Waec Model Questions Vol1 2020 Financial Accounting Question 34
Practice objective / multiple choice question 34 from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
A machine was purchased on 1 January 2020 for ₦500,000. Its estimated useful life is 8 years and residual value is ₦50,000. Depreciation is charged on a straight‑line basis for the first three years and thereafter on a diminishing‑balance basis at 25 % per annum on the reduced book value. The machine was sold on 30 June 2024 for ₦120,000. Calculate the loss on disposal (rounded to the nearest naira).
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About This Question
This is Waec Model Questions Vol1 2020 Financial Accounting Question 34. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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