A fixed asset was bought for N60,000 on 1st January, 1997...
A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was
₦17,000 profit
₦17,000 loss
₦16,000 profit
₦16,000 loss
Correct answer is B
No explanation has been provided for this answer.
\(\begin{array}{c|c} & ₦\\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpre...
The concept which states that assets are not to be recorded at their current market value is ...
July 1 - Started business with #10,500 July 31- Paid Agromachinex #6,000 owing them The double ...
Which of the following is not an Appropriation account item for a company? ...
Balance sheet (Extract) Creditors #7,940 Prepaid expenses #290 Accrual expenses #323 Stock #4,...
The document which serves as the authority to incur expenditure in the public sector is ...
Use the following information to answer the given question BOUGHT LEDGER CONTROL ACCOUNT: \(\beg...
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \t...
One of the benefits of book-keeping records is that they? ...