Please answer all the questions using the information provided.

(20) QUESTION 3 3.1 The information given below was extracted from the accounting records of Ngonyama Traders REQUIRED 3.1.1 Calculate the profit or loss on the equipment sold 31.2 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 (10) Pr Carrying value at beginning of year Cost Additions at cost Disposals at carrying value Depreciation for the year Carrying value at end of year Cost 1. On 01 March 2017, the following balances appeared, amongst others, in the books of Ngonyama Traders: R200 000 R80 000 Accumulated depreciation on equipment 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. 2. 3