WAEC Accounting Past Questions & Answers - Page 310

A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net book value at the time of sales is

A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net profit or loss on the sale was

\(\begin{array}{c|c} \text{1/1/06 Debtors} & D2,600\\ \text{1/1/06 Provision for bad debts} & D60\\ \text{31/12/06 New provision provision for bad debts} & \text{5% on debtors}\end{array}\)
The provision for bad debts in the profit and loss account is

 

Credit sales was debited to A. Akpan instead of B. Akpan. This is an error of

The petty cash book has