The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.

REQUIRED

Use the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020

(Please see attached picture for the pre adjustment trail balance)

Vancouver Traders PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020 ance sheet accounts section Debit Credit Capital 1 300 000 Drawings 96 000 Land and Buildings 912 000 Vehicles at Cost 672 000 Equipment at Cost 480 000 Accumulated Depreciation on Vehicles 384 000 Accumulated Depreciation on Equipment 168 800 Fixed deposit: Fin Bank (9% p.a.) 144 000 Trading inventory 123 000 Debtor's control 142 420 Provision for Bad Debts 7 200 Bank 59 944 Cash Float 7 200 Creditors Control 133 344 Mortgage Loan Fin Bank (12%) 240 000 Nominal Accounts Section Sales 1 510 320 Cost of sales 432 000 Sales returns 600 Salaries and wages 427 200 Bad debts 13 400 Stationery 21 800 Rates and Taxe 57 100 Motor expenses 96 000 Repairs to building 17 200 Telephone 32 400 Electricity and water 48 500 Bank charges 6 000 Insurance 62 300 Interest on mortgage loan 19 200 Interest on Fixed De 10 800 Rent Income 124 800 3 879 264 3 879 264