O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2020 · Q171 Mark

A machine which cost $32000 was sold for $14000. The total depreciation at the date of disposal was $15000. What was the profit or loss on disposal?

A$3000 profit

B$3000 loss

C$18000 profit

D$18000 loss

✓ Correct answer

B: $3000 loss

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2020 Paper 1 Variant 2, question 17.

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