Motor Vehicle Account as at 31st December 2001.
De...
Use the information below to answer questions
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.
What is the actual profit or loss arising from the vehicle disposed of?
N250,000 loss
N50,000 loss
N450,000 profit
N575,000 profit
Correct answer is C
No explanation has been provided for this answer.
Discount received account is a ...
The purchase day book is used to record ...
The document making a public offer for he sale of a company's share is ...
What does liquidity ratio measure? ...
The authority to transfer fund from one head to another within the same organization is called ...
Which of the following is not a debit entry on a sales ledger control account? ...
Which of the following fixed assets is not depreciable? ...
Accrual accounting differs from cash accounting because it recognizes? ...