Waec Model Questions Vol1 2023 Financial Accounting Question 47
Practice objective / multiple choice question 47 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
A machine was purchased for ₦500,000 on 1 January 2020. Its estimated residual value is ₦50,000 and its useful life is 5 years. Depreciation was charged on the straight‑line basis for 2020 and 2021. From 1 January 2022 the method was changed to double‑declining balance for the remaining years. The machine was sold at the end of 2023 for ₦120,000. Calculate the gain or loss on disposal.
Answer Options
About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 47. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.