The following information relates to Rosina and Julie, trading as equal partners:

Additional information:

Make provision for:

Interest on capital at $9\%$ per annum

Interest on current accounts $($opening balances$)$ at $7\%$ per annum

A managerial salary of R$6000$ per annum to Julie

A bonus equal to $10\%$ of the distributable profit to Rosina

Bad debts to be written off, R$300$

The provision for bad debts must be maintained at $5\%$ of trade accounts receivable

Interest must be provided for at $12\%$ per annum for the whole year on the long$-$term loan from BDE bank

Provide for depreciation at $15\%$ per annum on furniture and equipment on the diminishing balance method

Inventories on hand at $31$ March $2011$:

Inventory R$61000$

Stationery R$100$

The profit mark$-$up is $20\%$ on sales

Required:

Prepare the statement of profit or loss and other comprehensive income for the year ended $31$ March $2011\backslash$table$[[$Balances at $31$ March $2011,$R$],[$Capital accounts$($fixed$)$:$,50000],[$Rosina$,60000],[$Julie$,],[$Current accounts: $1$ April $2010,2000],[$Rosina$,5000],[$Julie$,40000],[$Long$-$term loan from BDE Bank,$53300],[$Sundry accounts receivable,$3500],[$Accumulated depreciation: Furniture and equipment $1$ April $2010,35000],[$Furniture and equipment at cost$,2000],[$Provision for bad debts: $1$ April $2010,105],[$Bad debts recovered,$80500],[$Inventory: $1$ April $2010,200500],[$Purchases$,1800],[$Interest expense on long$-$term loan,$600],[$Stationary$,6500],[$Salaries and wages,$15000],[$Rent expense,$5000],[$Cash in bank,$2000],[$Investment at cost$,],[$Sundry accounts payable,$]]$