IICETInkI TMMn Additional information: 1. A customer retumed defective goods of R5 750 . VAT of 15% is levied per the Value Added Tax Act by XYZ Limited. The company has a 10% markup rate. 2. The municipal account amounting to R1 450 was received on 14 April 2023. 3. Repairs to the motor vehicle of R3200 was refunded through payroll and posted to the salaries and wages account. 4. XYZ Trading adopted the periodic inventory system to account for the consumables. Consumables purchased during March 2023 of R5 000 was posted to the cost of sales account by the bookkeeper. The stock count concluded on 31 March 2023 valued the consumable inventory on R4 200. 5. Ordinary shares trades at R2 each. At reporting date, the shareholders declared a dividend of 5c. A prospectus offering 50000 R2 ordinary shares and 10000 R10 preference shares was advertised during March 2023. Mrs. Flinch entered into an underwriter's agreement with XYZ Limited for an agreed 3,5% fee. 6. The allowance for credit losses should equal 8% of the debtor's book at reporting date. Required: 2.1 Prepare the Statement of Comprehensive Income as at 31 March 2023 based on the reporting requirements of the International Financial Reporting Standards. (25) 2.2. Define with examples where applicable each of the following accounting concepts/terms: 2.1.1 Accounting (2) 2.1.2 Current liability 2.1.3 Current asset 2.1.4 Net asset value (2) 2.1.5 Accounting policy (3) 2.3 Discuss the accounting cycle. (7)