what is depreciation, what isdouble entry,alltypes of
assets,alltypes of liabilities
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Answer / sravanthi
Depreciation means gradual and permanent decrease in the
value of asset due wear and tear,technology changes and
laps of time.
entering the transaction on both debit and credit side.
Is This Answer Correct ? | 10 Yes | 0 No |
Answer / abdul rashid
Depreciation is the continuous decrease in the value of
assets.
Depreciation is debited and the assets on which it is
charged is credited, e.g.
Depreciation A/C Dr. Rs.xxxxx
To, Machinery A/C Rs.xxxxx
In my 12 years of accounting experience I have never heard
of charging depreciation on liability.
Is This Answer Correct ? | 5 Yes | 0 No |
Answer / rajesh
depreciation: an increase in the value of the asset is
called depreciation
double entry: any transaction entering both debit side and
credit side is caled doublr entry.
assets: current assets, fixed assets, liquid assets,
intangible assets.
liabilitirs: current liabilities, fixed liabilities
Is This Answer Correct ? | 2 Yes | 17 No |
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
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