The trial balance of Nixit Ltd was prepared by the junior bookkeeper for the financial year ended $31$

August $2023.$

Account Debit Credit

Municipal charges $26800$

Telephone and communication $23400$

Rental expenses $39000$

Credit losses $1500$

Interest received $14400$

Consulting charges $495000$

Sale of goods $1548000$

Cost of sales $630000$

Printing and stationery $22800$

Director fees $28000$

Salaries and wages $215000$

Interest on loan $12000$

Penalties and fines $1500$

Cleaning fees $6400$

Computer expenses $4800$

Capital $110000$

Retained income $25800$

Creditors control $52000$

Computer equipment $198000$

Accumulated depreciation on computer

equipment $59800$

Investment property $376100$

Debtors control $148000$

Allowance for credit losses $23000$

Inventory: Raw material $54800$

Inventory: Stationery $14000$

Motor vehicles $250000$

$2$

Accumulated depreciation on motor vehicles $34000$

Office equipment $159000$

Accumulated depreciation on office equipment $41500$

$10\%$ Loan $160000$

Investment $185000$

Cheque account: FNB $167400$

$25635002563500$

Additional information:

$($a$)$ Depreciation has not been recorded on property, plant and equipment. Motor vehicles are

depreciated on the reducing balance method at $20\%.$ Computer equipment of R$85000$ was

purchased on $1$ February $2023,$ replacing older items initially purchased for R$48000$ on $1$

November $2019.$ Office equipment of R$27000$ was purchased on $31$ December $2022.$

Computer equipment and office equipment depreciates on the straight$-$line basis at $25\%$ and

$10\%$ respectively.

$($b$)$ Mr$.$ Roy returned faulty goods of R$8100.$ Nixit Traders applies a $50\%$ markup on finished

products.

$($c$)$ The company allows a $2,5\%$ discount for accounts settled within $30$ days. Mrs$.$ Redkin

purchased goods of R$58000$ on a $30-$day account on $1$ August $2023.$ The account was paid

on $27$ August $2023,$ but the bookkeeper neglected to record the discount in all affected

accounts.

$($d$)$ The water and electricity account of R$1500$ was received on $21$ September $2023.$

$($e$)$ Artwork of R$2500$ was donated to Nixit Limited but not recorded.

$($f$)$ Professional work completed but not yet invoiced at year$-$end amounts to R$5000.$

$($g$)$ A delivery truck was purchased on $1$ December $2022$ for R$120000$ with an estimated

residual value of R$35000.$ No vehicles were sold during the year.

$($h$)$ Rental for September $2023$ was paid on $12$ August $2023.$

$($i$)$ The company is taxed at $28\%.$

Required:

Prepare the Statement of Comprehensive Income of Nixit Limited for the year ended $31$ August

$2023.$ Detail all calculations.