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Why provision for depreciation account is debited in asset disposal accounts?
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Why provision for depreciation account is debited in asset disposal ac...
Most fixed assets such as plants, equipment and vehicles decline in value over time as they are used and as they age. So we charge depreciation.
--depreciation is charged to asset account And shown at credit side.
--and in the balance sheet, the asset is shown at its written down value (i.e., less of depreciation).
-- When an asset is sold, the written down value of the asset is transferred to the debit side of a separate accountcalled 'Asset Disposal A/c'.
--depreciation is charged to asset account And shown at credit side.
--and in the balance sheet, the asset is shown at its written down value (i.e., less of depreciation).
-- When an asset is sold, the written down value of the asset is transferred to the debit side of a separate accountcalled 'Asset Disposal A/c'.
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Why provision for depreciation account is debited in asset disposal accounts?
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Why provision for depreciation account is debited in asset disposal accounts? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Why provision for depreciation account is debited in asset disposal accounts? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why provision for depreciation account is debited in asset disposal accounts?.
Why provision for depreciation account is debited in asset disposal accounts? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Why provision for depreciation account is debited in asset disposal accounts? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why provision for depreciation account is debited in asset disposal accounts?.
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