how do you charge Depreciation in p&l,(what basis and value?)

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Question

how do you charge Depreciation in p&l,(what basis and 
value?)

Question Submitted By :: Mohanyochinaonline

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Re: how do you charge Depreciation in p&l,(what basis and value?)

Answer
# 1

DEPRICIATION IS THE REDUCING VALUE OF ASSET IN A FINACIAL 
YEAR SO FIRSTLY CALCULATED THE AMOUNT OF DEPRICIATION IN 
FIXED OR DIMINISHING BALANCE METHORD FROM THE W.D.V OF 
ASSET AND THE AMOUNT OF DEPRICIATION AMOUNT ISTO BE TAKEN 
IN THE DEBIT SIDE OF P/L ACCOUNT AND THE SAME AMOUNT IS TO 
BE DEDUCTED FROM THE OPENING W.D.V AND THAT THE CALCUTED 
AMOUNT IS THE CLOSSING W.D.V OF ASSET AND FINALLY THE 
CLOSSING W.D.V TAKEN IN TO BALANCE SHEET ASSET SIDE AS THE 
CURRENT VALUE OF ASSET FOR THE PURPOSE OF FINALISING OF 
ACCOUNT AND THE DEPRICIATION OF NEXT YEAR IS TO BE 
CALCULATED FROM THE CLOSSING W.D.V OF ASSET.

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Sarata Kumar Swain(godhan,kend

Re: how do you charge Depreciation in p&l,(what basis and value?)

Answer
# 2

The written down value of plant or a machinery is known as 
depreciation.The depreciation will be accounted into books 
by taking in on debit side of profit and loss account.The 
same amount of depreciation will also be deducted from the 
astet a/c in balance sheet.The big firms will also be 
maintaining seperate depreciation heads for its future 
mobilisation of money from its reserves.

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Chaitanya

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