QUESTION $2$

$(13$ Marks$)$

Mr Mpho is the owner of K$.$O traders $-$ a sole trader that sells boxing goods to the public at affordable prices. Mr Mpho decided to purchase a laptop three weeks ago from a computer store, Quick Expensive Traders, for R$20000.$ He purchased this laptop to help capture and process daily transactions for accounting purposes. Mr Mpho took out a loan for R$150000$ from Absa Bank last week Tuesday for his business. This loan is subject to $10\%$ interest per annum and needs to be paid back within the next $240$ months.

YOU ARE REQUIRED TO:

$\backslash$table$[[1,\backslash$table$[[$Based on the definitions per the conceptual framework determine$],[$whether the laptop satisfies the definition of an asset$]],8$ Marks$],[2,\backslash$table$[[$Based on the definitions per the conceptual framework determine$],[$whether the R$150000$ loan satisfies the definition of a liability.$]],5$ Marks$],[,,]]$