Blossom Limited is a large distributor of fresh flowers. The company has large contracts to supply florists and corporate event co-ordinators throughout the country. The financial director and his staff are in the process of preparing the financial statements for the year ended 31 December 2008. The following events took place between the reporting period date and the date of authorisation of issue of the financial statements: a) It was discovered that a customer, Violet Florists, who owed R100 000 at the end of the year was declared insolvent on 15 January 2009, after its premises burnt down over the previous weekend. The premises were completely destroyed and were not insured. b) Legal action was brought against Blossom Limited for delivering old flowers to an event co- ordinator who needed them for a government function, that hosted foreign heads of state on 23December 2008.The claim is for R10 000.Blossom Limited s lawyers believe that it is highly unlikely that the Blossom Ltd will pay R10 000. c) Flowers in stock often pass their sell by date before they are sold and they usually left in the cornerof the store room. At the year-end stock count on 31 December, some new flowers were inadvertently included in the stock at their cost of R5 000.They will be never be sold by Blossom Limited. d) There was a burglary at Blossom Ltd.s premises on 2 January 2009 and pesticide and insecticide to the value of R10 000was stolen, such items are included in consumable stores. The financial statements are authorised for issue on 20 January 2009. Required: Prepare the journal entries that are necessary to correct the financial statements of Blossom Limited to ensure compliance with International Financial Reporting Standards (IFRS). Provide reasons why a journal entry is or not necessary