Show me the steps to solve QUESTION $1[32$ Marks$]$

The following list of accounts was extracted from the general ledger of Alpha Traders on $29$ February $2024,$ the latest financial year of the business. Accounts in the general ledger Balance $($R$)$

Capital

$655500$

Drawings

$187618$

Land and buildings

$526000$

Machinery

$106950$

Vehicles

$255600$

Furniture

$68170$

Bank overdraft

$34080$

Inventory

$43800$

Long$-$term loan

$184040$

Trade receivables

$85200$

Trade payables

$42600$

Income received in advance

$75000$

Sales

$639000$

Cost of sales

$298200$

Rent income

$32650$

Interest on loan

$19200$

Commission received

$18910$

Rent expense

$12650$

Water and electricity

$9500$

Wages

$7562$

General expenses

$58340$

Interest on overdraft

$2990$

$4$ HIAP$1181-$Jul$-$Dec$2024-$FA$1-$EN$-$V$\mathrm{.}5\mathrm{.}15072024$

Required:

$1\mathrm{.}1$

Calculate the total of current assets and non$-$current assets as at $29$ February $2024.7$ marks

$1\mathrm{.}2$

Calculate the net profit or loss for the year ended $29$ February $2024.$

Note: Ignore taxation in your calculation. $14$ marks