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 DebitiR) Credit RI Balance sheet accounts section Capital 660 000 Drawings 56 000 Land and buidings 503000 Vehicles al cost 369 000 Equipment al cos 264 000 Accumulated depreciation on vehicles 211 000 Accumulated depreciation on equipment 151000 Fixed deposit. Tab Bank (10%p.a.) 79 000 Trading inventory 60 000 Deblors control 70 000 Provision for bad debris 4000 Bank 51 000 Cash float 1 000 Creditors control 74 000 Mortgage kanTab Bank (16%p.a) 132 000 830 000 Nominal accounts section Sales Cost of sales Sales retums Salaries and wages Bad debts Stationery Rates and taxes Motor expenses Marketing expenses Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Interest on food deposit Rent income 317000 5000 235 000 7 000 2000 20 000 12 000 9000 17 000 26000 4000 6 000 20 000 6000 65000 2 133 000 2 133 000 Adjustments and additional information 1 Stadionery.cost R300, was taken by the proprietor for her personal use. No entry has been made for this 2 Physical stocktaking on 29 February 2020 reflected the following inventories 2.1 Trading inventory R57000 2.2 Stationery R200 3 H Larsens, a debtor, was declared insolvent Received an amount of R1 500, which represented 60% of his debt, from his insolvent estate. This has been recorded. The balance of his account must now be written att 4 The provision for bad debts must be decreased by RS00 5 Rent income amounts to R5 000 per month. Make the necessary adjustment 6. The water and electricity account for February 2020 has been paid. R2 500, but the payment was erroneously posted to the telephone account 7. The insurance total includes a premium of R2 400 that was paid for the period 01 December 2019 to 30 November 2020 8 An amount of 200 appeared in the February 2020 bank statement for cash deposttees. This amount was not recorded by the bookkeeper. 9. The investment in fixed deposit was made on 01 March 2019. Provide for the outstanding interest 10 Provide for outstanding interest on loan R1 120 11. Provide for depreciation as follows 11.1 On vehicles at 20% per year using the diminishing balance method 112 On equipment a 10% per year on cost 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 DebitiR) Credit RI Balance sheet accounts section Capital 660 000 Drawings 56 000 Land and buidings 503000 Vehicles al cost 369 000 Equipment al cos 264 000 Accumulated depreciation on vehicles 211 000 Accumulated depreciation on equipment 151000 Fixed deposit. Tab Bank (10%p.a.) 79 000 Trading inventory 60 000 Deblors control 70 000 Provision for bad debris 4000 Bank 51 000 Cash float 1 000 Creditors control 74 000 Mortgage kanTab Bank (16%p.a) 132 000 830 000 Nominal accounts section Sales Cost of sales Sales retums Salaries and wages Bad debts Stationery Rates and taxes Motor expenses Marketing expenses Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Interest on food deposit Rent income 317000 5000 235 000 7 000 2000 20 000 12 000 9000 17 000 26000 4000 6 000 20 000 6000 65000 2 133 000 2 133 000 Adjustments and additional information 1 Stadionery.cost R300, was taken by the proprietor for her personal use. No entry has been made for this 2 Physical stocktaking on 29 February 2020 reflected the following inventories 2.1 Trading inventory R57000 2.2 Stationery R200 3 H Larsens, a debtor, was declared insolvent Received an amount of R1 500, which represented 60% of his debt, from his insolvent estate. This has been recorded. The balance of his account must now be written att 4 The provision for bad debts must be decreased by RS00 5 Rent income amounts to R5 000 per month. Make the necessary adjustment 6. The water and electricity account for February 2020 has been paid. R2 500, but the payment was erroneously posted to the telephone account 7. The insurance total includes a premium of R2 400 that was paid for the period 01 December 2019 to 30 November 2020 8 An amount of 200 appeared in the February 2020 bank statement for cash deposttees. This amount was not recorded by the bookkeeper. 9. The investment in fixed deposit was made on 01 March 2019. Provide for the outstanding interest 10 Provide for outstanding interest on loan R1 120 11. Provide for depreciation as follows 11.1 On vehicles at 20% per year using the diminishing balance method 112 On equipment a 10% per year on cost