A fixed asset was bought for N60 000 on 1st Jan... - WAEC Accounting 2003 Question
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 option: b
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