Question
The only vehicle owned by a company is reported at its cost of Rs60,000 in the Motor Vehicle account, while the depreciation on the vehicle written off in each of the three years of use is reported in an Accumulated depreciation account at Rs36,000. Which of the following statements is incorrect regarding when the whole of Rs36,000 need to be transferred away from the Accumulated depreciation account.
Answer: Option D
:
D
Annually when the financial statements are prepared.
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:
D
Annually when the financial statements are prepared.
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