QUESTION TWO $[30]$ Zidane, an ex$-$French football player, now owns an electrical shop. The following information was provided: List of pre$-$adjustment balances as at $31$ December $2020.$ R Property, plant and equipment at cost $($additional information $1)$ Total accumulated depreciation at $1$ January $2020..$ Fixed deposit: Third Bank.. Inventory: Trade goods... Trade debtors $..$ Allowance for credit losses Bank.. Cash float. Capital$-$Zidane Drawings $..$ Long term borrowing: ABC Finance.... Trade creditors. Sales $.$ Sales returns Rental income.. $39800025820100000117000104006001062001200283400264805000019100763580240031200$ Settlement discounts received.. Interest on investment Credit losses recovered.. Cost of sales. Credit losses Packing materials used.. Insurance $.$ Telephone Advertisements $...$ Settlement discounts granted $...$ Other expenses $...1300100002403308001100940045002800400076070200$ Additional information: $1.$ The following information is available for Property, plant and equipment: Type of Property, plant and equipment Cost at $31$ Dec. $2020-$ R Accumulated Depreciation at $1$ Jan. $2020-$ R Land & buildings Vehicle Equipment $3000008000018000$ N$/$A $224003420$ Equipment at cost $-$ R$18000$: includes equipment bought for cash at a cost of R$4000$ on $1$ July $2020.$ Provide depreciation for the year for all property, plant and equipment as follows: Equipment : $10\%$ per year on the diminishing balance method. Vehicle : $20\%$ per year on the diminishing balance method. $2.$ Results of a physical stock taken on $31$ December $2020$ revealed that: $2\mathrm{.}1$ Trading goods on hand was R$114500,$ and $2\mathrm{.}2$ Packing material on hand was R$1960.3.$ Advertisement cost of R$4000$ is exclusively for an advertising campaign covering the period $1$ May $2020$ to $28$ February $2021.4.$ Rental income was received from Zidanes only tenant. The rent includes the January $2021$ rental. Rent remained constant over the full period. $5.$ The long$-$term borrowing was taken on $30$ September $2020.$ Interest is payable every $6$ months at a rate of $18\%$ per year. $6.$ Interest on the fixed deposit at Third Bank has not yet been received for November $2020$ and December $2020.$ Interest is calculated at $12\%$ per year. $7.$ Insurance includes an amount of R$1500$ paid for a $12-$month period ending on $31$ October $2021.$ The full year insurance payment was paid upfront on $1$ November $2020.8.$ The December $2020$ telephone account of R$330$ was received in December but only paid in January. $9.$ A debtors account of R$1000$ has long been outstanding. The debtors insolvent estate paid $60\%$ of the debt. The balance needs to be written$-$off. $10.$ It was agreed that the allowance for credit losses account needs to be adjusted to show a balance of only R$500.$ Required: Prepare the following for Zidanes Electrics for the financial year ending $31$ December $2020$: $2\mathrm{.}1$ The statement of profit or loss and other comprehensive income, and $(25)2\mathrm{.}2$ Prepare the columns for only Vehicles and Equipment as they would be shown in the Property, plant and equipment note. Columns for land & buildings and total are not required. Show all workings. Your answer must comply with the requirements of the International Financial Reporting Standards $($IFRS$)$ appropriate to this business.