O-LevelAccountingAccounting procedures7707/13 · Oct/Nov 2023 · Q191 Mark

A motor van originally cost $11500 and had been depreciated by $9000. The van was sold for $2750. How should the profit or loss on the sale of the van be shown in the disposal account?

A$250 credit

B$250 debit

C$2500 credit

D$2500 debit

✓ Correct answer

B: $250 debit

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 3, question 19.

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