Compile the statement of profit or loss and other comprehensive income for the year ended 31 August 2024 using the above information.

Here is the Statement of Profit or Loss and Other Comprehensive Income for Vice Traders for the year ended 31 August 2024.

Step 1: Calculate Net Sales
Net Sales is calculated by subtracting Sales returns from Sales.

$$\text{Net Sales} = \text{Sales} - \text{Sales returns}$$ $$\text{Net Sales} = \text{R}66\,300 - \text{R}768 = \text{R}65\,532$$

Step 2: Calculate Cost of Sales
Cost of Sales is calculated as Opening Inventory + Purchases + Freight on purchases - Closing Inventory.

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