Prepare the Statement of Comprehensive Income for the year ended 28 February 2022. (20 Marks)

**INFORMATION**
The following information was obtained from the accounting records of Jupiter Traders for the financial year ended 28 February 2022.

**JUPITER TRADERS**
**PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022**

| **Account** | **Debit (R)** | **Credit (R)** |
|-------------|----------------|----------------|
| **Balance sheet accounts section** | | |
| Capital | | 1,901,000 |
| Drawings | 352,620 | |
| Land and buildings | 1,400,000 | |
| Vehicles at cost | 1,000,000 | |
| Equipment at cost | 800,000 | |
| Accumulated depreciation on vehicles | | 600,000 |
| Accumulated depreciation on equipment | | 400,000 |
| Fixed deposit: Medi Bank (8% p.a.) | 250,000 | |
| Trading stock | 135,000 | |
| Debtors control | 217,000 | |
| Provision for bad debts | | 11,000 |
| Bank | 163,730 | |
| Creditors control | | 228,600 |
| Loan: Medi Bank (18% p.a.) | | 350,000 |
| **Nominal accounts section** | | |
| Sales | | 2,863,000 |
| Cost of sales | 1,045,000 | |
| Sales returns | 40,000 | |
| Salaries and wages | 607,000 | |
| Bad debts | 22,000 | |
| Stationery | 33,000 | |
| Rates and taxes | 90,000 | |
| Motor expenses | 149,000 | |
| Repairs and maintenance | 26,000 | |
| Telephone | 50,000 | |
| Electricity and water | 75,000 | |
| Bank charges | 9,000 | |
| Advertising | 97,000 | |
| Interest on fixed deposit | | 16,000 |
| Rent income | | 191,750 |
| **Totals** | **6,561,350** | **6,561,350** |

**Adjustments and additional information**

1. According to stocktaking the following were on hand on 28 February 2022:
1.1 Trading inventory R130,000
1.2 Stationery R3,000

2. An invoice received for the replacement of the tyres on the motor vehicles, R4,000, was not recorded.

3. The advertising amount includes a contract for R18,000 (6 adverts at R3,000 per month) that was taken for the period 01 January 2022 to 30 June 2022.

4. A debtor who owed R4,000 was declared insolvent. His estate paid Jupiter Traders R2,600. The amount received has been recorded but the rest of his account must now be written off.

5. The provision for bad debts must be adjusted to R10,000.

6. Interest is still outstanding on the fixed deposit. The investment in fixed deposit was made on 01 March 2021 and it matures on 30 September 2022.

7. The long-term loan from Medi Bank was taken on 01 February 2022. Interest for February 2022 is due to be paid on 01 March 2022.

8. Provide for depreciation as follows:
8.1 On vehicles at 20% p.a. on the diminishing balance.
8.2 On equipment at 10% on cost.

9. Rent has been received for the period 01 March 2021 to 31 March 2022.

10. The electricity and water account for February 2022, R6,000, was erroneously posted to the rates and taxes account.