Ican 2024 Financial Accounting Question 4

Practice mixed question 4 from the 2024 Ican Financial Accounting examination. This question covers General .

Ican 2024 Financial Accounting Mixed 3 Difficulty

Topic: General

Question 4 ICAN • 2024 • FINANCIAL ACCOUNTING • mixed

                            Use the information below to answer questions 4 and 5:

A company has several motor cars that are accounted for as non-current
assets. As at April 1, Year 2, the cost of the cars was ₦300,000, and the
accumulated depreciation was ₦160,000.
During the month of April, the company bought a new car costing
₦77,500 and received a part-exchange allowance of ₦20,000 against an
old car. The old car originally cost ₦70,000 and its accumulated
depreciation is ₦45,000.

                        

What is the carrying amount of the motor cars as at April 1, Year 2?

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About This Question

This is Ican 2024 Financial Accounting Question 4. It is one of the mixed questions from the 2024 Ican Financial Accounting examination.

The question covers General .

Difficulty level: 3 .

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