Pinotage Enterprises sell wine. It uses the perpetual inventory system and the following pre- adjustment trial balance appeared in the books of at the end of their current financial year, 29 Febuary 2020: Debit (R) Credit (R) 584 088 1 020 000 57 600 58 320 167 400 35 472 27 480 480 000 1 716 000 Capital (1 March 2019) Land & Buildings Drawings Trading Inventory Debtors Control Creditors Control Bank Loan: ABBA Bank (10.5%) (1 March 2019) Sales Cost of Sales Sales Returns Insurance Salaries and Wages Stationery Repairs Rent Income Credit Losses Interest on Loan 770 400 84 000 33 120 528 000 101 400 28 440 118 800 16 200 42 000 2 934 360 2 934 360 1. 2. 4. Additional information and adjustments at year-end: According to a physical stock taking the trading inventory on hand amounts to R57 600. A debtor, N. Chardonnay, is insolvent and his debt of R11 500 must be written off as irrecoverable. 3. An allowance for credit losses must be created, R2 000. The stationery account includes an amount of R4 000 which was paid for repairs conducted on the building. Insurance includes an amount of R850 paid for March 2020. 6. Three tenants rent space from Pinotage Enterprises at an annual rental of R43 200 each. All three tenants occupied the offices for the entire year, and the rent was not increased during the year. The interest on loan for January and February 2020 has not been paid. 8. The owner made an additional capital contribution on 1 January 2020, R50 000. This transaction has not yet been recorded. 5. 7. 0.4.1 Prepare the Statement of profit or loss and other comprehensive income of (23) Pinotage Enterprises for the year ended 29 February 2020. Show all workings. Q.4.1 (23) Pinotage Enterprises Statement of Profit or Loss and other Comprehensive Income for the year ended 29 February 2020 R R Revenue Less Cost of Sales Gross Profit Other Income Rent Income Gross Income Less Distribution, administrative and other expenses Insurance Salaries and Wages Stationery Repairs Credit Losses Allowance for Credit Losses Adjustment Net Profit for the year Less: Interest on Loan Profit/Total comprehensive income for the y