QUESTION $3$

$(20$ Marks$)$

REQUIRED

Prepare the Statement of Comprehensive Income for the year ended $31$ December $2023.$ Some of the amounts have been entered in the answer book for you.

INFORMATION

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

$\backslash$table$[[$CHESHIRE LIMITED,$],[$PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $31$ DECEMBER $2023,,],[$Balance Sheet Accounts Section,Debit $($R$)],[$Ordinary share capital,,Credit $($R$)],[$Retained earnings,,$2000000],[$Land and buildings,$2700000,],[$Vehicles $($cost$),650000,],[$Equipment $($cost$),500000,],[$Accumulated depreciation on vehicles,,$250000],[$Accumulated depreciation on equipment,,$200000],[$Debentures $(10\%$ p$.$a$.),,1300000],[$Debtors control,$180000,],[$Provision for bad debts,,$10000],[$Bank$,115000,],[$Creditors control,,$465000],[$South African Revenue Services: Company tax,$145000,],[,,],[$Nominal accounts section,,$],[$Sales$,,3785000],[$Purchases$,2055000,],[$Sales returns,$25000,],[$Purchases returns,,$165000],[$Opening inventory,$550000,],[$Carriage on purchases,$40000,],[$Maintenance$,35000,],[$Rates$,25000,],[$Carriage on sales,$50000,],[$Wages and salaries,$400000,],[$Stationery$,5000,],[$Bad debts,$10000,],[$Sundry expenses,$35000,],[$Insurance$,15000,],[$Telephone$,35000,],[$Water and electricity,$40000,],[$Directors$\text{'}$ fees,$240000,],[$Auditor$\text{'}$s fees,$25000,],[$Ordinary share dividends,$100000,],[,7975000,7975000]]$