Accounting WAEC

Using the straight reducing balance method, the depreciation charged for the year 2002 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. ₦100,000
B. ₦90,000
C. ₦80,000
D. ₦60,000

Correct Answer: Option A

A. ₦100,000

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