Prepare statement of profit or loss and other comprehensive income for 31 March 2011

Flag question Balances at 31 March 2011 Capital accounts(fixed): Rosina Julie Current accounts: 1 April 2010 Rosina Julie Long-term loan from BDE Bank Sundry accounts receivable Accumulated depreciation: Furniture and equipment 1 April 2010 Furniture and equipment at cost Finish attemp Provision for bad debts: 1 April 2010 Time left 1:52 Bad debts recovered Inventory: 1 Aprit 2010 Purchases Interest expense on long-term loan Stationary Additional information: 1. Make provision for: 1. Interest on capital at 9% per annum 2. Interest on current accounts (opening balances) at 7% per anr 3. A managerial salary of R6 000 per annum to Julie 4. A bonus equal to 10% of the distributable profit to Rosina 2. Bad debts to be written off, R300 3. The provision for bad debts must be maintained at 5% of trade accc 4. Interest must be provided for at 12% per annum for the whole year loan from BDE bank 5. Provide for depreciation at 15% per annum on furniture and equipm diminishing balance method 6. Inventories on hand at 31 March 2011: 1. Inventory R61 000 2. Stationery R100 7. The profit mark-up is 20% on sales Flag question Balances at 31 March 2011 Capital accounts(fixed): Rosina Julie Current accounts: 1 April 2010 Rosina Julie Long-term loan from BDE Bank Sundry accounts receivable Accumulated depreciation: Furniture and equipment 1 April 2010 Furniture and equipment at cost Finish attemp Provision for bad debts: 1 April 2010 Time left 1:52 Bad debts recovered Inventory: 1 Aprit 2010 Purchases Interest expense on long-term loan Stationary Additional information: 1. Make provision for: 1. Interest on capital at 9% per annum 2. Interest on current accounts (opening balances) at 7% per anr 3. A managerial salary of R6 000 per annum to Julie 4. A bonus equal to 10% of the distributable profit to Rosina 2. Bad debts to be written off, R300 3. The provision for bad debts must be maintained at 5% of trade accc 4. Interest must be provided for at 12% per annum for the whole year loan from BDE bank 5. Provide for depreciation at 15% per annum on furniture and equipm diminishing balance method 6. Inventories on hand at 31 March 2011: 1. Inventory R61 000 2. Stationery R100 7. The profit mark-up is 20% on sales