Question

what will be the rate of depreciation if the asset was purchased for rs 80000 with a salvage value of Rs.10000 at the end of its useful life of 7 years​

Answer 1

Answer:

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Answer 2

14.286%

Explanation:

Given:

Purchase price of asset = 80,000

Salvage value of asset = 10,000

Estimated useful life = 7 years

Computation of rate of deprecation:

Depreciation = (Purchase price of asset - Salvage value of asset) /  Estimated life

= (80,000 - 10,000) / 7 years

= 70,000 / 7

= 10,000 per year

Rate of Depreciation = Deprecation per year / (Purchase price of asset - Salvage value of asset)  x 100

= 10,000 / (80,000 - 10,000)  x 100

= (10,000 / 70,000) x 100

14.286%

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