LC Accounting Practice Questions - Leaving Certificate Accounting Exam

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On 1 January a van cost €30,000. Straight-line depreciation is 20% per year on cost (no residual). The van is sold on 31 December of Year 2 for €16,000. What is the profit or loss on disposal?

Loss of €2,000 Profit of €2,000 Loss of €8,000 Profit of €4,000

Correct Answer:

Loss of €2,000

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