QUESTION $3$

$(20$ Marks$)$

REQUIRED

Prepare the Statement of Comprehensive Income of Omega Limited for the year ended $29$ February $2024.$

INFORMATION

The trial balance, adjustments and additional information given below were extracted from the accounting records of Omega Limited on $29$ February $2024,$ the end of the financial year.

$\backslash$table$[[$OMEGA LIMITED,$],[$PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $29$ FEBRUARY $2024,,],[,$Debit $($R$),$Credit $($R$)],[$Balance sheet accounts section,,$],[$Ordinary share capital,,$638000],[$Retained income,,$40000],[$Vehicles at cost$,750000,],[$Equipment at cost$,440000,],[$Accumulated depreciation on vehicles,,$150000],[$Accumulated depreciation on equipment,,$110000],[$Fixed deposit: Ben Bank $(10\%$ p$.$a$.),60000,],[$Trading inventory,$38000,],[$Debtors control,$40000,],[$Provision for bad debts,,$],[$Bank$,24000,],[$Petty cash,$2000,],[$Creditors control,,$50000],[$SARS $-$ Company tax,,$],[$Loan: Ben Bank $(12\%$ p$.$a$.),,100000],[,,],[$Nominal accounts section,,$],[$Sales$,,],[$Cost of sales,,$],[$Sales returns,,$],[,,]]$

$\backslash$table$[[$Salaries and wages,$144000,],[$Rent expense,$66000,],[$Motor expenses,$40000,],[$Directors$\text{'}$ fees,$90000,],[$Audit fees,$28000,],[$Telephone$,18000,],[$Electricity and water,$24000,],[$Bank charges,$4000,],[$Insurance$,9000,],[$Interest on loan,$11000,],[$Interest on fixed deposit,,$3000],[$Stationery$,9000,],[,2207000,2207000]]$

Adjustments and additional information

Trading inventory according to stocktaking on $29$ February $2024$ amounted to R$36000.$

Stationery unused according to stocktaking amounted to $R1000.$

Interest on fixed deposit has been received until $31$ August $2023.$ Provide for the outstanding interest.

Provide for outstanding interest on loan for the last month of the financial year.