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Answer

Nominee is no one but a trustee to whom the proceeding may be handed over after the death of the holder of the same. For example, if some body makes a nominee in his saving bank account and dies then the money lying in his account will be handed over to the nominee. The nominee will act as a trustee of that money. A minor (below 18 years) also can be a nominee, but his parents or legal harier will act as a nominee till he became major..

Answer

Scrap value is the distrace value of a movable or immovable asset. Every asset has a life time upto which it can be used. That means every asset is getting depreciated with time. Scrap value is that value by which the asset can be sold after its lifetime.