Neco Model Questions Vol1 2017 Financial Accounting Question 5
Practice objective / multiple choice question 5 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
An asset was purchased on 1 March 2022 for \(500,000\) Naira. It has an estimated useful life of 5 years, a residual value of \(50,000\) Naira and is depreciated using the diminishing‑balance method at a rate of 40 % per annum. Depreciation is charged at year‑end. The asset was sold on 31 December 2024 for \(120,000\) Naira. Calculate the gain or loss on disposal.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 5. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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