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

To determine the missing amounts:

(i) For the carrying value of the vehicle on hand on 1 March 2020, we apply the formula:

$CV = Cost - Accumulated Depreciation$

Given that the cost of the vehicle was R460,000 and the accumulated depreciation was R396,750, we find:

$CV = 460,000 - 396,750 = 63,250$

(ii) To calculate the depreciation on vehicles for the year, we use:

$Depreciation = \frac{Cost \times Depreciation Rate}{12}$

Where the cost is R510,000 and the depreciation rate is 15%, hence:

$Depreciation = \frac{510,000 \times 0.15}{12} = 6,375$

The total depreciation for the vehicles:

$Total Depreciation = 63,250 + 6,375 = 69,625$

(iii) For the carrying value of the equipment sold, we need to determine the accumulated depreciation:

Given a cost of R75,000 and accumulated depreciation of R36,600, then:

$Carrying Value = Cost - Accumulated Depreciation = 75,000 - 36,600 = 38,400$