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Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2020 for Bennys Bargains. Use a format that is recommended in the International Financial Reporting Standards (IFRS)

Benny Jacobs has a trading business, Benny's Bargains. The following pre- adjustment trial balance was extracted from the accounting records for the financial year ended 31 December 2020: Debit R Credit R 172 980 36 000 84 000 52 500 336 000 Capital - Kaya Nene Drawings 7% Long term loan. Trade creditor Fixtures at cost Accumulated depreciation: Fixtures (1 January 2020) Inventory - 1 January 2020 Trade debtors Allowance for credit losses Bank balance Sales 112 500 54 000 66 000 3 600 56 400 855 000 Sales returns 11 400 390 000 18 000 13 200 2 14 400 10 800 Purchases Purchases returns Commission income Advertising Credit losses Consumables Electricity and water Interest on loan Rent expense Settlement discounts granted Salaries 50 400 49 200 5 580 62 400 3 600 165 600 1 311 780 1 311 780