Use the following information to answer the given question,

$\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}$

What is the annual depreciation charge of straight line method is used?

Similar Questions

Five hundred naira monthly is allowed on an imprest system. The following transactions took place P...

The principle of double entry bookkeeping states that ...

Use the following information to answer the given question \(\begin{array}{c|c} & \text{1/1/8...

Capital and revenue expenditures of government are usually accounted for under funds which include ...

A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account...

LOAN IS 30% OF CREDITORS. What is the capital balance? ...

Incomplete Record (Extract) Sales......................................N10,600 Rent................

     N Stock at branch 1st January at cost  ...

The control accounting can be used in? ...

The book of account in which information from the source documents are recorded consists of ...