Calculate Net Revenue.

Here is the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019.

Step 1: Calculate Net Revenue.
Net Revenue is calculated by subtracting sales returns from total sales.

$$\text{Sales} = 400,000$$ $$\text{Sales Returns} = 10,000$$ $$\text{Net Revenue} = 400,000 - 10,000 = 390,000$$

Step 2: Calculate Cost of Goods Sold (COGS).
COGS is calculated as Opening Inventory + Net Purchases - Closing Inventory.

$$\text{Opening Inventory} = 30,000$$ $$\text{Purchases} = 250,000$$ $$\text{Purchases Returns} = 5,000$$ $$\text{Carriage Inwards} = 5,000$$ $$\text{Closing Inventory} = 40,000$$ $$\text{Net Purchases} = \text{Purchases} - \text{Purchases Returns} + \text{Carriage Inwards}$$ $$\text{Net Purchases} = 250,000 - 5,000 + 5,000 = 250,000$$ $$\text{Cost of Goods Sold} = \text{Opening Inventory} + \text{Net Purchases} - \text{Closing Inventory}$$ $$\text{Cost of Goods Sold} = 30,000 + 250,000 - 40,000 = 240,000$$

Step 3: Calculate Gross Profit.
Gross Profit is Net Revenue minus Cost of Goods Sold.

$$\text{Gross Profit} = 390,000 - 240,000 = 150,000$$

Step 4: Calculate Other Income.
Other Income includes Rent Received and Interest Income.

$$\text{Rent Received} = 2,500$$ $$\text{Interest Income on Fixed Deposit} = 1,500$$ $$\text{Total Other Income} = 2,500 + 1,500 = 4,000$$

Step 5: Calculate Total Operating Expenses.
Operating expenses include salaries, utilities, insurance, advertising, repairs, depreciation, and bad debts.

$$\text{Salaries and Wages} = 25,000$$ $$\text{Utilities} = 4,000$$ $$\text{Insurance} = 2,000$$ $$\text{Advertising} = 3,000$$ $$\text{Repairs and Maintenance} = 1,500$$ $$\text{Depreciation Expense, Office Equipment} = 5,000$$ $$\text{Depreciation Expense, Motor Vehicles} = 10,000$$ $$\text{Depreciation Expense, Land and Buildings} = 10,000$$ $$\text{Bad Debts} = 1,200$$ $$\text{Total Operating Expenses} = 25,000 + 4,000 + 2,000 + 3,000 + 1,500 + 5,000 + 10,000 + 10,000 + 1,200 = 64,700$$

Step 6: Calculate Profit from Operations.
Profit from Operations is Gross Profit plus Other Income minus Total Operating Expenses.

$$\text{Profit from Operations} = 150,000 + 4,000 - 64,700 = 89,300$$

Step 7: Calculate Finance Costs.
Finance costs include interest expense.

$$\text{Interest Expense} = 1,000$$

Step 8: Calculate Profit Before Tax.
Profit Before Tax is Profit from Operations minus Finance Costs.

$$\text{Profit Before Tax} = 89,300 - 1,000 = 88,300$$

Step 9: Calculate Profit for the year and Total Comprehensive Income.
There is no income tax expense or other comprehensive income items provided.

$$\text{Profit for the year} = 88,300$$ $$\text{Total Comprehensive Income for the year} = 88,300$$

Here is the Statement of Profit or Loss and Other Comprehensive Income:

\begin{array}{|l|r|} \hline VSE Merchandisers & \\ Statement of Profit or Loss and Other Comprehensive Income & \\ For the year ended 31 December 2019 & Amount (\textdollar) \\ \hline Revenue & 39