- 1 Marks
FA – May 2024 – L1 – SA – Q5 – Depreciation Methods and Accounting for Disposals
Calculates gain or loss on the disposal of a motor car.
Question
What is the gain or loss on disposal of the old car if the company received a part-exchange allowance of ₦20,000 against an old car, which originally cost ₦70,000 and had accumulated depreciation of ₦45,000?
A. ₦5,000
B. ₦(5,000)
C. ₦7,000
D. ₦(7,000)
E. ₦10,000
Find Related Questions by Tags, levels, etc.
- Tags: Asset Disposal, Gain or Loss Calculation, Non-current Assets
- Level: Level 1
- Topic: Depreciation Methods and Accounting for Disposals
- Series: MAY 2024
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