loan: Med Bank (16% p.a.)]],,1050000],[Nominal accounts section],[Sales,,7425000],[\table[[Sales returns]],45000,],[Opening stock,750000,],[\table[[Purchases]],3900000,],[Salaries and wages,1290000,],[\table[[Bad debts]],15000,],[Stationery,23000,],[\table[[Rent expense]],345000,],[Motor expenses,267000,],[Bad debts recovered,,13000],[Telephone,93000,],[Electricity and water,186000,],[\table[[Bank charges]],37000,],[\table[[Insurance]],81000,],[Interest on mortgage loan,154000,],[Commission income,,90000],[13588000,13588000]]
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