what is Depreciation
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Answer / raj kumar pal
depreciation means decrease in the value of assets ,
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / nikhilesh yadav
Depreciation means gradual decrease in the of an asset for
its use in the business.
the factors are the passages of time, wear and tear and
obsolescent
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / nikhilesh yadav
depreciation means gradual decrease in the value of an asset
for its use in the business or not.
the factors are the passages of time, wear and tear, and
obsolescent
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / anil t
The gradual sinkage in the book value of an asset mainly
fixes asset, this is due to wear and tear.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / siddu naidu
The gradual decrease or reduction in the value of an asset
due to use or laps of time.
mostly the depreciation is calculated on fixed assets to
know the original value an asset.
| Is This Answer Correct ? | 0 Yes | 0 No |
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Original cost = Rs 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciation under SLM will be (a) Rs.21,000 (b) Rs.20,000 (c) Rs.15,000 (d) Rs.14,000
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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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