Specs Limited placed an order for 500 Contact Lenses Cleaning Solution to LCS Limited, a manufacturer in the UAE. The order was placed on the 15th of January 2018 and was accepted by LCS Limited on the 18th of January 2018. On the 27th of January 2018, the order was completed and packed for delivery. On the 1st of February 2018, the stock was delivered to the harbor and loaded onto the ship. Due to industrial strike action by staff at the Port, the ship had to delay it's leaving of the Port. The ship eventually left the harbor on the 4th of BACHELOR OF COMMERCE YEAR 3 – ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE

REGENT BUSINESS SCHOOL (RBS) – JANUARY 2022
February 2018 and arrived in Durban on 31 March 2019. The inventory was off-loaded and released from Customs on the same day. On the 3rd of April, the inventory was delivered to Spec Limited’s warehouse. Payment for the order was made on the 30th of April 2018. Spec Limited’s financial year end is 28th February.
REQUIRED
1. State the transaction, translation, and settlement date assuming the solutions were shipped CIF. (3)
2. State the transaction, translation and settlement dates assuming the solutions were shipped FOB.(3)

Answer rating: 100% (QA)

Answer 1 The transaction date is the 15th of January 2018 the translation dat... View the full answer