JAMB Principles of Accounts 1999 Question 13

Asa Company bought a vehicle worth ₦20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?

1. A.₦19,000.00
2. B.₦18,050.50
3. C.₦17,147.50
4. D.₦16,290.13.