Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / h.r. sreepada bhagi
Depreciation is charged on fixed assets to account the
reduction in their value due to use, passage of time,
obsolescence, etc. Assumption (Fact also) is that after some
years the assets will become useless & they will not be
useful for the business.
Contrary to this land will never cease to exist. it remains
there forever and remain useful. It's value will not
generally come down. Hence it's not depreciated and usually
shown at cost of acquisition. However, if a business wants
to revalue it, it can do so & state it at the market value
as per the provisions of applicable laws.
Remember - Land is an asset with perennial value & its life
is not limited as that of other fixed assets (For which
depreciation is necessary)
| Is This Answer Correct ? | 25 Yes | 3 No |
Post New Answer View All Answers
What are negative postings?What are Credit memos ?Payment Requests ?
Tell me different branches of accounting?
What are time sheets?
accounting principles, accounting concepts,meaning of managment and financial accounting and cost accounting.
What entry to be passed for Duty draw back as receivable
How will service tax & excise be charged?
Tell me entries to revenues accounts such as service revenues are usually?
Tax Invoice: Client had settled Rs. 5,25,000/- {after deducting TDS @ 10% from base/gross amount and then added (+) Service Tax Amount (15%)} which equals to Rs. 525000/- (Settled Amount by Client). Please let me know what will be gross amount and total invoice amount including Service Tax????
Do you know compound journal entry?
What is Provision Entry
Tell us do you have any idea about service tax or excise?
What are mis reports and do you prepare it?
What is cost accountancy? What are the objects of cost accountancy?
What is the limitaion of the Trial Balance?!
Explain different branches of accounting?
