Answer ALL questions in this paper. [100 MARKS] QUESTION 1 (20 MARKS) REQUIRED Use the information provided below to prepare the Statement of Comprehensive income for the year ended 28 February 2023. INFORMATION FIESTA TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2023 Debit (R) Credit (R) Balance Sheet accounts section Capital 2520000 Drawings 160000 Land and buildings 1800000 Vehicles at cost 1360000 Equipment at cost 1000000 Accumulated depreciation on vehicles 760000 Accumulated depreciation on equipment 320000 Fixed deposit: Rio Bank ( 10% p.a.) 300000 Trading inventory 230000 Debtors control 260000 Provision for bad debts 16000 Bank 134000 Cash float 12000 Creditors control 220000 Mortgage loan: Rio Bank (12% p.a.) 640000 Nominal accounts sect

Answer ALL questions in this paper. [100 MARKS] QUESTION 1 (20 MARKS) REQUIRED Use the information provided below to prepare the Statement of Comprehensive Income for the year ended 28 February 2023. INFORMATION Adjustments and additional information 1. Stocktaking on 28 February 2023 revealed the following inventories: 1.1 Trading inventory R220 000 1.2 Stationery R4 000 2. The telephone account for February 2023, R6 000, was due to be paid on 01 March 2023. 3. A debtor who was declared insolvent paid R900 which represented 30% of her debt. The balance of her account must now be written off. 4. The provision for bad debts must be decreased to R14000. 5. Rent has been received up to 31 March 2023. Note: The rental was increased by R2 000 per month with effect from 01 November 2022. 6. The insurance total includes an annual premium of R15 000 that was paid for the period 01 June 2022 to 31 May 2023. 7. Provide for outstanding interest on the mortgage loan for February 2023. 8. Provide for the outstanding interest on fixed deposit. The investment in fixed deposit was made on 01 September 2022. 9. A payment for the annual service of a motor vehicle was not recorded, R5 000 . 10. Provide for depreciation as follows: 10.1 On equipment at 10% p.a. on cost. 10.2 On vehicles at 20% p.a. using the diminishing balance method. Note: A vehicle with a cost price of R360 000 was purchased on 01 December 2022. The purchase has been recorded