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प्रश्न
Do you agree or disagree with the following statement:
The rate of depreciation depends upon the life of fixed asset.
पर्याय
Agree
Disagree
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उत्तर
The rate of depreciation depends upon the life of fixed asset. - Agree
APPEARS IN
संबंधित प्रश्न
Answer in One Sentence only:
Why depreciation is charged even in the year of loss?
Answer in One Sentence only:
Which account is credited when depreciation is charged?
Answer in One Sentence only:
What is Fixed Instalment Method?
Write the word/term/phrase which can substitute the following statement:
Expenses incurred for fixation of the new asset to bring it in working condition.
Write the word/term/phrase which can substitute the following statement:
Method of depreciation that cannot reach to zero value.
State whether the following statement is True or False with reasons:
Wages paid for installation of Machinery are debited to Wages A/c.
State whether the following statement is True or False with reasons:
Depreciation is charged on Current Assets only.
Complete the following sentence:
Wages paid for Installation/fixation of Machinery is debited to ______ account.
Complete the following sentence:
In Fixed Instalment System the amount of depreciation is ______ every year.
Complete the following sentence:
Depreciation Account is a ______ account.
Under straight-line method, the amount of depreciation is ______.
Which method shall be efficient, if repairs and maintenance cost of an asset increases as it grows older.
Depreciation is to be calculated from the date when ______.
If the rate of depreciation is the same, then the amount of depreciation under straight-line method vis-à-vis written down value method will be ______.
What is sinking fund method?
State the advantages of straight-line method of depreciation.
State the advantages of written down value method of depreciation.
State the limitations of written down value method of depreciation.
A firm purchased a plant for ₹ 40,000. Erection charges amounted to ₹ 2,000. The effective life of the plant is 5 years. Calculate the amount of depreciation per year under the straight-line method.
From the following particulars, give journal entries for 2 years and prepare machinery account under straight-line method of providing depreciation:
Machinery was purchased on 1.1.2016
Price of the machine ₹ 36,000
Freight charges ₹ 2,500
Installation charges ₹ 1,500
Life of the machine 5 years
Furniture costing ₹ 5,000 was purchased on 1.1.2016, the installation charges being ₹ 1,000. The furniture is to be depreciated @ 10% p.a. on the diminishing balance method. Pass journal entries for the first two years.
On 1st January 2017 ‘Sai Industries, Nagpur’ purchased a Machine costing ₹ 1,65,000 and spent ₹ 15,000 for its installation charges. The estimated life of the Machine is to be 10 years and the scrap value at the end of its life would be ₹ 30,000. On 1st October 2018, the entire Machine was sold for ₹ 1,50,000.
Show Machinery Account, Depreciation Account, for the years 2016-17, 2017-18, and 2018-19 assuming that the accounts are closed on 31st March every year.
On 1st April 2015, Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years. The Registration charge for the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
M/s Omkar Enterprise Jalgaon acquired a Printing Machine for ₹75,000 on 1 Oct 2015 and spent ₹5,000 on its transport and installation. Another Machine for ₹45,000 was purchased on 1st Jan 2017. Depreciation is charged at the rate of 20% on the Written Down Value Method, on 31st March every year.
Prepare Printing Machine Account for the first four years.
On 1st April 2015 Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
On 1st April 2015 Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
Which of the following methods charges an equal amount of depreciation every year?
