On $1$ March $2022.$ Deep Breath, a fitness fanatic, set up a gym called Fitshape Gym to follow his passion to promote healthy living. The following were the transactions for month ended

$31$ March $2022$:

March

Transferred R$80000$ from his personal savings account into Fitshape Gym$\text{'}$s bank account. Also transferred gym equipment valued at R$20000$ from his home gym to the business premises.

Paid rent for March by cheque, R$4000$;

Purchased additional equipment on credit from Muscle$-$up Equip for R$54000.$ This account is payable in three $(3)$ equal monthly instalments that are payable at the end of March, April and May $2022.$

Deep Breath withdrew R$1500$ from the bank account for personal use.

$9$ Made an electronic funds transfer $($EFT$)$ of R$3000$ in favour of A Buddy to set up a web page and on$-$line advertisements.

$30$ Total gym fees for the month of R$27000$ was deposited into the bank account.

$31$ Issued a cheque for the first instalment payable to Muscle$-$up Equip $($refer to transaction $5$ March $2022$ above$).$

Required:

$1\mathrm{.}1.$ Process Fitshape Gym$\text{'}$s transactions through the basic accounting equation for the month ended $31$ March $2022.$ Use the format shown below:

$\backslash$table$[[$Acc Debit,Acc Credit,A $=,$E $+]]$

$1\mathrm{.}2.$ With reference to the International Financial Reporting Standards $($IFRS$)$ and its Framework, provide the definition of assets. In respect of Fitshape Gym$\text{'}$s equipment at $31$ March $2022,$ briefly explain why you would choose to treat the equipment as either a non$-$current asset or a current$-$asset.

$(6)$