Question 2 (17 marks) The statement of Financial position is based on the following equation Assets Liabities Equity The above-mentioned equation can be expanded as foliows Non-current assets+current assets - non-current liabilties+current liabilities +Equity The following is an extract of some of the transactions of Highlands Ltd incurred in the first month The shareholder deposited R50,000 in the company's bank account 1 2 Purchased a delvery vehicle on credit to the value of R100,000 (Ignore VAT and Finance charges) The purchased is financed by ABSA and the company paid a deposit of R20,000 3 Purchased inventory on credit to the value of R15,000 from Voltex Wholesalers Paid R1,500 cash to DHL as delivery cost 4 Sold inventory on credit to RARE Ltd for R1 2,000 The mark-up policy is 50% on cost The company uses the perpetual inventory system, i e record both the sales and the cost of sales transaction when the transaction occurred Received R8,000 from RARE Ltd as part payment of the outstanding balance 5 6 Paid the first instalment to ABSA Bank of R7,000 Issued an electronic transfer to the value R2,000 being rent paid for the month 7 The electricity bill for the month has not been received The accountant estmated the 8 electricity costs to be R2,500 and raised the accrual entry 9 The motor vehicle purchased has a useful Ife of 4 years, and the accountant estmated a salvage value of R20,000 at the end of year 4 The depreciation entry was raised in the accounts Required: 1 Indicate for each transaction the effect on the accounting equation Please note, in some of the transactions, you must calculate the value of the transaction Total each of the columns Organse your answer as follows (12) Draw up and complete the followng table for each of the above-mentioned transactrons Indicate an increase or decrease using a "+" or --, ignore VAT Transaction 1 has been done as an example (Hint, ensure that with each transaction the accounting equation balances ) Equity Non-Current Current Liabilities + Liabilities + Non-Current Current Assets Assets 0 +50 000 +50,000 2 Draft a summarised Statement of Financial position using the totals as calculated in