Instructions: All answers must be typed in and working must be shown.

QUESTION 1 INCOME STATEMENT The following information appeared in the general ledger of Bingo Traders on 31 December 2019: DR CR Land and buildings 4 500 000 Furniture and fittings 1 200 000 Owner's equity 25 000 000 Sales 8 500 000 Opening inventory 750 000 Purchases 3 200 000 Closing inventory 920 000 Discount allowed 4850 Insurance 15 500 Telephone 8 500 Salaries 225 700 Rates 7 400 Water and electricity 13 100 Stationery 7 600 Creditors control 750 000 Bank charges 4850 Motor expenses 9 200 Bad debts 5 700 Debtors control 75 500 Advertising 6 300 Discount received 9 500 Interest expense 18 600 Required: Select the necessary items from the above information and prepare a Statement of Comprehensive Income for Bingo Traders for the year ended 31 December 2019