Neco 2025 Financial Accounting Question 20
Practice objective / multiple choice question 20 from the 2025 Neco Financial Accounting examination.
Machinery transactions for 2025:\n1. 1 January: Purchased new machinery for \(₦250,000\) cash.\n2. 30 June: Sold an old machine whose original cost was \(₦80,000\) and accumulated depreciation was \(₦50,000\) for \(₦35,000\) cash.\n3. Depreciation on the remaining machinery is charged at 10\% per annum on a straight‑line basis.\n4. At 31 December the remaining machinery was revalued upward by \(₦20,000\), the increase being recorded in revaluation surplus.\nNo other transactions occurred. Determine the carrying amount (net book value) of the remaining machinery as at 31 December 2025.
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About This Question
This is Neco 2025 Financial Accounting Question 20. It is one of the objective questions from the 2025 Neco Financial Accounting examination.
Difficulty level: Medium .
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