Accounting WAEC

Using the reducing balance method, the depreciation charged for the year 2003 was?

Use the following information to answer the given question

Motor vehicles(at cost) 1/1/2002 ₦1,000,000
Addition to motor vehicles 1/7/2003 ₦600,000
Depreciation rate 10%

A. ₦160,000
B. ₦150,000
C. ₦130,000
D. ₦120,000

Correct Answer: Option B

B. ₦150,000

Sunday

Share
Published by
Sunday
Tags: Accounting
6 years ago

Recent Posts

ETM 312 Theory Questions: Land Law and the Consequences of Unauthorized Land Transfers in Nigeria

300 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…

5 months ago

ETM 312 Theory Questions: Co-Ownership Structures and Land Acquisition Methods in Nigeria

200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…

5 months ago

ETM 312 Theory Questions: Rights in Community Land and Fundamental Land Concepts in Nigeria

200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…

5 months ago

ETM 312 Theory Questions: Customary Land Control and the Origins of Nigeria’s Land Use Act

200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…

5 months ago

ETM 312 Theory Questions: Land Ownership Principles and Transaction Laws in Nigeria

200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…

5 months ago

ETM 226 Theory Questions: Trespass: Types and Defenses in Property Law

200 Level Estate Management and Valuation Department exam questions and detailed answers. Download the answers…

5 months ago