Te following list of account balances were extracted from the accounting records of don's Electrical Services as at 28 February 2021:

List of accounts	Debit-R	Credit-R
Land and building at cost	250 000
Vehicles at cost	155 000
Accumulated depreciation:Vehicles-1 March 2020		90 000
Equipment at cost	85 000
Accumulated depreciation:Equipment-1 March 2020		40 000
12% Fixed Deposit: Lock Bank	30 000
Inventory: Consumables-1 March 2020	21 000

Debtor's Control	25 000
Allowance for credit loss		1 125
Bank	80 373
Long term borrowing:10% per year		37 500
Creditor's Control		20 835
Capital: Don Dude		197 500
Drawings	89 327
Service Fees		524 835
Interest on fixed deposit		1 688
Rent income		19 180
Advertising	9 735
Credit losses	2 100
Communication costs	5 078
Consumables purchased	84 148
Other operating expenses	92 902
Interest on borrowings	3 000
	932 663	932 663

Additional information that needs to be taken into account:

1. Stock taking was done on 28 February 2021 and the consumables inventory on hand was valued at R32 700.

2. The advertising amount includes a contract for R 2 400 that was taken for the period 1 January 2021 to 30 June 2021.

3. Don received an amount of R 6 000 from an insolvent debtor which was correctly recorded. However the was only 25% of the total amount owed by the debtor. The outstanding balance must now be written off as irrecoverable.

4. The allowance for credit losses must be increased by R250.

5.Communication costs include valid prepaid phonecards to the value of R1200.

6.Investment in the fixed deposit was made 31 March 2020 and matures 31 May 2022.

Record the outstanding interest on the fixed deposit.

7. Vehicles and equipment must be depreciated as follows for the current year;

- vehicles at 20% on cost , and

- Equipment at 15% using the diminishing balance method.

No vehicles or equipment were bought or sold during the year.

8. The long term borrowing was taken on 31 July 2019 and the loan was to be settled by 4 equal annual installments beginning 31 August 2020. Provide for the outstanding interest due for the current year. A statement dates 28 February 2021 from the creditor revealed the following :

9.

Date	Details	Amount - R
1 March 2020 31 August 2020 28 February 2021	Balance Less: Payment of 1st installment Balance	50 000 (12 500) 37 500

10. Rent has been received for the period 1 March 2020 to 31 March 2021. Rent was increased by 10% with the effect from 1 September 2020. Adjust the above records for the amount received in advance for March 2021.

Required:

Prepare the statement of profit or loss and other comprehensive income (SOCI) for the year ended 28 February 2021 to comply with the requirements of international Financial Reporting Standards (IFRS) appropriate to Don's Electrical Services.

Round up all calculations to the nearest Rand.

Show all workings.