WAEC Past Questions and Answers - Page 994

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. The net book value of the equipment at the time sale was

 

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. Its accumulated depreciation provision provision at the time of sale was

Mr. B sod goods worth N200 on credit to Mr. C. The credit sales should be entered into

Mr. B sod goods worth N200 on credit to Mr. C. Mr. B should debit this to

Payment is shown in the Balance Sheet as