Introduction to ACCOUNTING OF DEPRECIATION
ACCOUNTING OF DEPRECIATION
Introduction:- Fixed Assets( property, plant and equipment) like Plant & Machinery, furniture etc. purchased, used for production or providing services for number of accounting years, but its value decreases with passage of time and utilization .i.e. by normal wear and tear, change in technology etc. So this diminution in value must be charged from P & L A/c for calculating exact profit.
This charge to Profit and loss Account called
Depreciation.
Characteristics
of depreciation:
- It is related to depreciable fixed assets only.
- It is fall in the book value of depreciable fixed assets.
- The fall in the book value of an asset is due to the use of the asset
- It is a permanent decrease in the book value of an asset.
- It is continuous decrease in the book value of an asset.
Demo Classes of Accounts (CA/CMA/CS/B.Com/11-12th) by CA/CMA Santosh Kumar Sir
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