QUESTION (21 marks)(30 minutes) TRICK TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022 Debit Credit Financial position section R R Capital B1 619 900 Drawings B2 12.000 Vehicles. B3 125 000 Accumulated depreciation : Vehicles.. B4 25 000 Trading inventory. B5 350 000 Trade receivables control B6 65 000 Trade payables control..... 87 90.000 Long-term loan: AB Bank (10% p.a.).. B8 360 000 Bank..... B9 700 000 Petty cash......... B10 1.000 Nominal accounts section Sales Cost of sales......... Sales returns N1 950 000 N2 760 000 N3 650 Rental income.. Wages and salaries...... N4 48 000 N5 12 000 Interest on loan........... N6 33 000 Telephone expenses N7 2500 Credit losses...... N8 1.600 Settlement discount received... N9 1 700 Insurance...... N10 13 350 Settlement discount granted. N11 500 Water and electricity N12 3 000 Sundry expenses.. N13 15 000 2 094 600 2 094 600 Additional information 1. According to the physical inventory count, the following items were on hand at 28 February 2022: Inventory, R300 000. 2. Depreciation on vehicles must be provided for at 20% per annum using the reducing (diminishing) balance method. 3. Mrs J Johnson's account of R800 must be written off as irrecoverable. 4. The insurance premium was prepaid from 1 March 2022 to 31 May 2022. 5. The long-term loan was entered into on 1 March 2021. REQUIRED: Prepare the statement of profit or loss and other comprehensive income of Trick Traders for the year ended 28 February 2022. (21) 2​