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An asset was bought on 1st January, 1995 for ₦60,000. Depreciation was provide...


Question

An asset was bought on 1st January, 1995 for ₦60,000. Depreciation was provided for annually at 20% on cost. It was sold for ₦21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was

Options

A)
₦39,000
B)
₦16,000
C)
₦14,000
D)
₦12,000

The correct answer is D.


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