QUESTION 1: FIXED ASSETS AND STATEMENT OF COMPREHENSIVE INCOME The information relates to Robbie Ltd for the financial year ended 28 February 2021: 1.1 Refer to INFORMATION B(a) for fixed assets - NSC Accounting - Question 1 - 2020 - Paper 1

To calculate the profit or loss on the sale of equipment:

1. Selling Price:
   Provided as 40,000.

2. Carrying Value of the Equipment Sold:
   Previously calculated as 33,920.

3. Calculation of Profit/Loss:

   $\text{Profit/Loss} = \text{Selling Price} - \text{Carrying Value}$

   Therefore: $40,000 - 33,920 = 6,080$

To calculate the trading stock deficit:

1. Identify Initial and Final Stock Values:
   Initial Value (280) = 262
   Final Value = 4,050.

2. Calculation of Trading Stock Deficit:

   The formula: $\text{Trading Stock Deficit} = (\text{Initial Value} - \text{Final Value}) \times \text{Final Amount}$

   Substitute the values: $(280 - 262) \times 4,050 = 72,900$

To prepare the Statement of Comprehensive Income:

1. Calculate Revenue:
   Sales of 15,325,200, and other revenue items.

2. Calculate Cost of Sales:
   Using the provided cost values and deductions: $6,966,000 = 7,711,200 + (Total Adjustments)$

3. Gross Profit Calculation:
   $\text{Gross Profit} = \text{Sales} - \text{Cost of Sales}$

   Which will yield 8,786,200.

4. Deduct Operating Expenses:
   Including salaries, rent, and all other expenses to derive the final net profit before tax.

5. Final Adjustments:
   Include all taxes and derive the final net profit after tax as 1,054,000.