Accounting WAEC

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The profit or loss on sale was?
A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The profit or loss on sale was?A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The profit or loss on sale was?

A. ₦17,000 profit
B. ₦17,000 loss
C. ₦16,000 profit
D. ₦16,000 loss

Correct Answer: Option B

B. ₦17,000 loss

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