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QUESTION 2 (10 Marks; 19 Minutes) Buk and Bekruip Traders is a company situated in Ellisras that trades in the purchase and sale of firearms and hunting rifles. The owner, Sanna Mauser is ill with Covid-19 and the administrative clerk prepared the provisional financial statements. Sanna asked you to assist the clerk with the preparation of these financial statements to comply with IAS 1. You may ignore VAT for this part of the question. For point number 3 in the required section, make use of the information povided in Question 1 as well as the following: Due to the current epidemic in the country, the inventory of the entity is slow moving, but it is expected that this inventory will sell during 2022. The investment at Springbok Bank at 15% interest rate matures on 30 June 2023. Total Sub- total REQUIRED - QUESTION 2 1. The accounting standard, IAS 1 requires that certain information concerning the structure and contents of financial statements be clearly identified and prominently displayed on the face of the financial statements of an entity. List these items point by point. 2.5 2.5 2. Describe the disclosure requirements in the event of an entity that does not prepare its financial statements on a going concern basis. 1.5 4.0 6.0 10.0 3. In terms of IAS 1: Presentation of financial statements, explain whether the inventory and investment should be classified as current or non-current assets at year end. Your answer should refer to the applicable definitions and the application thereof. TOTAL MARKS 10.0