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?