Sammy acquired plant an machinery costing ₦120,000 with...
Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.
The value of the asset at the end of the first year is
₦5,000
₦8,000
₦2,000
₦3,000
Correct answer is B
No explanation has been provided for this answer.
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Trading Account (Extract) .................N.............................N...... Opening stock.....
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\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques rece...
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