WAEC Past Questions and Answers - Page 1004

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 the straight line method, what is the cumulative depreciation at the end of yr.3?

Which of the following phenomena is not directly related to the rotation of the earth?

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