Question 5 [35] The following information relates to The Swallower: Pre-adjustment trial balance for the year ending 30 April 2020 RL R Balance sheet section Capital 252 610 Drawings 23 400 Land and buildings 270 000 Vehicles 64 000 Accumulated depreciation: Vehicles 20 560 20 400 6 410 10 000 30 260 14 700 2 340 16 780 421 680 Furniture and fittings Accumulated depreciation: Furniture and fittings Fixed deposit Trading inventory (1 May 2019) Trade receivables Bank Trade payables Nominal accounts section Sales Purchases Sales returns Purchases returns Rent income Commission income Advertising Insurance Interest expense Stationery Telephone Wages and salaries 272 600 7 680 3 420 18 850 22 500 8 530 2 600 2 240 1 642 2418 30 000 762 810 762 810 Additional information: A physical stocktake was performed on 30 April 2020. The value of the stock on this date was R29 900. Depreciation must be provided for as follows: Vehicles at a rate of 20% on the diminishing balance Furniture and fittings at a rate of 10% on cost A debtor, owing R200, was declared insolvent and the debt needs to be written off as irrecoverable. After consideration of the trade receivables (debtors), it was decided to include an allowance for credit losses equal to 5% of outstanding debts. The rental income of R1 450 for May 2020 was received and banked before 30 April 2020. Interest earned on the fixed deposit is 16% per annum. The insurance premium of R200 for May 2020 was paid in April. The telephone account for April 2020 is R215. The account was received late and has not been paid yet. Required: Prepare the statement of profit or loss and other comprehensive income of The Swallower for the year ended 30 April 2020