QUESTION ONE [25] While studying for his law degree and serving articles, B Wiseman was always identified as a person with a bright future. Wiseman, after working for a few years, set up his own practice, B Wiseman Attorneys, on 1 August 2019. The following information for the month ended 31 August 2019 was provided: August 1.eg Transferred R30 000 from his personal savings account into the business bank account 1. Took a loan of RBO 000 from Mali Bank which was deposited into the business bank account. Interest on the loan, at 12% per year, is payable at the end of every month beginning 31 August 2019. The capital portion of the loan is repayable in full on 1 August 2022. 2. Made an electric funds transfer (EFT) of R5 000 to pay the rent for August. 5. Issued EFT of R38 000 to Amazing Connection for purchase of equipment. 9. Bought furniture from Trend Fashion for R27 000 on a 90 day account. 17. Rendered services for R10 000 cash deposited into bank account. 28. Rendered services to C Kane for a total of R22 000. Kane paid 50% of the total amount by making a direct deposit into Wiseman's business bank account. The balance will be paid on 16 September 2019. 31. Paid salaries of R13 000 by electronic fund transfers. Required: 1.1 Process the above transactions through a table such as the one shown below. The transaction of 1.eg. August 2019 above is used as an example: Record amounts without brackets to indicate increases; and amounts in brackets to indicate decreases. O for no effect. Example: Date Assets R Equity R Liabilities R Credited to: Name of account Debited to: Name of account Bank 1.eg. 30 000 30 000 0 Capital: Wiseman (15) 1.2 1.3 Wiseman has not yet paid the interest on the loan for August 2019 because he was unure about the amount. Calculate the amount that Wiseman needs to pay for the month of August 2019. (2) Wiseman also enquired about the objective of financial accounting. Briefly describe the generally accepted view of the objective of accounting. (2) With reference to the framework of accounting, what is the definition of liabilities? Explain how the loan from e Mall Bank satisfies that definition. In your opinion, should the loan from Mali Bank be shown in the statement of financial position as a non-current liability or a current liability? Briefly motivate your choice. (2) 1.5