Mahlosana Limited

Pre$-$adjusted trial balance as at $28$ February $2024$

$\backslash$table$[[$Description$,\backslash$table$[[$Debit $($Dr$)],[$R$]],\backslash$table$[[$Credit $($Cr$)],[$R$]]],[$Capital$,,600000],[$Drawings$,92000,],[$Land and buildings,$900000,],[$Vehicles at Cost,$660000,],[$Equipment at Cost,$480000,360000],[$Accumulated depreciation $-$ vehicles,,$260000],[$Accumulated depreciation $-$ equipment,,$],[$Fixed deposit $-$ Std Bank $($at $8\%$ p$.$a$),140000,],[$Trading inventory,$122000,146464],[$Trade receivables,$142000,240000],[$Provision for bad debts,$64664,1510000],[$Bank $($combine with cash float$),,],[$Trade payables,,$],[$Long term loan $-$ Absa Bank $(15\%$ p$.$a$.),452000,],[$Sales$,19600,],[$Cost of sales,$426000,],[$Sales returns,$12000,],[$Salaries and wages,$20000,],[$Bad debts,$56000,],[$Consumables stores,$96000,],[$Rates and taxes,$16000,],[$Repairs$,48000,],[$Telephone$,,],[$Electricity and water,Bank charges,$000000],[$Insurance$,,],[$Interest on mortgage loan,,$],[$Rent income,,$]]$

Adjustments and additional information:

The telephone account for February $2024$ has not yet been paid, R$2800.$

$3$

A debtor, P$.$ Sellers, was declared insolvent. His account of R$2000$ must be written off.

The provision for bad debts must be decreased by R$1000.$

Stocktaking on $28$ February $2024$ revealed the following stocks on hand:

Trading inventory, R$120000$

Consumable stores, R$1000$

Part of the building has been sublet since March $2023.$ Rent has been received up to $31$ March $2024.$

The insurance total includes an annual insurance premium of R$7200,$ half of which is in respect of the next accounting period.

Provide for outstanding interest on the long$-$term loan for the last month of the financial year.

Interest of R$600$ is still owed on the fixed deposit on $28$ February $2024$

A payment of R$4000$ for water and electricity was erroneously posted to the rates and taxes account.

Provide for depreciation as follows:

On equipment at $10\%$ p$.$a$.$ on cost method

On vehicles at $20\%$ p$.$a$.$ on diminishing balance method

Taxation is at $27\%$ of the profit before tax

Required

Prepare the statement of profit or loss and other comprehensive income for the year ended $28$ February $2024.$