QUESTION TWO [20] Show the effect of the following transactions of TikTok Limited on accounting equation using the format provided. Use + if the element increases, - if the element decreases and 0 if the element remains unchanged. Also indicate the amount. E.g. TikTok bought stationery on credit, R900. Transactions: 2.1 Bought invoice books on credit, R1 300. 2.2 Bought a computer by cheque, R230 000 . 2.3 Cash received for services rendered, R14 000. 2.4 Paid the annual fire insurance by cheque R22 400. 2.5 Received R2 000 from a debtor in part settlement of her account. 2.6 The tenant paid the monthly rental to TikTok Limited, R15 000 2.7 Received an account for repairs to the machinery, R17 500. 2.8 Bought fuel for delivery vehicle by cheque, R400. 2.9 TikTok took R1 800 drawings from the business. 2.10 Cash received for services rendered to Mr Henry who is a valued a customer, R101 150. 5 QUESTION THREE [20] The following information was obtained from the accounting records of Nick Traders for year ended 31 December 2019: Closing stock for the 2019 year was R15 000 Required: 3.1. Differentiate using examples the different types of inventory systems. 3.2. Calculate the gross profit percentages for both the 2018 and 2019 years