QUESTION ONE

$[25]$

The following information was extracted from the accounting records of NBI Limited at $29$ February $2024$:

$\backslash$table$[[$Pre$-$adjustment trial balance as at $29$ February $2024,$Debit,Credit$],[$Land and buildings at cost$,5500000,],[$Vehicles at cost$,1800000,],[$Vehicles: Accumulated depreciation,,$800000],[$Equipment at cost$,1500000,],[$Equipment: Accumulated depreciation,,$600000],[11\%$ Fixed Deposit: Capitoc Bank,$90000,],[$Inventory$,75400,],[$Trade Receivables,$64500,],[$Allowance for credit losses,,$5000],[$Bank$,,34000],[$Ordinary Shares,,$700000],[$Retained Earnings,,$6306320],[$Trade Payables,,$150000],[$Sales$,,1050000],[$Cost of Sales,$358770,],[$Salaries and wages,$360000,],[$Credit losses,$7500,],[$Rates$,22000,],[$Insurance$,38900,],[$Interest on fixed deposit,,$6750],[$Rent income,,$165000],[$Depreciation$,?,],[,9817070,9817070]]$

Additional information:

Physical stock take and subsequent valuation on a first$-$in$-$first$-$out basis revealed the value of inventory on hand as at $29$ February $2024$ was R$65400$

A section of the property is rented out to NHI Wellness Centre since $1$ March $2023$ at a monthly rental of R$15000.$ Rent for the year was received and recorded correctly.

The management of NBI Limited has determined that the allowance for credit los be maintained at $10\%$ of carrying value Trade Debtors

The balance in the insurance account at $29$ February $2024$ includes an annual insurance premium of R$6000$ that was paid for the period $1$ June $2023$ to $31$ May $2024.$

Interest of R$3150$ is still receivable on the fixed deposit as at $29$ February $2024.$

Depreciation is still to be accounted for as follows:

a$.$ Vehicles $-$ straight line basis over $5$ years

b$.$ Equipment $-20\%$ on the diminishing balance method

Required:

Prepare the Statement of Comprehensize in of $2024$ to comply with the International Financial Reporting Standards.