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what is deprisiation?what is upprisiation?what is bill
receable and payable
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Answer Posted / srikantpatnaik
Depreciation means decrease in the value of an asset due to
various reasons.(wear & tear, or passage of time, etc. an
asset is presumed to have a definite life span after which
it will go obsolete or would stop functioning and it happens
slowly over a period of time. So depreciation is the
recognition of the aforesaid fact.Its a charge to the P&L
Account.
Appreciation means increase in the vale of an asset. ex.
Land's value increases coz it is limited in nature. say u
have purchased a land @ a cost of 5lakhs and accounted in
the books but after few years later the demand for the land
goes up so the price of it as well.
Bills receivable : when as a seller you sold some goods to a
person on credit, the money from the other person is yet to
be received, so to claim the credit sale you prepare a
document where the the person who took goods on credit from
you accepts the debt and willing to repay in a period agreed
upon.
Bills payable : It is just other way round. where you take
some goods in credit from suppliers and agrees to pay in an
agreed time line. The Invoice from supplier is an evidence
as your debt(current liability) and for him its a
B/R(current asset)
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