prepare the statement of comprehasive income for the year ended 29 February 2020 Pentel Traders Pre-Adjustment Trial Balance As At 29 February 2020

(20 Marks) QUESTION 2 REQUIRED Prepare the Statement of Comprehensive Income for the year ended 29 February 2020. Use the format given below as a guide: The trial balance, adjustments and additional information given below were obtained from the records of Pentel Traders on 29 February 2020, the end of the financial year. PENTEL TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section Capital Drawings 82 000 Land and buildings 489 000 Vehicles at cost 190 000 681 800 quipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts Bank Petty cash Creditors control Loan: Met Bank (15%) Nominal accounts section Perpetual Sales Cost of sales Sales returns Wages Bank charges Rent income Packing materials Advertising Rates Bad debts count allowed received Sales). 34 000 1 100 100 233 000 5 000 41 000 3 000 12 000 6 000 4 000 1 000 2 000 9 000 4 000 7 000 9 000 7 000 1 247 200 30 400 30 000 420 000 27 000 700 1 247 200 Adjustments and additional information A physical count revealed the following inventories on 29 February 2020: 1 Trading inventory R43 000 2 Packing materials R1 000 Received an account from Wheel Centre for replacing the tyres on the motor vehicle, R6 000. No entry has been made for this. The account of debtor, J. Parsons, who owed R1 000 must be written off as irrecoverable VIC 4. A debtor whose account of R3 000 was overdue for one month must be a rate of 12% per annum. 12x100x3000* 5. The provision for bad debts must be reduced to R1 700. 1900-170 Provide for outstanding interest on loan, R500. 6. 7. 8. The telephone account for February 2020 was due to be paid on 03 Marc The insurance account includes the annual building insurance premium t the period 01 June 2019 to 31 May 2020, R2 400. 9. The bookkeeper did not record an amount of R200 that was reflected on statement for service fees. 10 Rent has been received for March 2020. Note: The rent was increased by F with effect from 01 February 2020. Provide for depreciation as follows: 11. 11.1 On vehicles at 20% per annum on the diminishing balance. 11.2 On equipment at 10% per annum on cost. Note: A computer with a cost was purchased on 01 September 2019. The purchase has been recorded