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.
The term bad debts means debts ...
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accoun...
Cross referencing among different books of accounts is achieved with the use of ...
The trading account is usually headed ...
i. Direct materials ii.Direct labour iii.Direct expenses iv. Factory expenses Prime cost consi...
Goods invoiced to a branch can be sent using? ...
Ata, Bubu and Chikum were in partnership sharing profits and losses in proportion to their capi...
The major point of agreement carried by the partnership deed is? ...