Raymond Ltd has asked for your help with the preparation of his financial statements for year ended $30$ April $2020.$ The trial balance of the company as at $30$ April $2020$ and further information is given below:

Trial balance as at $30$ April $2020$

$\backslash$table$[[,$Debit $"$P$000",$Credit $"$P$000"],[$Distribution costs,$6,852,,],[$Administration expenses,$3,378,,],[$Interest$,240,],[$Trade receivables,$5,455,,],[$Trade payables,,$2,363,],[$Interim dividend paid,$300,],[$Ordinary share capital,,$12,000],[$Revenue$,,31,710],[$Long$-$term loan $(8\%$ debentures, payable $2020),,6,000],[$Plant and equipment $-$ cost$,,],[$Plant and equipment $-$Accumulated depreciation @ $1$ May $2016,,3,036,],[$Purchases$,15,525,],[$Cash and cash equivalents,$304,,],[$Retained earnings,,$8,197,],[$Opening inventories,$6,531,,],[$Share premium,,$2,000],[$Final dividend for the year ended $30$ April $2017,100,],[$Land and buildings $-$ cost $/$ valuation,$12,200,],[$Land and buildings $-$ accumulated depreciation @ $1$ May $2016,,220],[$Revaluation reserve @ $1$ May $2016,,2,000],[,67,526,67,526]]$

Further information:

Closing inventory at $30$ April $2020$ was valued at $P7,878,000$

The corporation tax charge for the year has been calculated as $P1,900,000$

It has been noted that after year end, that one of the products made by the company was faulty. It was decided that the product be recalled at an estimated cost to the company of $P10,000.$ All these products were sold prior to year$-$end. No adjustments have yet been made to the $2020$ accounts. The recall expenses are classified as administrative costs.

Interest on the long$-$term loan has been paid for the six months of the year. No adjustment has been made for the interest due for the final six months of the year.

P$1,500,000$ of revenue returns has been treated as revenue in the $2020$ year, in error

Depreciation is allocated to administrative expenses and is to be provided for the year to $30$ April $2020$ as follows:

a$)$ Buildings

$10\%$ pa

Straight line basis

b$)$ Plant and equipment

$20\%$ pa

Diminishing balance basis

Land $($included in the trial balance at a value of $P10,000,000$ is to be revalued to $P13,000,000$ in the $2020$ financial statements.

All of the operations are continuing operations

Required to prepare: Statement of profit or loss and other comprehensive income for the year ended $30$ April $2020$