REQUIRED

Prepare the Statement of Comprehensive Income of Omega Limited for the year ended $29$ February $2024.$

INFORMATION

The trial balance, adjustments and additional information given below were extracted from the accounting records of Omega Limited on $29$ February $2024,$ the end of the financial year.

OMEGA LIMITED

PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $29$ FEBRUARY $2024$

Debit $($R$)$

Credit $($R$)$

Balance sheet accounts section

Ordinary share capital

$638000$

Retained income

$40000$

Vehicles at cost

$750000$

Equipment at cost

$440000$

Accumulated depreciation on vehicles

$150000$

Accumulated depreciation on equipment

$110000$

Fixed deposit: Ben Bank $(10\%$ p$.$a$.)$

$60000$

Trading inventory

$38000$

Debtors control

$40000$

Provision for bad debts

$3000$

Bank

$24000$

Petty cash

$2000$

Creditors control

$50000$

SARS $$ Company tax

$60000$

Loan: Ben Bank $(12\%$ p$.$a$.)$

$100000$

Nominal accounts section

Sales

$1113000$

Cost of sales

$330000$

Sales returns

$20000$

Salaries and wages

$144000$

Rent expense

$66000$

Motor expenses

$40000$

Directors$$ fees

$90000$

Audit fees

$28000$

Telephone

$18000$

Electricity and water

$24000$

Bank charges

$4000$

Insurance

$9000$

Interest on loan

$11000$

Interest on fixed deposit

$3000$

Stationery

$9000$

$2207000$

$2207000$

Adjustments and additional information

$1.$

Trading inventory according to stocktaking on $29$ February $2024$ amounted to R$36000.$

$2.$

Stationery unused according to stocktaking amounted to R$1000.$

$3.$

Interest on fixed deposit has been received until $31$ August $2023.$ Provide for the outstanding interest.

$4.$

Provide for outstanding interest on loan for the last month of the financial year.

$5.$

Included in the insurance total is an annual premium of R$2400$ that was paid for the period $01$ June $2023$ to $31$ May $2024.$

$6.$

The water and electricity account for February $2024$ was due to be paid on $02$ March $2024,$ R$2000.$

$7.$

Rent has been paid for the period $01$ March $2023$ to $31$ March $2024.$ Note: The rental increased by R$1000$ per month with effect from $01$ March $2024.$

$8.$

The bank statement for February $2024$ reflected an amount of R$500$ for service fees and cash deposit fees. No entry has been made for this.

$9.$

No entry has been made for an account received from Sigma Motors for repairs to a vehicle,

R$5000.$

$10.$

An insolvent debtor paid Omega Limited R$2000$ which represented $40\%$ of the amount owed. This has been recorded. The balance of his account must now be written off.

$11.$

The provision for bad debts must be decreased to R$2000.$

$12.$

Provide for depreciation as follows:

$12\mathrm{.}1$

On vehicles at $20\%$ per annum on the diminishing balance

$12\mathrm{.}2$

On equipment at $10\%$ per annum on cost$.$

$13.$

An amount of R$17583$ was overpaid to SARS for company tax.