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QUESTION TWO [45] The cre-adlustment trial balance of XYZ Limitied is oresenied as follows: Additional information: 1. A customer returned defective goods of R5 750 . VAT of 15N is levied per the Value Added Tax Act by XYZ Limited. The company has a 10% markip rate. 2. The municipal accourt amounting to R1 450 was reoeived on 14 April 2023 3. Fepairs to the motor vehicle of R3200 was refunded through payroll and posted to the salaries and wages aocount 4. XYZ Trading adopbed the peribdic inventory system to aocount for the consumabies. Consumables purchased during March 2023 of F5 000 was posted to the cost of sales aocount by the bookbeeper. The stock count concluded on 31 March 2023 valued the consumable inventory on R4 200. 5. Ordinary shares trabes at R2 each. At reporting daite, the shareholders declared a divbend of Sc. A prospectus oftering 50000 R2 ondinary shares and 10000 R10 preferenoe shares was advertised during March 2023. Mrs. Finch entered into an underwrber's agreement with XYZ Limited for an agreed 3,5\% foe. 6. The allowance for credk losses should equal aN of the debtor's book at reparting date. Required: 2.1 Prepare the Btatement of Comprahensive Income as at 31 March 2023 based on the reporting requirements of the Intemational Financial Reporting Standards. (25) 2.2. Define wth examples where appicabie each of the following accounfing conoepteatems: 2.1.1 Aocounting (2) 2.1.2 Current labilty (3) 2.1.3 Cument asset (3) 2.1.4 Net asset value (2) 2.1.5 Acoounting policy (3) 2.3 Disouss the aocounting cycle. (7)

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