QUESTION FIVE: FINANCIAL ACCOUNTING INFORMATION [25 MARKS] 5.1 The IASB's Framework for the Preparation and Presentation of Financial Statements requires financial statements to be prepared on the basis that they comply with certain accounting concepts, underlying assumptions and (qualitative) characteristics. Five of these are: Matching Concept Historical Cost Concept Prudence Concept . Realisation Concept Materiality Concept REQUIRED: Briefly explain the meaning and provide examples of each of the above concepts/assumptions. (10 marks) 5.2 Thabo Mdluli decided to start a laundromat business called Tibos Laundry. He entered into the following transactions during February 2021: Date Transaction 1 Feb 2021 Thabo Mdluli withdrew R130 000 from his personal savings account and deposited it in Tibos Laundry's bank account. 2 Feb 2021 Tibos Laundry obtained a loan of R25 000 with a payback period of more than a year from ABC Bank. The amount was paid into its bank account 6 Feb 2021 Tibos Laundry bought equipment from XY Furnishers for R100 000 and paid by cheque. 10 Feb 2021 Tibos Laundry bought furniture for R2 000 on credit from Joc Limited, 11 Feb 2021 Tibos Laundry paid Joc Limited's account of R2 000 12 Feb 2021 The owner withdrew R1 000 for his own use. 13 Feb 2021 Tibos Laundry provided services for a clients Silver and received a cheque for R1 000. 16 Feb 2021 Tibos Laundry paid wages by cheque, R800. 18 Feb 2021 Tibos Laundry provided services worth R6 000 to C Canon on credit. 21 Feb 2021 Tibos Laundry placed an advertisement in a local newspaper for R200. Payment was due only in 30 days 28 Feb 2021 C Canon settled his account in part, R2 000. REQUIRED: Show the effect of Tibos Laundry's transactions on the basic accounting equation using the following format: (15 marks) ASSETS EQUITY LIABILITIES creditors Debtors Furniture Equipment Bank Capital Income/Expenditure Loan: DATE ABC Bank Total NB: Indicate if the account is increasing (+) or decreasing (-). Fill in the total column with the total amount at the end of each account