The statement of Financial position is based on the following equation Assets Liabilities Equity + The above-mentioned equation can be expanded as follows Non-current assets + current assets = non-current labilities current liabilities +Equity The following is an extract of some of the transactions incurred in the first month All four shareholders deposit R5,000 each in the company's bank account as contribution Purchase a delivery vehicle on credit from ABSA bank to the value of R50,000 (lgnore VAT and Finance charges) Purchase inventory for cash to the value of R12,000 II Sold inventory credit to ABC for R10,000 The cost value of the inventory was R5,000 The on company uses the perpetual inventory system, e record both the sales and the cost of sales transaction when the transaction occurred Receve R6,000 from ABC part payment of the outstanding balance V as Pay the first instalment to ABSA bank of R5,000 VI Required Indicate for each transaction what the effect on the accounting equation is Organise your answer as follows Draw up and compiete the following table for each of the above-mentioned transactions Indicate an increase or decrease by means of a "+" or"-" Ignore VAT Transaction 1 has been done as an example Equity Non-Current Non-Current Current Current Liabilities+ No Assets Liabilities Assets + + +20,000 +20,000 1