Motor Vehicle Account as at 31st December 2001.
De...
Use the information below to answer question
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?
N280,000
N289,000
N250,000
N340,000
Correct answer is C
No explanation has been provided for this answer.
An amount set aside out of profit for a specific purpose is a ...
\(\begin{array}{c|c} & Ade(N) & Bola(N) \\ \hline Capital & 40,000 & 30,000 \\ \hlin...
Which of the following reserves is not used for bonus shares? ...
The gross loss on manufacturing is always transferred to the? ...
Sales - #232,000 Opening stock - # 28,000 Purchases - #128,000 Carriage inwards - # 4,000 Carria...
A trial balance is a list of ...
If stationery bought for N200 has been entered as N2000. To correct this error? ...