JAMB - Accounts Principles Of Accounts (2025 - No. 38)
Use the following information to answer this question
A fixed asset was bought for #60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was sold for #16,000 on 30th June, 2001.
The net book value at the time of sale was
#17,000
#16,000
#33,000
#30,000
Explanation
Net book value at the time of sales = cost - Accumulated depreciation at the time of sales
=60,000 - 27,000
Net book value = #33,000
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