An asset is purchased for rs 35000 on April 1, 2014 . Depreciation is to be provided annually according to the straight line method . The useful life of the asset is 10 years and the residual value is rs 5000 . You are requested to find out the rate of depreciation and prepare the asset account for the first three-year only when book are closed on 31st March every year ???
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Dep rate = [(35000-5000)÷10]÷30000×100
= 10%
= 10%
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