online exam in depreciation accounting entry
Quiz Test 1 in Depreciation accounting
Quiz Test 2 in Depreciation accounting
Quiz Test 3 in Depreciation accounting
Quiz Test 4 in Depreciation accounting
Journal Entries or depreciation accounting entry
when the depreciation is directly charged to asset account.
Depreciation Account Dr
To Asset Account
The asset account in this case appears at its reduced value in the balance sheet.
Depreciation expense is transferred to the debit of profit and loss account.
Profit and Loss Account Dr
To Depreciation Account
when provision for depreciation account is opened
Depreciation Account Dr
To Provision for Depreciation Account
Profit and Loss Account Dr
To Depreciation Account
In this method, the asset account is not affected by the amount of depreciation and the value of asset appears in the ledger and the balance sheet at its original cost. The amount of depreciation written off is accumulated in provision for depreciation account.
depreciation accounting
Mock Test 1 in Depreciation Accounting
Mock Test 2 in Depreciation Accounting
Mock Test 3 in Depreciation Accounting
Mock Test 4 in Depreciation Accounting
Mock Test 5 in Depreciation Accounting
Mock Test 6 in Depreciation Accounting
The Institute of Charted Accountants of India has defined depreciation as “a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, effluxion of time or obsolescence through technology and market changes. Depreciation is allocated so as to charge a fair proportion of depreciable amount in each accounting period during the expected useful life of the asset. Depreciation includes amortisation of assets whose useful life is predetermined.”
Depreciation Accounting has been defined by the American Institute of Certified Public Accountants as “ a system of accounting which aims to distribute the cost or other basic value of tangible capital assets less salvage (if any) over the estimated useful life of the unit (which may be a group of assets) in a systematic and rational manner. It is a process of allocation and not of valuation.”
Depreciation accounting is the process of allocating the cost of the tangible fixed asset less its salvage value over its serviceable life.
Depreciation is an expense that is to be charged against the revenue whether the business makes profit or incurs loss
Depreciation provides funds for replacing the asset when its useful life ends.Depreciation is not a process of valuation but it is an allocation. Even if the market value of an asset increases, depreciation has to be recorded because of allocation process.
online exam
online exam in depreciation accounting entry
Quiz Test 1 in Depreciation accounting
Quiz Test 2 in Depreciation accounting
Quiz Test 3 in Depreciation accounting
Quiz Test 4 in Depreciation accounting
Bank reconciliation statement
Mock Test 1 in Bank reconciliation statement
Mock Test 2 in Bank reconciliation statement
Rectification of Errors
Mock Test 1 in Rectification of Errors
Mock Test 2 in Rectification of Errors
Depreciation accounting
Quiz Test 1 in Depreciation accounting
Quiz Test 2 in Depreciation accounting
Quiz Test 3 in Depreciation accounting
Quiz Test 4 in Depreciation accounting
Preparation of Final Accounts for Sole Proprietors
Final accounts
Online Exam Test 3 in Final accounts
Consignment
Online Mock Test 3 in Consignment
Online Exam Test 4 in Consignment
Joint venture
Profit and Loss Appropriation Account
Mock Test 1 in P & L Appropriation A/C
Mock Test 2 in P & L Appropriation A/C
Mock Test 3 in P & L Appropriation A/C
Admission of partner
Mock Test 1 in Admission of partner
Mock Test 2 in Admission of partner
Mock Test 3 in Admission of partner
Partnership-Retirement of partner
Mock Test 1 in Partnership-Retirement of partner
Basics of company accounts
Mock Test 1 in Basics of company accounts
Mock Test 2 in Basics of company accounts
Mock Test 3 in Basics of company accounts
Mock Test 4 in Basics of company accounts
Mock Test 5 in Basics of company accounts
Accounting for non-profit organization
Mock Test 1 in Accounting for non-profit organization
Mock Test 2 in Accounting for non-profit organization
Computerized accounting environment
Mock Test 1 in Computerized accounting environment
depreciation journal entry
Depreciation Account Dr
To Asset Account
depreciation entry
Depreciation Account Dr
To Asset Account
accumulated depreciation account
Depreciation Account Dr
To Provision for Depreciation Account
Profit and Loss Account Dr
To Depreciation Account
accumulated depreciation entry
Depreciation Account Dr
To Provision for Depreciation Account
Profit and Loss Account Dr
To Depreciation Account