Enchanted Ltd has an authorised share capital of $600000$ ordinary shares. Their financial year ends on the last day of February. The following pre$-$adjustment trail balance appeared in the books of Enchanted Ltd on $28$ February $2023$

Pre adjustment trial balance of Enchanted Ltd on February $2023$

Details Fol Debit $($R$)$ Credit $($R$)$

Statement of financial Position $(877500)$

Ordinary share capital $(64530)$

Retained earnings $720000$

Land and buildings $279000$

Vehicles $(38700)$

Accumulated depreciation: Vehicles $106200$

Trading inventory $82000$

Trade receivablles $(2790)$Allowance for credit losses $285200$

Bank $165690$

SA Revenue Service $($income tax$)(73800)$

Trade payables $(112500)$

Mortgage loan

Nominal account section

Sales $(1636654\mathrm{.}50)$

Cost of sales $1043100$

Credit losses $(5674\mathrm{.}50)$

Commission received $3915$

Bank charges $4185$

Rent income $(108000)$

Stationery $3105$

Credit losses recovered $(1845)$

Interest on mortgage loan $10800$

Sales returns $17100$

Insurance $6030$

Telephone $8550$

Water and electricity $12600$

Salaries and wages $126000$

Ordinary share dividends $45000$

Total $2920234\mathrm{.}50$

Total $(2920234\mathrm{.}50)$

Adjustments and additional information:

$1$ L$.$ Letsema, a debtor who owed R$5400,$ is declared insolvent. The enterprise received $50$c in the rand from her insolvent estate and this was recorded. Write the rest off as irrecoverable.

$2$ The allowance for credit losses must be maintained at $3\%$ of good book debtors.

$3$ Insurance included an annual premium of R$2700$ that ws paid on $30$ April $2021.$

$4$ Part of the building is rented at R$10800$ per month. Make provisions for the outstanding rent

$5$ According to a physical stocktaking, trade inventory on $28$ February $2023$ was R$103050.$

$6$ The water and electricity account for February $2023$ has not yeat been paid R$1152.$

$7$ Provide for depreciation on vehicles at $20\%$ per annum on the diminishing balance method$\mathrm{.}1$ August each year. Interest accrues at $16\%$ per annum

$8$ The mortgage loan is redeemable in equal annual instalments of R$22500$ on $31$ August each year. Interest is $16\%$ per annum

$9$ A final divided of $20$c per share was declared on $28$ February $2023$

$10$ The income tax for the accounting period amounts to R$202500$

$11$ During the year ended $28$ February $2023,$ an additional $100000$ ordinary shares were issued at a price of R$1\mathrm{.}875$ per share

$12$ On $1$ March $2021$ there were $440000$ ordinary shares in issue.

Required:

$3\mathrm{.}1$ Prepare the statement of profit or loss and other comprehensive income for Enchanted Ltd for the year ended $28$ February $2023.$