QUESTION 2 (31 MARKS) Rama-Zuma Traders is being sued for the violation of the Employment Equity Act of 1998. The penalty according to the arbitrator is R 24 000. This amount should be paid within six months from the ruling date and falls within the current financial year. Required: a) Determine whether or not Rama-Zuma Traders should record a liability for the penalty. Give reasons for your answer with reference to the Conceptual Framework (10 Marks). b) You have been presented with the following information for Rama-Zuma Traders that transpired during the month of July 2022 Date 01 July 2022 05 July 2022 12 July 2022 26 July 2022 Transaction Purchased inventory amounting to R11 000 (12 Marks) Made a long term investment by acquiring shares worth R20 400 from Prospect Ventures Ltd. Cash in the petty cash box amounted to R1 430. Goods sold to customers amounted to R9 400. However, only R2 300 was received from customers by the end of the month. Required: Identify the asset in each of the above transactions and classify it as either current or non-current by writing the total amount of the asset in the relevant column. Answer the question by using the following format: Example Date Asset 01 July 2022 05 July 2022 12 July 2022 55 26 July 2022 ANNEXURE E-FORMATIVE ASSESSMENT 1 Current (R) Non-current (R) HFOA100-1-JUL-DEC2022-FA1-GT-V3-26072022 c) You are presented with the following information for Rama-Zuma Traders for the year ending 31 July 2022. Account Motor Vehicles Patents Bank overdraft Trading inventory SARS payables Petty cash Long term loan Amount (R) 100 400 80 000 12 300 11 500 12 350 8 975 90 875 65 450 Financial assets Required Calculate the owner's equity for Rama-Zuma Traders for the year ending 31 July 2022. Show all your workings. Ignore questions (a) and (b) when answering this question. (9 Marks)