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Page 1
65
UNIT-05
Depreciation, Provisions and Reserves
Unit at a glance:
? Meaning of Depreciation
? Features of depreciation
? Causes of depreciation
? Need or objectives of depreciation
? Factors or basis for providing depreciation
? Methods of calculating depreciation
? Difference between straight line method and written down value method
? Methods of recording depreciation
? Sale of an asset
? Disposal of an asset
? Provisions and reserves
? Types of reserves
“Depreciation is gradual and permanent decrease in the value of an asset from any cause.” – Carter
Introduction:
Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is
known as depreciation.
Meaning of Depreciation:
Depreciation may be described as a permanent, continuing and gradual shrinkage in the book value of fixed
assets.
Features of Depreciation:
(1) It is decline in the book value of fixed assets.
(2) It is a continuing process.
(3) It includes loss of value due to efflux ion of time, usage or obsolescence.
(4) It is an expired cost and must be deducted before calculating taxable profit.
Causes of Depreciation:
(1) Wear and tear due to use or passage of time.
(2) Obsolescence.
(3) Expiration of legal rights.
(4) Abnormal factors.
Need or Objectives of Depreciation:
(1) To ascertain the true profit or loss.
(2) For consideration of tax.
(3) To ascertain the true and fair financial position.
(4) Compliance with legal provisions.
Page 2
65
UNIT-05
Depreciation, Provisions and Reserves
Unit at a glance:
? Meaning of Depreciation
? Features of depreciation
? Causes of depreciation
? Need or objectives of depreciation
? Factors or basis for providing depreciation
? Methods of calculating depreciation
? Difference between straight line method and written down value method
? Methods of recording depreciation
? Sale of an asset
? Disposal of an asset
? Provisions and reserves
? Types of reserves
“Depreciation is gradual and permanent decrease in the value of an asset from any cause.” – Carter
Introduction:
Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is
known as depreciation.
Meaning of Depreciation:
Depreciation may be described as a permanent, continuing and gradual shrinkage in the book value of fixed
assets.
Features of Depreciation:
(1) It is decline in the book value of fixed assets.
(2) It is a continuing process.
(3) It includes loss of value due to efflux ion of time, usage or obsolescence.
(4) It is an expired cost and must be deducted before calculating taxable profit.
Causes of Depreciation:
(1) Wear and tear due to use or passage of time.
(2) Obsolescence.
(3) Expiration of legal rights.
(4) Abnormal factors.
Need or Objectives of Depreciation:
(1) To ascertain the true profit or loss.
(2) For consideration of tax.
(3) To ascertain the true and fair financial position.
(4) Compliance with legal provisions.
66
Factors or Basis for providing Depreciation:
(1) Cost of asset.
(2) Estimated net residual value.
(3) Depreciable cost.
(4) Estimated useful life.
Methods of calculating Depreciation:
(1) Straight line method (Fixed installment method):
This method is based on the assumption of equal usage of time over asset?s entire useful life.
According to this method a fixed and equal amount is charged as depreciation in every accounting
period during the life time of an asset. Depreciation amount can be calculated by the following
formula:
Depreciation = cost of asset – estimated net residual value
no. of years of expected life
(2) Written Down value method(Diminishing balance method):
In this method depreciation is charged on the book value of tha asset. The amount of
depreciation reduces year after year.
Difference between Straight line method and written down value method:
Methods of recording Depreciation:
(1) When depreciation is charged to asset account:
In this method depreciation is deducted from the asset value and charged (debited) to profit
and loss account. Journal entries for recording under this method are as follows.
(a) For purchase of an asset
Asset A/c Dr.
To Bank/ vendor A/c
(With the cost of an asset including installation expenses, freight etc.)
(b) Following entries are recorded at the end of each year
(i) Depreciation A/c Dr.
To Asset A/c
(With an amount of depreciation)
(ii) Profit and loss A/c Dr.
To Depreciation A/c
(With an amount of depreciation)
(2) When provision for depreciation/Accumulated depreciation account is maintained:
Following journal entries are recorded at the end of each year.
