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QUESTION THREE The following list of balances was taken from the books of Orance Traders. a fruit and Additional Information: (a) Inventory on hand at
QUESTION THREE The following list of balances was taken from the books of Orance Traders. a fruit and Additional Information: (a) Inventory on hand at 28 February 2021 amounts to R 15350. (b) Depreciation must be provided as follows: c) The loan was granted on 1 March 2019 at 12% p.a., payable every three months. Interest for the period 1 December 2020 to 28 February 2021 is payable on 1 March 2021. (d) A store room was sublet from 1 June 2020 at R1050 per month. (e) An amount of R120 was paid to Vesta Insurers as an advance premium for March 2021. (f) An account of R1350 was received from Prints Printers for the printing of documents. This must still be recorded. Required: Prepare the Statement of Comprehensive Income (Income Statement) for the year ended 28 February 2021
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