Accounting Questions and Answers

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the net book value on 31st December of Yr. 2?

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the depreciation for Yr. 2?

When a share is sold for less than its nominal value, the difference is debited to

Rent paid during 1995 was N2,000 while rent paid at 31st December, 1995 was

The double entries for refund of unsuccessful application monies are, debit