Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001. Debit: Jan. 1, cost ................₦1950 000 Dec.31, Additio...

Assessment: JAMB UTME - Principles of Accounts - 2003 Subject: Financial Accounting

Question 1 Report

Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

Debit:

Jan. 1, cost ................₦1950 000

Dec.31, Addition ............ ₦400 000

Credit:

Jan. 1, Depreciation ........₦1360 000

June 30, Sales proceeds...... ₦700 000

The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.What is the actual profit or loss arising from the vehicle disposed of?

₦250 000 loss

₦50 000 loss

₦450 000 profit

₦575 000 profit

Nature And Significance Of Accounting

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Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001. Debit: Jan. 1, cost ................₦1950 000 Dec.31, Additio...

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