Gce Model Questions Vol1 2024 Financial Accounting Question 32
Practice objective / multiple choice question 32 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
An asset was purchased for \(80{,}000\). Its estimated residual value is \(5{,}000\) and its original useful life is 8 years. The asset was depreciated using the reducing‑balance method at 25 % per annum for the first three years. At the start of year 4 the residual value was revised to \(4{,}000\) and the remaining depreciable amount is to be allocated on a straight‑line basis over the remaining useful life. What is the book value of the asset at the end of year 5?
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About This Question
This is Gce Model Questions Vol1 2024 Financial Accounting Question 32. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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