GlobalTech Innovations started its operations on January 1, 20X1, with the following transactions under the Accounting Equation Approach. Analyze each transaction and determine the effect on the accounting equation:

1. Commenced business with cash ₹2,000,000:
   • Assets (Cash) increase by ₹2,000,000
   • Owner's Equity (Capital) increases by ₹2,000,000

1. Purchased office equipment worth ₹300,000:
   • Assets (Office Equipment) increase by ₹300,000
   • Assets (Cash) decrease by ₹300,000

1. Paid rent for the office space ₹50,000:
   • Assets (Cash) decrease by ₹50,000
   • Owner's Equity (Expenses) decrease by ₹50,000

1. Sold products costing ₹150,000 for ₹200,000:
   • Assets (Cash) increase by ₹200,000
   • Assets (Inventory) decrease by ₹150,000
   • Owner's Equity (Revenue) increases by ₹200,000
   • Owner's Equity (Cost of Goods Sold) decreases by ₹150,000

1. Paid salaries to employees ₹100,000:
   • Assets (Cash) decrease by ₹100,000
   • Owner's Equity (Expenses) decrease by ₹100,000

1. Received advance payment from customers ₹120,000:
   • Assets (Cash) increase by ₹120,000
   • Liabilities (Unearned Revenue) increase by ₹120,000

1. Introduced additional capital ₹500,000:
   • Assets (Cash) increase by ₹500,000
   • Owner's Equity (Capital) increases by ₹500,000

1. Purchased a delivery van for ₹600,000, paid ₹400,000 in cash and signed a note payable for the balance:
   • Assets (Delivery Van) increase by ₹600,000
   • Assets (Cash) decrease by ₹400,000
   • Liabilities (Note Payable) increase by ₹200,000

Required:

1. Analyze each transaction under the accounting equation approach and show its impact on Assets, Liabilities, and Owner's Equity.
2. Prepare a summarized accounting equation showing the final balances after all transactions.
3. Discuss the effect of introducing additional capital and taking a loan on the company’s financial position.
4. Explain the implications of receiving advance payments on the company's financial statements and liquidity.