QUESTION $2$

$(15$ Mans$)$

GH Lud, a Soule Alrioan company specialising in the supply of security equipmert and CCTV irstalation services, imported a laye shipment of advanoed technology carrerss form an American suppler for a total purchase price of USD $105000.$ The order for the cameras was plased on $5$ May $2024,$ and the goods were shipeed on $13$ June $2024,$ arting in South Atrica on $29.$July $2004.$ The shipmert terms eare on a CIF $($Cost$,$ Insurance, and Freight$)$ basis, meaning the supplier covered the cost and risk of tansporting the goods unstlithey reached the South African port.

By $31$ December $2004,$ GH Lid had sold $75\%$ of the imported cameras flrough is rebal outer in Dutan. The company follows a $20\%$ markip policy on all its products to determine the selling price. The

remaining $25\%$ of the cameras were recorded as invertory at year$-$end.

The payment for the slipment was made to the American supplier on $9$ Jansay $2025.$

$\backslash$table$[[$Exchange rates were as follows,Rand per Dollar$],[05-$May$-24,17\mathrm{.}50],[13-$Jun$-24,17,30],[29-$Jul$-24,17,50],[31-0$ec$-24,17,05],[09-$Jan$-25,16\mathrm{.}55]]$

Required:

Record the transaction$($s$)$ in the records of GH Lad for the financial pars ended $31$ December $2004$ and $2005.$