$24$

$2024$

Required:

Making use of the transactions provided above calculate Eric Clapham's equity in Fenders for Real as at $31$ March $2023$ by showing the effect on the accounting equation as well as which general ledger accounts will be debited and credited.

Ignore VAT and mark$-$up calculations.

HINT: Draw up your own Accounting Equation table for each transaction in the following format:

$\backslash$table$[[$Date$,\backslash$table$[[$Account to$],[$debit$]],\backslash$table$[[$Account to$],[$credit$]],$Assets,$=,\backslash$table$[[$Owner$\text{'}$s$],[$equity$]],+,$Liabilities$]]\backslash$table$[[$Date$,$Transaction,Amount$],[1$ March,$\backslash$table$[[$Eric Clapham contributed$/$invested in the business Fenders for$],[$Real$]],$R$600000],[1$ March,Received a loan from Bob Wilbury,R$100000],[3$ March,Paid computer expenses via EFT,R$10000],[10$ March,Imported $10$ new Stratocaster guitars from Fender USA,R$75000],[21$ March,Paid via EFT Import duties on purchases made on $10$ March,R$10000],[21$ March,Paid via EFT sea freight charges on purchases made on $10$ March,R$15000],[31$ March,Repaid an instalment on Bob Wilbury's loan,R$10000]]$