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Prepare the Statement of Comprehensive Income of Midway Traders for the year ended 28 February 2021.

INFORMATION

The trial balance, adjustments and additional information provided below were obtained from the accounting records of

Midway Traders on 28 February 2021, the end of the financial year.

MIDWAY TRADERS

PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021

Prepare the Statement of Comprehensive Income of Midway Traders for the year ended 28 February 2021. INFORMATION The trial balance, adjustments and additional information provided below were obtained from the accounting records of Midway Traders on 28 February 2021, the end of the financial year. MIDWAY TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021 Debit (R) Credit (R) Balance sheet accounts section Capital 1 157 400 Drawings 206 150 Land and buildings 800 000 Vehicles at cost 466 000 Equipment at cost 270 000 Accumulated depreciation on vehicles 126 000 Accumulated depreciation on equipment 92 000 Trading inventory 186 000 Debtors control 139 200 Provision for bad debts 9 600 Bank 7 600 Cash float 2 000 Petty cash 600 Creditors control 121 200 Loan: Hip Bank (18% p.a.) 90 000 Nominal accounts section Sales 1 700 000 Cost of sales 934 000 Sales returns 20 000 164 000 Wages 6 000 Bank charges 88 400 Rent income 48 000 Packing materials 24 000 Advertising 12 000 Rates 4600 Bad debts 2000 Discount allowed 3 000 Discount received 27 400 Stationery 14 850 Interest on loan Water and electricity 14 000 21 200 Insurance 18 000 Telephone 3 387 600 3 387 600 ADJUSTMENTS AND ADDITIONAL INFORMATION 1 No entry was made for stationery that was taken by the owner for her personal use, R1 200. 2. Inventories on 28 February 2021 according to physical stocktaking were as follows: 2.1 Trading inventory R182 000 2.2 Stationery R200 3 Rent has been received up to 31 March 2021. 4. Debtor P. Kemp, who owed R4 000, was declared insolvent. On 28 February 2021, his insolvent estate paid a first and final dividend of 40 cents in the Rand. The amount received has been recorded. The balance of his account must now be written off. 5 The provision for bad debts must be decreased by R2 800. 6. Advertising includes an amount of R6 000 that was paid for the period 01 February 2021 to 30 April 2021 for advertisements that will appear weekly in a newspaper. 7 Interest on loan for February 2021 was not paid. . 8. The water and electricity account for February 2021 was due to be paid on 02 March 2021, R1 400. 9. Depreciation must be brought into account as follows: 9.1 On vehicles at 15% per annum using the fixed instalment method. 9.2 On equipment at 20% per annum according to the diminishing balance method