SECTION A Answer ALL the questions in this section. In order to assist Ingiphile in the preparation of the 2021 financial statements, you are required to read the case study provided and answer the questions. [30 MARKS] Tsangoni CC is a company which manufactures, sells and services mountain bikes in Cape Town, South Africa. The financial director of the company, Ingiphile, is struggling with the preparation of the financial statements for the year ended 31 August 2021 and has asked for your assistance. Bicycle frames: Tsangoni CC imports the majority of its bicycles and the parts required for maintenance from Europe. On 1 February 2021, an order for the shipment of bicycle frames was placed by Ingiphile. The terms of the order were as follows: Date of order 1/2/2021 Supplier Customer Product Shipping date Price Payment terms Sensa Bicycles Ltd (Netherlands) Tsangoni CC 10 "Sensa Romagna" frames 1/3/2021 R5 000 per frame Full payment to be made on 1/3/2022