Accounts - Principles of Accounts Past Questions and Answers

Accumulated depreciation on the asset as at 31/12/81 was

THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS

The process of allocating the cost of an intangible assets over its useful life is known as

On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation with an estimates eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N8000. In recording this sales, it should reflect?

Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?