QUESTION FIVE [18] I See You Limited placed an order for 500 Contact Lenses Cleaning Solution to Contacts R Us, a manufacturer in the UAE. The order was placed on the 15th January 2018 and was accepted by Contacts R Us on the 18th January 2018. On the 27th January 2018, the order was completed and packed for delivery. On the 1st of February 2018, the stock was delivered to the harbour and loaded onto the ship. Due to industrial strike action by staff at the Port, the ship had to delay its leaving of the Port. The ship eventually left the harbour on the 4th February 2018 and arrived in Durban on the 31 March 2019. The inventory was off loaded and released from Customs on the same day. On the 3 rd of April, the inventory was delivered to I See You Limiteds warehouse. Payment for the Contact Lenses Solution was made on the 30th of April 2018. I See You Limiteds financial year end is 28th February. Required: 5.1 State the transaction, translation and settlement dates assuming the solutions were shipped CIF. (3) 5.2 State the transaction, translation and settlement dates assuming the solutions were shipped FOB. (3) 5.3 Blankets & Tents Limited is a company based in South Africa involved in the manufacture and supply of blankets, tents and related products. In the current year, the company Imported a container of blankets and tents for refugee/displacement purposes from an American company. Total invoice value after discount was $150 000. The container was ordered on the 15th of March 2019 then shipped on the 6th of July 2019 (CIF) and arrived in South Africa on the 1st August 2019.

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The company sold 80% of the goods ordered to a local humanitarian organization by the 31st Of December 2019 with a markup on 20% on cost. Payment of the goods took place on the 15th of January 2020 as requested by the supplier. Blankets & Tents Limited has a 31st December year end.

DATE EXCHANGE RATE 15 March 2019 $1 = 15 6 July 2019 $1 = 15,2 1 August 2019 $1 = 15,6 31 December 2019 $1 = 15,1 15 January 2020 $1 = 14,9

Show all the journal entries in the books of Blankets & Tents Limited for the year Ended 31 December 2019 and 31 December 2020. Please include narrations. Show all workings!