Use the following information to answeer questions below
Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The net book value of the machine in the balance sheet as at 31st December 2020 was
From 2018 to 2021( accounting year) is three (3) years
D | |
Cost | 1200000 |
Year 1 ( 10% x 1200000) | 120000 |
1080000 | |
Year 2 ( 10% x 1080000) | 108000 |
972000 | |
Year 3 ( 10% x 972000) | 97200 |
Depreciation | 874800 |
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