An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually…

Accounts - Principles of Accounts WAEC 2002

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 checkmark

The correct answer is: D

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