REQUIRED Prepare the Statement of Comprehensive Income of True Traders for the year ended 28 February...

   

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REQUIRED Prepare the Statement of Comprehensive Income of True Traders for the year ended 28 February 2023. INFORMATION The pre-adjustment trial balance and additional information given below were extracted from the accounting records of True Traders on 28 February 2023, the end of the financial year. PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2023 Balance sheet accounts section Capital Drawings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts Bank Cash float Creditors control Loan: Leo Bank (15% p.a.) Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Bad debts. Consumable stores Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income Debit (R) 325 000 1 000 000 600 000 320 000 165 000 70 000 10 000 1 100 000 50 000 450 000 20 000 10 000 195 000 65 000 40 000 50 000 15 000 20 000 25 000 4 530 000 Credit (R) 750 000 455 000 195 000 5 000 200 000 400 000 2 500 000 5.000 20 000 4 530 000 REQUIRED Prepare the Statement of Comprehensive Income of True Traders for the year ended 28 February 2023. INFORMATION The pre-adjustment trial balance and additional information given below were extracted from the accounting records of True Traders on 28 February 2023, the end of the financial year. PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2023 Balance sheet accounts section Capital Drawings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts Bank Cash float Creditors control Loan: Leo Bank (15% p.a.) Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Bad debts. Consumable stores Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income Debit (R) 325 000 1 000 000 600 000 320 000 165 000 70 000 10 000 1 100 000 50 000 450 000 20 000 10 000 195 000 65 000 40 000 50 000 15 000 20 000 25 000 4 530 000 Credit (R) 750 000 455 000 195 000 5 000 200 000 400 000 2 500 000 5.000 20 000 4 530 000

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