financial accounting

QUESTION REQUIRED Complete the Statement of Comprehensive Income for the year ended 28 February 2021. Show all your workings in brackets. INFORMATION AMANZIMTOTI SUPPLIERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021 Debit (R) Credit (R) 870 700 234 000 608 700 275 000 203 000 94 000 70 000 Balance sheet accounts section Capital Drawings Land and buildings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles (1 March 2020) Accumulated depreciation on equipment (1 March 2020) Trading inventory Debtors control Provision for bad debts Bank Cash float Petty cash Creditors control Loan: ATM Bank (12% p.a.) 140 000 103 000 5 000 4 000 1 500 500 60 000 96 000 1 277 000 Nominal accounts section Sales Cost of sales Sales returns Wages Bank charges Rent income Packing materials 700 000 15 000 123 000 4 000 66 000 37 000 18 000 7 000 2 000 1 000 2 000 Advertising Rates Bad debts Discount allowed Discount received Stationery Interest on loan Water and electricity Insurance Telephone 20 000 10 000 9 000 16 000 9 000 2 540 700 2 540 700 ADJUSTMENTS AND ADDITIONAL INFORMATION 1. No entry was made for trading inventory that was taken by the proprietor for his personal use, R2 000. Inventories on 28 February 2021 according to physical stocktaking were as follows: Trading inventory R135 000 2. personal use, R2 000. 4. 2. Inventories on 28 February 2021 according to physical stocktaking were as follows: Trading inventory R135 000 Stationery R2 000 3. The telephone account of R1 000 for February 2021 was erroneously paid twice, on 25 February 2021 and 27 February 2021. Rent has been received up to 31 January 2021. 5. A debtor, P. Peter, was declared insolvent. On 28 February 2021, his insolvent estate paid a first and final dividend of 60 cents in the Rand. An amount of R1 800 was received and recorded. The balance of his account must now be written off. 6. The provision for bad debts must be increased by R1 000. 7. The insurance total includes an amount of R7 200 that was paid for the period 01 November 2020 to 31 October 2021. 8. Interest on loan for February 2021 has not yet been paid. Interest is not capitalised. Note: A repayment of R18 000 (excluding interest) is expected to be made in March 2021 to reduce the loan balance. 9. Depreciation must be brought into account each year as follows: On vehicles at 20% per annum using the diminishing balance method