QUESTION 2 (20 Marks) REQUIRED Prepare the Statement of Comprehensive Income of Leo Traders for the year ended 29 February 2020 INFORMATION The trial balance, adjustments and additional information given below were extracted from the accounting records of Leo Traders on 29 February 2020, the end of the financial year. LEO TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section Capital 660 000 Drawings 56 000 Land and buildings 503 000 Vehicles at cost 369 000 Equipment at cost 264 000 Accumulated depreciation on vehicles 211 000 Accumulated depreciation on equipment 151 000 Fixed deposit: Tab Bank (10% p.a.) 79 000 Trading inventory 60 000 Debtors control 70 000 Provision for bad debts 4 000 Bank 51 000 Cash float 1 000 Creditors control 74 000 Mortgage loan: Tab Bank (16% p.a.) 132 000 Nominal accounts section Sales 830 000 Cost of sales 317 000 Sales returns 5 000 Salaries and wages 235 000 Bad debts 7 000 Stationery 2 000 Rates and taxes 20 000 Motor expenses 12 000 Marketing expenses 9 000 Telephone 17 000 Electricity and water 26 000 Bank charges 4 000 Insurance 6 000 Interest on mortgage loan 20 000 Interest on fixed deposit 6 000 Rent income 65 000 2 133 000 2 133 000