Accounts - Principles of Accounts Past Questions and Answers

A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net profit or loss on the sale was

A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net book value at the time of sales is

A service which a firm has enjoyed, but has not yet been paid for is

Which of the following is not part of the double entry system?

In the balance sheet, the balance on the provision for Depreciation Account shown as