Ekon Limited

Ekon Limited was incorporated on $1$ January $2022$ with an authorised share capital comprising $100000$ no par value ordinary shares. On $31$ March $2022,$ the company purchased the following assets from Pawn Shops:

Equipment $=$ R$10000$

Delivery Vehicle $=$ R$33000$

Inventory $=$R$35000$

These purchases were paid for with the issue of $30000$ no par value ordinary shares. On $30$ June $2022,$ the company offered a further $50000$ ordinary no par value shares to the public at R$3$ per share. On $31$ July $2022,$ applications and the necessary funds were received for $55000$ shares and the directors decided to issue the shares available and return all excess applications. Commission of $2\%$ on total issue price was paid to the underwriters.

You are required to:

Prepare journal entries in the general journal of Ekon Limited to record the above transactions $($cash transactions included$).$ Journal narrations are required. $(20$ Marks$)$