A vehicle was purchased on 1st January 2021 for 32,000 and the depreciation method was Reducing Balance
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Question:
A vehicle was purchased on 1st January 2021 for £32,000 and the depreciation method was Reducing Balance at a rate of 20%. The residual value at the end of its useful life is £20,000.
What is the journal to process the depreciation at year end of 31st December 2022?
What is the Net Book Value at year end?
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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