The trial balance and additional information given below were obtained from the records of Ph Traders on 29 February 2016, the end of the financial year. REQUIRED Use the trial balance, adjustments and additional information to prepare the Statemen Comprehensive Income for the year ended 29 February 2016. Use the following format: Statement of Comprehensive Income format Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year PHEWA TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2016 or Mat ve Inco guity t Debit (R) Balance sheet accounts section Capital Drawings Land and buildings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts Credit (R) ion a anent 290 854 82 182 190 000 91 000 67 000 31 000 23 800 46 000 34 000 Bank 1 900 Cash float Petty cash Creditors control Loan: Met Bank (15%) 2 230 500 100 30 428 21 600 Nominal accounts section Sales Cost of sales Sales returns Wages Bank charges Rent income Packing materials Advertising Rates Bad debts Discount allowed Discount received Stationery nterest on loan Vater and electricity 421 000 233 000 5 000 41 000 2 300 26 000 12 000 6 000 2 600 900 500 700 9 000 2970 7 000 5 000 7 000 847 282 surance lephone 847 282 Trade parter Punh 14 Adjustments and additional information A phytical count revealed the following inventories on hand on 29 February 2016 1. uity for Trading inventory R44 000 Packing materials Received an account from Super Wheel Centre for replacing the tyres on the motor vehicle, R4 000, R2 000 sents/ 2. No entry has been made for this. The account of debtor, L.K. Paton, who owed R1 000 must be written off as irrecoverable. 3. 4. A debtor whose account of R2 400 was overdue for one month must be charged interest at a rate of 12% per annum. 5. The provision for bad debts must be reduced to R1 700. 6. The interest on loan for February 2016 has not yet been paid. 7. The telephone account for February 2016 will only be paid on 03 March 2016, RB00. 8. The insurance account includes the annual building insurance premium that was paid for the period 01 September 2015 to 31 August 2016, R1 800. 9. The bookkeeper did not record an amount of R100 that was refiected on the March bank statement for service fees. 10 Rent has been received in advance for one month. 11. Provide for depreciation as follows: 11.1 On equipment at 10% per annum on cost. Note: Equipment with a cost price of R20 000 was purchased on 01 June 2015. The purchase has been recorded. 11.2 On vehicles at 20% per annum on the diminishing balance.