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The following list of balances was taken from the books of Orange Traders, a fruit and vegetable distributor as at 28 FEBRUARY 2020, the end

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The following list of balances was taken from the books of Orange Traders, a fruit and vegetable distributor as at 28 FEBRUARY 2020, the end of the financial year: Capital 60 500 Drawings 3 400 Loan: NRB 70 000 Inventory: 1 March 2019 13 760 Provision for bad debts 150 Sales 250 620 Purchases 116 040 Sales returns 250 Purehases retums 1 150 Rent income 10 500 Salaries and wages 77 500 Rallage on sales 1 600 Interest on loan 6 300 Packing material 3 600 Discount received 400 Bad debts 300 Stationery 5400 Insurance 600 Printing 1350 Railage on purchases 2 500 Additional Information: (a) Inventory on hand at 28 February 2020 amounts to R 15 350. (b) Depreciation must be provided as follows: Vehicles R3 400 Equipment R 560 (c) The loan was granted on 1 March 2018 at 12% p.a., payable every three months. Interest for the period 1 December 2019 to 28 February 2020 is payable on 1 March 2020. (d) A store room was sublet from 1 June 2010 at R 1 050 per month. (e) An amount of R120 was paid to Vesta Insurers as an advance premium for March 2020. (f) An account of R1 350 was received from Prints Printers for the printing of documents. This must still be recorded. Required: Prepare the Statement of Comprehensive Income (Income Statement) for the year ended 28 February 2020

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