Test Index

WAEC Accounting 2018 Paper

Question : 48

Total: 50

Use the following information to amswer the question that follows

Solution:

Concept:

Non-current assets are recorded at cost minus accumulated depreciation.

Explanation:

Add the cost of motor vehicle and furniture and fittings together.

Total cost =

21{,}136 + 1{,}334 = 22{,}470

Add the related accumulated depreciation figures.

Total depreciation =

7{,}109 + 1{,}007 = 8{,}116

Subtract total depreciation from total cost to get the net book value.

Carrying amount =

22{,}470 - 8{,}116 = 14{,}354

Answer:

Option C:

14{,}354

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