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Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 ...

Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the profit or loss on the disposal asset?
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  • A N4,000 profit
  • B N2,000 profit
  • C N2,000 loss
  • D N2,000 loss
Correct Answer: Option C
Explanation:

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