1.1 Refer to Information B (i) - NSC Accounting - Question 1 - 2022 - Paper 1

To determine the profit/loss on the sale of a delivery vehicle, we need to analyze the sale price against the book value of the vehicle. Assuming the sale price is given as part of the information, we generally calculate:

$$ext{Profit/Loss} = ext{Sale Price} - ext{Book Value}$$

However, without specific values given in the marking scheme, ensure to directly reference and derive from provided values in the exam.

The total depreciation for the year is calculated by summing all depreciable assets across the year. The formula for total depreciation is:

$$ext{Total Depreciation} = ext{Sum of annual depreciation for all assets}$$

This will typically include items like:

• Buildings
• Equipment

For specific values, reference the figures provided in the information sheet.

For the Statement of Comprehensive Income, we compile key figures:

• Total sales: $9,355,250
• Cost of sales: $5,665,250
• Gross Profit: $3,690,000
• Other incomes and expenses categorized as per the marking format will include all operational income and expenses leading up to the operating profit.

Finally, include net incomes after deducting all operating expenses.

In the equities and liabilities section, you need to summarize the shareholders' equity, which would include:

• Ordinary share capital: $7,762,750
• Retained income: $3,000

For non-current and current liabilities, ensure to itemize as:

• Non-current liabilities: $1,025,075
• Current liabilities summary will include trade payables and creditor details, leading to a total liabilities and equity equation being balanced.