Waec Model Questions Vol1 2018 Financial Accounting Question 39
Practice objective / multiple choice question 39 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
The Machinery ledger account has an opening debit balance of ₦500,000. During the year the following entries were posted: purchase of new machinery for ₦150,000 (debit), sale of old machinery for cash ₦80,000 (credit), depreciation expense charged ₦60,000 (credit), and a correction entry that reverses an over‑depreciation of ₦5,000 (debit). What is the closing balance of the Machinery account?
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About This Question
This is Waec Model Questions Vol1 2018 Financial Accounting Question 39. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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