of her account, RS 000 QUESTION 3 3.1 (20) The information given below was extracted from the accounting records of Ngonyama Traders. REQUIRED Calculate the profit or loss on the equipment sold. Complete the extract of the following note to the financial statements as at 28 February 2018, the end of the accounting period Property, plant and equipment Use the following format: 3.1.1 3.1.2 (10) Property, plant and equipment Equipment Carrying value at beginning of year Cost Accumulated depreciation Additions at cost Disposals at carrying value Depreciation for the year Carrying value at end of year Cost Accumulated depreciation On 01 March 2017, the following balances appeared, amongst others, in the books of Ngonyama Traders Equipment Accumulated depreciation on equipment L. R200 000 R80 000 2. A computer, cost price R15 000, was purchased on 01 June 2017. . On 30 November 2017, old equipment that cost R50 000 was sold on credit to S. Peters for R5 000. The accumulated depreciation on the equipment sold amounted to R40 000 on 01 March 2017 Depreciation is calculated at 10% pa. using the diminishing balance method." The financial year ends on 28 February 2018