QUESTION THREE

$(25$ MARKS$)$

REQUIRED

Use the information provided below to prepare the Statement of Comprehensive Income of Masuku Enterprises for the year ended $31$ December $2023$

$($Ignore VAT for purposes of this question$)$

INFORMATION

The information given below was extracted from the accounting records of Masuku Enterprises on $31$ December $2023($the end of the financial year$).$

$\backslash$table$[[$MASUKU ENTERPRISES$],[$PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $31$ DECEMBER $2023],[,$Debit $($R$),$Credit $($R$)],[$Balance Sheet Accounts Section$],[$Capital$,,1870000],[$Drawings$,70000,],[$Land and buildings,$2200000,],[$Vehicles $($cost$),940000,],[$Equipment $($cost$),480000,],[$Accumulated depreciation on vehicles,,$240000],[$Accumulated depreciation on equipment,,$230000],[$Loan: Nedbank $(10\%$ p$.$a$.),,1000000],[$Trading inventory,$550000,]]$

$\backslash$table$[[$Debtors control,$220000,],[$Provision for bad debts,,$10000],[$Bank$,150000,],[$Creditors control,,$550000],[$Nominal accounts section$],[$Sales$,,3888900],[$Sales returns,$60000,],[$Opening inventory,$470000,],[$Purchases$,1677300,],[$Maintenance$,30000,],[$Discount received,,$31400],[$Rates$,50000,],[$Carriage on sales,$62000,],[$Discount allowed,$60000,],[$Wages and salaries,$380000,],[$Stationery$,10000,],[$Bad debts,$20000,],[$Sundry expenses,$70000,],[$Insurance$,48000,],[$Telephone$,70000,],[$Water and electricity,$88000,],[$Bank charges,$25000,],[$Interest expense,$90000,],[7820300,7820300]]$