Classical Fashion is a family$-$run store which sells vintage clothing. The sole owner, Mrs V Styles, started the store many years ago because of her love for vintage clothes and expanded the store over the years to include various other types of clothing. The original store is still open to the public for walk$-$ins, but the main income stream is from wholesale sales to retailers. Mrs Styles$$ family members share her passion to make the world a more classical, stylish place and are all involved in her business, in various capacities. However, none of them are particularly fond of numbers or keeping accounting records. Mrs Styles therefore approached you, as a family friend and accounting fundi, to assist with a few matters.

Below follows an extract of the summary you made of all transactions after working through all the source documents provided to you by Mrs Styles$$ daughter, Cathryn. The transactions below still need to be captured in the accounting records of Classical Fashion. All the following transactions relate to April $2024.$

$1\mathrm{.}1$ Inventory to the value R$38000\mathrm{.}00$ was bought on credit from an approved provider, The Best Fashion, on $1$ April $2024$ and invoice #$478$ was issued to Classical Fashion.

$1\mathrm{.}2$ The monthly internet bill of R$1900\mathrm{.}00$ was paid via an electronic funds transfer $($EFT$)$ to Telkom, based on invoice $8973,$ dated $10$ April $2024.$

$1\mathrm{.}3$ A second$-$hand delivery truck with a purchase price of R$380000\mathrm{.}00$ was bought on credit from WeBuyVehicles on $18$ April $2024($invoice #$489).$ A cash deposit of R$80000\mathrm{.}00$ was paid to secure the purchase.

$1\mathrm{.}4$ The rental payment of R$15000\mathrm{.}00$ for April $2024$ for the headquarters office building was made on $20$ April $2024,$ via an EFT to LinPop, as per invoice LP$178,$ dated $20$ April $2024.$

$1\mathrm{.}5$ Goods to the value of R$13000\mathrm{.}00$ were sold for cash, on $23$ April $2024,$ recorded on the cash register roll. The cost price of the goods was R$6500\mathrm{.}00.$

$1\mathrm{.}6$ Interest of R$580\mathrm{.}00$ recorded on a debit bank balance, as per the bank statement on $30$ April $2024,$ downloaded from FNB$$s online banking website.

$1\mathrm{.}7$ Goods to the value of R$4000\mathrm{.}00($cost$)$ were sold on credit to Qualify materials $($Pty$)$ Ltd$,$ for R$8000\mathrm{.}00$ and invoice number BB$156$ was issued on $30$ April $2024.$

$1\mathrm{.}8$ Instead of buying new furniture, Mrs Styles decided to furnish her office by transferring items from her personal antique furniture collection to Classical Fashion on $30$ April $2024.$ The furniture is valued at R$55000\mathrm{.}00.$

Additional information:

$$ Classical Fashion is registered as a VAT vendor and VAT is charged at $15\%.$

$$ Classical Fashion makes use of the perpetual inventory system to record inventory transactions $($consult your prior accounting knowledge and the internet for more information on the difference between the periodic inventory system and perpetual inventory system$).$

$$ You do not need to distinguish between the different product and inventory categories for the purposes of this assignment.

$$ All final answers should be rounded up to two decimal places.

Question $1(25$ marks$)$

Refer to the transactions listed in the case study.

$$ Prepare an accounting equation table for the above transactions, by making use of the of the example provided for this purpose.

$$ Disregard VAT implications for the purposes of Task $1.$