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If the scrap value is presently N15,000, what will be the yearly depreciation using the...

Accounts - Principles of Accounts
JAMB 2018

A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.

If the scrap value is presently N15,000, what will be the yearly depreciation using the straight line method?

  • A. N4,000
  • B. N7,000
  • C. N11,000
  • D. N24,000
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Correct Answer: Option A
Explanation

\(35000 - 15000\) = \(20000 \times\frac{1}{5}\)

= N4000

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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995