A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. Using the straight line method, what was the amount of depreciation charged per annum?

Similar Questions

Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued e...

Changes in the profit sharing ratio may occur as a result of I. skill contributed by partners II. ...

Pending the location of an error, the difference disclosed in a trial balance is temporarily treated...

Henik Plc has departments A and B and has made the following information available concerning its op...

A proprietor withdraws cash from the business for private use, he ...

Which of the following would be posted to the proprietor's capital account? ...

\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accoun...

The method of ascertaining capital from income record is by preparing the ...

Given: N6 000 10% preference shares of N0.50 each N6 000 ordinary shares of N1 each Capital res...

Which of the following statements is not true? ...