An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is?

by | Jun 5 | Accounting WAEC | 0 comments

A. N24,000
B. N21,000
C. N18,000
D. N9,000

Correct Answer: Option D

D. N9,000

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