Given information for statement of profit or loss and other comprehensive income questions below

Vuyo and Wanda are in a partnership trading as VW Traders. They have an equal interest in the partnership and distribute profits accordingly.

The following information is extracted from the accounting records of the partnership as at 31 July 2022, the financial year-end of the corporation.

EXTRACT OF BALANCES AS AT 31 July 2022:
	R
Buildings	620 140
Bank (Dr)	85 800
Sales	3 213 700
Investment in Pusha Ltd at fair value	300 000
Income received in advance	5 800
Prepaid expenses	22 700
Rental income	8 200
Purchases	994 200
Other general expenses	66 000
Salaries and wages	987 500
Carriage of purchases	60 900
Carriage on sales	62 200
Sales returns	74 300
Settlement discount granted	11 600
Settlement discount received	18 900
Allowance for credit losses	5 000
Purchases returns	25 700
Allowance for credit losses (Cr)	2 500
Capital contribution: Vuyo	135 500
Capital contribution: Wanda	100 000
Retained earnings (1 August 2021)	372 400
Loan from KK Loans CC	58 700
Loan to partner: Wanda	44 400
Inventory (1 August 2021)	51 300
Petty cash	11 400
Trade receivables control	270 185
Trade payables control	515 100

Additional information:

1. An invoice relating to carriage on purchases amounting to R5 500 was received on 30 July 2022 and must still be taken into account.

2. The closing inventory amounted to R93 400.

3. The investment in Pusha Ltd consist of 80 000 shares bought for R201 000 and was acquired in March 2021. The investment was acquired for trade purposes. At the end of the current financial year, the fair value of the investment amounted to R212 345.

4. Each member received a monthly salary of R22 000 paid in cash. Wanda the managing member of VW Traders is entitled to a bonus of R30 000 payable on 1 August 2022. These amounts were debited to the salaries and wages account.

5. The allowance for credit losses must be increased to R3 800.

6. Partners withdrew cash amounting to R20 000 equally to pay for holiday flights to Cape Town on 31 July 2022.

7. Interest must be recorded on the loan accounts to partners at 10% per annum on the opening balance of any existing loans as well as on any additional loans granted. On 1 February 2022, an additional loan of R10 000 was granted to Wanda and was correctly accounted for in the books of the close corporation. Interest on the loans to members is still to be accounted for and must be capitalised. All loans are unsecured and immediately callable.

8. Interest on loans from KK Loans CC is calculated at 15% per annum and is not yet accounted for. The loan amount is repayable in full on 16 November 2022.

QUESTION 17

Which one of the following alternatives represents the correct amount for revenue in the statement of profit or loss and other comprehensive income of VW Traders for the year ended 31 July 2022?

1.

3 139 400

2.

3 202 100

3.

3 127 800

4.

3 176 400

5.

3 213 700