An asset was bought on 1st January, 1995 for N60,000. Dep...
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
N24,000
N21,000
N18,000
N9,000
Correct answer is D
No explanation has been provided for this answer.
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10...
Memoradum branch account is prepared to determine ...
The purpose of a trading account is to ascertain ...
The entries for credit sales at branch where the head office keeps all records are: Debit ...