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 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 1. On 01 March 2017, the following balances appeared, amongst others, in the books of Ngonyama Traders: Equipment 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 R200 000 R80 000 2. 3.2 REQUIRED Show the effect of the following transactions of Xpanda Stores on the Accounting equation. Use "+" to denote an increase, "-" to denote a decrease and "O" to denote no change to the elements of the equation. Assume that the bank balance is favourable at all times. Follow the example given. Example: Paid for electricity by cheque, R900 No Assets -R900 Liabilities 0 R900 TRANSACTIONS 3.2.1 3.2.2 3.2.3 3.2.4 3.2.5 Purchased stationery on credit from PQ Stationers, R500. Invested R50 000 in a fixed deposit (investment) account at Sen Bank. Interest on credit balance according to the bank statement from Sen Bank amounted to R100 Received a cheque from Sen Bank for a long-term loan that was negotiated, R200 000. A creditor charged Xpanda Stores R50 interest on overdue account