Use the trial balance and additional information to prepare the Statement of Comprehensive Income of XML Limited for the year ended 28 February 2021

QUESTION THREE [25] The trial balance and additional information given below were extracted from the acoounting records of XML Limited on 28 February 2021, the end of the financial year. XML LMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021 Page 3 of 5 Additional information: 1. The following inventories were on hand according to an inventory count on 28 February 2021: Trading inventory R162500 Stationery R250 2. The account of debtor, J. Robben, who owed Masengwa Traders an amount of R1 300 must be written off. 3. Rent has been received up to 31 March 2021. 4. The water and electricity account for February 2021, R1 700, will only be paid on 2 March 2021. 5. Bank charges from the February 2021 bank statement have not yet been recorded, R750. 6. The insurance total includes an insurance premium of R2 400 that was paid for the period 01 June 2020 to 31 May 2021. 7. R2 500 of the interest on loan has been paid in advance. 8. Provide for outstanding interest on the fixed deposit, R3 600 . 9. Provide for depreciation on equipment R15 000. 10. The advertising account was debited in error for a payment made for telephone, R1 600. Correct the error. Required: Use the trial balance and additional information to prepare the Statement of Comprehensive Income of XML Limited for the year ended 28 February 2021