A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?

Similar Questions

Rent is apportioned each department on the basis of ...

On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of ...

Goods returned to the supplier is recorded in the accounts as: debit ...

Control accounts help to verify the arithmetic accuracy of the postings from the ...

In a not-for-profit making organization, when the total income is less than the total expenditure, t...

The double entry to record the proceeds on disposal of assets in debit ...

The main purpose of transaction file is ...

Use the information to answer the given question. RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{...

Determine the closing stock under LOFO method ...

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsol...