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The trial balance, adjustments and additional information given below were extracted from the accounting records of Jem Traders on 28 February 2018, the end of the financial year. REQUIRED Prepare the Statement of Comprehensive Income for the year ended 28 February 2018.

PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2018
	Debit	Credit
Balance sheet accounts section
Capital		884 000
Drawings	264 000
Land and buildings	664 000
Equipment at cost	136 000
Accumalated depreciation on equipment		61 000
Fixed deposit: Mono Bank (10% p.a.)	30 000
Trading inventory	162 000
Debtors control	47 000
Bank	290 000
Cash float	2 000
Creditors control		45 000
Loan: Mono Bank		87 000
Nominal accounts section
Sales		1 760 000
Cost of sales	895 000
Sales return	28 000
Salaries and wages	180 000
Rent income		33 000
Commission income		4 000
Stationery	7 000
Advertising	50 000
Telephone	17 000
Electricity and water	24 000
Bank charges	3 000
Insurance	15 000
Interest on loan	17 000
Sundry expenses	43 000
	2 874 000	2 874 000

Adjustments and additional information 1. According to physical stocktaking, the value of trading inventory on hand on 28 February 2018 amounted to 158 000. 2. Stationery unused during the accounting period, according to a physical count, amounted to 1 000. 3. Rent has been received for the period 01 March 2017 to 31 January 2018. 4. The telephone account for February 2018, 1 500, has not yet been paid. 5. An invoice for advertising has been received from a local newspaper but no entry has been made for this, 5 000. 6. The insurance total includes an insurance premium of 3 000 that was paid for the period 01 July 2017 to 30 June 2018. 7. Interest on loan unpaid for February 2018 amounted to 1 500. 8. Interest is owing to Jem Traders on the fixed deposit. The investment was made on 01 March 2017. 9. Provide for depreciation on equipment at 20% per year on cost. 10. S. Smith, a debtor, who owed 1 000 was declared insolvent. His account must now be written off. 11. A payment of 2 000 for water and electricity was erroneously entered in the sundry expenses account. Correct the error.

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