Use the information provided to prepare the Statement of Comprehensive Income of Traders for the year ended $28$ February $2024.$

INFORMATION

Extract from Pre$-$adjustment Trial Balance of JJ Traders on $29$ February $2024$

Debit

Credit

Balance Sheet accounts section

$189\mathrm{.}000$

Loan: Captiva Bank

$100600$

Equipment

Accumulated depreciation on equipment

$40240$

Trading stock

$167900$

Debtors control

$96500$

Provision for bad debts

$3730$

Bank

$206370$

Fixed deposit: Renown Bank $(5\mathrm{.}5\%..)$

$240000$

Nominal accounts section

Sales

Cost of sales

$1190000$

Debtors allowances

Interest on fixed deposit

$42600$

Commission income

Rent income

Insurance

Bad debts recovered

Discount allowed

Discount received

Packing material Bank charges

Bad debts

Telephone

$2024$ Project Grade $11$

$14500$

$940$

$13600$

$3210$

$22750$

$28760$

enr additional information.

A Arte R$35700$ usued to a debitor, dated $27$ February $2024$ wan rot de The poods were placed back into stock. The business maintained a profit

The bustest donated stock, R$1200$ to a local soup kitchen before stock count. No ently was mide of this transaction

Packing to the value of R$230$ was stolen during a burglary. It was not insured, not recorded

D$.$ Apstock count on $29$ February $2024$ revealed the following on hand

Tuding Block $$ Packing material

R$185000$

R$3700$

E The telephone account for February $2024$ is still owed, R$1450.$

F$.$ A debtor who owed R$1200$ was declared insolvent. A dividend of $40$ cents to the rand was received and recorded Write off the remaining debt as irrecoverable.

G$.$ An amount of R$1820$ received from B$.$ Ben, a debtor whose account was previously written off as irrecoverable

H$.$ The February $2024$ Bank Statement was received after the Pre$-$adjustment Trial

Balance was drawn up$.$ The following must be adjusted: A dirbtor, K Kuhn, who owed R$2600$ settled his account by depositing R$2470$ into the bank account of the business. All the entries of this transaction were

recorded and duplicated. Correct the error. Interest on favourable bank balance, R$480.$

Bank charges, R$180.$

Adjust the provision for bad debts to R$2580.$

The interest on fixed deposit is still due to the business at the end of the year. There were no changes to the fixed deposit during the financial year.

K$.$ The insurance amount includes an annual premium of R$2160$ paid on $1$ June $2023.$

L The rent increased by $15\%$ from $1$ July $2023.$ The rent for March and April $2024$ was received and deposited.

$2024$ P$-$Grade $11$

$48$

Question paper

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