Assume that you are presented with the following information which represents the transactions that took place at Barkley$$s $($pty$)$ ltd for the month of October $2023.$

$1.$ Owner contributed an additional R$100000$ to the business.

$2.$ Purchased inventory worth R$75000$ on credit.

$3.$ Sold goods worth R$25000$ cash, the goods were previously bought for R$20000$

$4.$ Paid for equipment worth R$12000.$

$5.$ Sold goods worth R$45000$ on credit, the goods were bought for R$35000$

$6.$ Bought office stationery worth R$5000$

Required

$1\mathrm{.}1.$ Briefly explain the double entry principle. $(4)$

$1\mathrm{.}2.$ Record the above transactions based on the basic accounting equation. $(16)$

Your answer to $1\mathrm{.}2$ should be in the following format:

e$.$g$.1.$ bought furniture worth R$15000$ on credit Number Assets $=$ Equity $+$ Liabilities

$1+15000=0+15000$