Use the information provided below to prepare the Statement of Comprehensive Income of Masuku Enterprises for the year ended $31$ December $2023.$

$($Ignore VAT for purposes of this question$)$

INFORMATION

The information given below was extracted from the accounting records of Masuku Enterprises on $31$ December $2023($the end of the financial year$).$

$\backslash$table$[[$MASUKU ENTERPRISES,Debit $($R$),$Credit $($R$)],[$PRE$-$ADJUSTMENT TRIAL. BALANCE AS AT $31$ DECEMBER $2023,,],[,,],[$Balance Sheet Accounts Section,$70000,1870000],[$Capital$,2200000,],[$Drawings$,940000,],[$Land and buildings,$480000,],[$Vehicles $($cost$),,],[$Equipment $($cost$),550000,],[$Accumulated depreciation on vehides,,$],[$Accumulated depreciation on equipment,$240000,],[$Loan: Nedbank $(10\%$ p$.$a$.),,],[$Trading inventory,,$]]$

$\backslash$table$[[$Dectors control,$220000,],[$Provision for bad decots,,$10000],[$Bank$,150000,],[$Creditors control,,$550000],[$Nominal accounts section$],[$Sales$,,3888900],[$Sales retums,$60000,],[$Opening imentory,$470000,],[$Purchases$,1677300,],[$Maintenance$,30000,],[$Discourt received,,$31400],[$Rates$,50000,],[$Cariage on sales,$62000,],[$Discount allowed,$60000,],[$Wsges and salares,$380000,],[$Stationery$,10000,],[$Bad debts,$20000,],[$Sundy expenses,$70000,],[$Insurance$,48000,],[$Telephone$,70000,],[$Woter and electricity,$88000,],[$Bank charges,$25000,],[$Interest expense,$90000,],[7820300,7820300]]$

Additional information

Physical stocktaking on $31$ December $2023$ revealed the following inventories:

$1\mathrm{.}1$ Trading inventory, R$520000$

$1\mathrm{.}2$ Stationery, R$1200$

Rates of R$5000$ was still unpaid at year end.

Depreciation must be provided for as follows:

$3\mathrm{.}1$ On vehicles at $20\%$ per annum on the diminishing balance;

$3\mathrm{.}2$ On equipment at $10\%$ per annum on cost$.$

Included in the insurance premium is R$4000$ that was paid for the period $01$ January $2024$ to $30$ June $2024.$

The loan from Nedbank was obtained on $1$ January $2023.$ Provide for outstanding interest on the loan.

A debtor, who owed R$12000,$ was declared insolvent. The company received R$4000$ of the amount owing which was recorded. The remainder of the debt must be written off as a bad debt.

The provision for bad debts must be adjusted to R$15000.$

An amount of R$2000$ for telephone was mistakenly recorded as water and electricity.