Assume a South African income tax rate of 28%. REQUIRED: 2.1) Calculate the correct profit before tax figure in the Statement of Profit or Loss and Other Comprehensive Income of SendIT Limited for the financial year ended 31 March 2022, considering all the above information. (10 marks) 2.2) Disclose the information above in the notes to the financial statements of SendIT Limited for the financial year ended 31 March 2022, according to the requirements of only IAS 8 . Show all calculations. (17 marks) Air conditioners The review also revealed that the air conditioners purchased and installed in the office building on 1 March 2021 were incorrectly recorded. The previous accountant expensed the costs of R120 000 as repairs and maintenance in the Statement of Profl or Loss and Other Comprehensive Income of SendiT Limted for the financial year ended 31 March 2021 . Depreciation on the air condtioners would be at 10% pa. General information The proft before tax in the company's dratt Statement of Profit of Loss and Otiver Comprehensive income for the year ended 31 March 2022 amounted to R5S2 500 You can assume that the company accounted for all the necessary transactions in their 31 March 2022 accounting records, except for the correct treatment of the courier vehicles and air conditioners. Therefore, SendiT Limted has not yet accounted for the correct treatment of the courier vehicles or air conditioners in their 31 March 2022 accounting records, including the fixed asset register presented above. You can assume that all amounts are material. Assume a South African income tax rate of 28%. The installation fees to be used as a basis for the warranty provision for the 2021 financial year are as follows - November 2021 R125 452 - December 2021 R90554 2.) On 10 November 2021, Equipment World Limited recelved a notification from the local municipality to remove an extractor fan installed at one of the factories in the area. According to the notification, the extractor fan does not adhere to the environmental protection rules, On 31 December 2021, Equipment World Limited's installations manager believes that due to negotiations with the municipality, it is not probable that they will have to remove the extractor fan Equipment World Limited was not able to put an estimation on the cost to remove the extractorfan. SendIT Limifed uses the straight-line depreciation method on all classes of assets, and the residuat value on alt assets is insignificant At the end of the current financial year, the company went through an exercise to review their foxed asset register to ensure its accuracy and correctness Durng the review, the following was noted Courier vehicles The couner vehicles are used to transport the parcels for client deliveries. These were all originally acquired on 1 April 2019. No sales or purchases of courier vehicles have happened since 1 April 2019. The review revealed that the depreciation rate used for the courier vehicies should be shorter than the onginal estimation in order to better reflect the usage of the vehicles: SendIT Limited, therefore, changed the depreciation rate used for the courier vehictes from the 20% p.a. to 25% p.a. according to the stranght-line method: (23 marks) Equipment World Limited is a company that sells and instails various types of equipment. The company has a 31 December year-end. The financial statements of Equipment World Limited for the financial year ended 31 December 2021 were presented to the board of directors for authorisation for issue on 5 April 2022. The following transactions have not yet been recorded in the books of Equipment World Limited for the financial year ended 31 Decomber 2021 1.) Equipment World Limited provides all customers with a fwo-month warranty on their installations. Therefore, the installation would have to be redone should the customer encounter any issues during the first two months following installation. Experience shows 8% of installations must be redone in the first month following the installation and 5% in the second month following the installation. The actual warranty costs paid during 2021, relating to installations carried out in the 2020 financial year, amounted to R25 752 . The balance of the warranty provision on 31 December 2020 amounted to R24 124. 20% remain outstanding at 31 December 2021 , and management estimates that 75% will pay within 30 days. REQUIRED: 3.1) Discuss how PnG Limited should account for the 20% credit sales outstanding at 31 December 2021. (10 marks) 3.2) Prepare the journal entries to account for PnG Limited's sales for the financial year ending 31 December 2021. Make sure to include all journals relating to both credit and cash sales. Include statement references and show all calculations. (20 marks) 3.) In January 2022, a fire broke out at the companyis new warehouse; and inven: fory to the value of R435 500 was damaned On 2 February 2002 , the company contracted Repair it Limited to repair the darwogo to the warehouse at lime cost of R255 000. Al the fime of the fire, this spectic warehouse of Equpment Worid Limited was not yet insured Assume a South African income tax rate or 28% REQUIRED: Disclose the abovementioned information in the notes to the financial statements of Equipment World Limited for the year ended 31 December 2021 in terms of the requirements of IAS.37 and IAS 10. Show all calculations: (23 marks) Round to the closest Rand where applicable. PnG Limited is a retail company that offers all qualifying customers 60 days' credit, with a 10% settlement discount on invoices settled within 30 days of the invoice date. The company made sales to the value of R5 500000 for the financial year ended 31 December 2021, and the following apply to the sales figure: - 40% of sales were in cash. - 60% of sales were on credit, of which: 80% were paid before 31 December 2021 and 70% of them paid within 30 days. 20% remain outstanding at 31 December 2021 , and management estimates that 75% will pay within 30 days. REQUIRED: 3.1) Discuss how PnG Limited should account for the 20% credit sales outstanding (27 marks) SendIT Limited is a courier company that delvers parceis for a wele varkfy of chents The company has a 31 March year -end and the current year end is 31 March 2022. The following is an extract from the asset reqister of Sendit t imuted SendIT Limited uses the straight-ine depreciation method on alf classes of assets. and the residual value on all assets is insignificant of the current financial year, the company went through an exercise to