the following information was taken from the books of Chime Traders on 31 March 2022, the last day of the financial year of the entity

ACCOUNTING Trial balance of Chime Traders on 31 March 2022 Debit (R) Credit (R) 198 038 52 500 675 000 75 000 3 550 12 000 87 500 17 500 1 500 62 500 2 500 49 663 5 000 Fol. Statement of financial position Capital B1 Drawings B2 Land and buildings B3 Equipment B4 Accumulated depreciation: Equipment B5 Trading inventory B6 Bank B7 Petty cash B8 Vehicles B9 Accumulated depreciation: Vehicles B10 Trade receivables B11 Allowance for credit losses B12 Trade payables B13 Long-term loan B14 Nominal accounts section Sales N1 Sales returns N2 Purchases N3 Rent income N4 Interest received N5 Rates and taxes N6 Interest on loan NZ Wages and salaries N8 Telephone N9 Stationery N10 Insurance N11 General expenses N12 78 875 593 000 1 060 000 20 000 650 000 56 875 7 500 18 375 34946 90 162 157 100 22 188 3 750 11 500 11 100 3 2005 338 2005 338 5 Additional information: 1. According to the physical stocktake, trading inventory of R72 400 was on hand on 31 March 2021. 2. A debtor, Miss B Breguet, has been declared insolvent. Received payment of R6 000, constituting 30 cents in the rand, from her insolvent estate. Write the balance of the debt off as irrecoverable. 3. Adjust the allowance for credit losses to the amount of R5 200. o 4. Provide for depreciation as follows: On vehicles at 25% per annum on cost. On equipment at 20% per annum, using the diminishing balance method. 5. The tenant moved into the building on 1 October 2021. The rent for April 2022 has been prepaid. 6. R1 600 has been recovered from a debtor whose account had previously been written off as irrecoverable. The debtor paid this amount directly into Chime Traders' bank account. This has not been recorded yet. 7. The amount for insurance includes an amount of R1 800 for an additional premium that was paid for the period 1 August 2021 to 31 July 2022. 8. The telephone account was received late, R2 758, and still needs to be recorded. Required: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 March 2022. Include the trading, and profit and loss accounts, clearly showing the gross profit and net profit, respectively. Ignore VAT. Show all your calculations