Depreciation, Provisions and Reserves
Haryana Board · Class 11 · Accountancy
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What is depreciation in accounting terms?
Answer
Depreciation is that part of the cost of a fixed asset which has expired on account of its usage and/or lapse of time. It is an expired cost or expense charged against the revenue of a given accountin…
What are the three main causes of depreciation?
Answer
1. Wear and tear due to use or passage of time - deterioration from business operations and exposure to natural elements 2. Expiration of legal rights - assets like patents, copyrights losing value af…
Calculate annual depreciation using Straight Line Method: Machine cost: ₹2,50,000 Useful life: 10 years Residual value: ₹50,000
Answer
Formula: Annual Depreciation = (Cost - Residual Value) ÷ Useful Life Calculation: Annual Depreciation = (₹2,50,000 - ₹50,000) ÷ 10 = ₹2,00,000 ÷ 10 = ₹20,000 per year Rate of Depreciation = (₹20,000…
What is the Written Down Value (WDV) method of depreciation?
Answer
Under WDV method, depreciation is charged on the book value (written down value) of the asset at the beginning of each year. A fixed percentage is applied to the reducing balance each year. The deprec…
What is the difference between depreciation, depletion, and amortisation?
Answer
Depreciation: Used for tangible fixed assets (machinery, buildings) Depletion: Used for natural resources (mines, quarries) - decline due to extraction Amortisation: Used for intangible assets (patent…
Compare Straight Line Method and Written Down Value Method
Answer
Straight Line Method: - Fixed annual depreciation amount - Based on original cost - Assets fully depreciated to scrap value - Not recognized by Income Tax Act Written Down Value Method: - Decreasing …
What journal entry is made to record depreciation when charging directly to asset account?
Answer
Two entries are made: 1. Depreciation A/c Dr. (with depreciation amount) To Asset A/c (To reduce asset value) 2. Profit & Loss A/c Dr. (with depreciation amount) To Depreciation A/c …
What journal entry is made when maintaining Provision for Depreciation Account?
Answer
Two entries are made: 1. Depreciation A/c Dr. (with depreciation amount) To Provision for Depreciation A/c (To accumulate depreciation) 2. Profit & Loss A/c Dr. (with depreciation amount) …
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