Basis Straight line method Written down value method
Charging
depreciation
On original cost of an asset On book value of an asset
Amount of
depreciation
Fixed year after year Declines year after year
Recognition by
income tax law
Not recognised Recognised
Calculation Easy to calculate Difficult to calculate
Page 3
65
UNIT-05
Depreciation, Provisions and Reserves
Unit at a glance:
? Meaning of Depreciation
? Features of depreciation
? Causes of depreciation
? Need or objectives of depreciation
? Factors or basis for providing depreciation
? Methods of calculating depreciation
? Difference between straight line method and written down value method
? Methods of recording depreciation
? Sale of an asset
? Disposal of an asset
? Provisions and reserves
? Types of reserves
“Depreciation is gradual and permanent decrease in the value of an asset from any cause.” – Carter
Introduction:
Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is
known as depreciation.
Meaning of Depreciation:
Depreciation may be described as a permanent, continuing and gradual shrinkage in the book value of fixed
assets.
Features of Depreciation:
(1) It is decline in the book value of fixed assets.
(2) It is a continuing process.
(3) It includes loss of value due to efflux ion of time, usage or obsolescence.
(4) It is an expired cost and must be deducted before calculating taxable profit.
Causes of Depreciation:
(1) Wear and tear due to use or passage of time.
(2) Obsolescence.
(3) Expiration of legal rights.
(4) Abnormal factors.
Need or Objectives of Depreciation:
(1) To ascertain the true profit or loss.
(2) For consideration of tax.
(3) To ascertain the true and fair financial position.
(4) Compliance with legal provisions.
66
Factors or Basis for providing Depreciation:
(1) Cost of asset.
(2) Estimated net residual value.
(3) Depreciable cost.
(4) Estimated useful life.
Methods of calculating Depreciation:
(1) Straight line method (Fixed installment method):
This method is based on the assumption of equal usage of time over asset?s entire useful life.
According to this method a fixed and equal amount is charged as depreciation in every accounting
period during the life time of an asset. Depreciation amount can be calculated by the following
formula:
Depreciation = cost of asset – estimated net residual value
no. of years of expected life
(2) Written Down value method(Diminishing balance method):
In this method depreciation is charged on the book value of tha asset. The amount of
depreciation reduces year after year.
Difference between Straight line method and written down value method:
Methods of recording Depreciation:
(1) When depreciation is charged to asset account:
In this method depreciation is deducted from the asset value and charged (debited) to profit
and loss account. Journal entries for recording under this method are as follows.
(a) For purchase of an asset
Asset A/c Dr.
To Bank/ vendor A/c
(With the cost of an asset including installation expenses, freight etc.)
(b) Following entries are recorded at the end of each year
(i) Depreciation A/c Dr.
To Asset A/c
(With an amount of depreciation)
(ii) Profit and loss A/c Dr.
To Depreciation A/c
(With an amount of depreciation)
(2) When provision for depreciation/Accumulated depreciation account is maintained:
Following journal entries are recorded at the end of each year.
Basis Straight line method Written down value method
Charging
depreciation
On original cost of an asset On book value of an asset
Amount of
depreciation
Fixed year after year Declines year after year
Recognition by
income tax law
Not recognised Recognised
Calculation Easy to calculate Difficult to calculate
67
(a) Depreciation A/c Dr
To provision for depreciation A/c
(With the amount of depreciation)
(b) Profit and loss A/c Dr
To depreciation A/c
(With the amount of depreciation)
Illustration – 1. Soham purchased a machinery for Rs. 1,00,000 on 1
st
July, 2009. Another machine
was purchased for Rs. 50,000 on 1
st
January, 2011. Depreciation is charged at 10% p.a. by straight
line method. Accounts are closed on 31
st
December each year. Pass the necessary Journal entries,
show machinery A/c and Depreciation A/c for the year 2009, 2010, 2011.
(a) When Provision for depreciation a/c is not maintained.
(b) When Provision for depreciation a/c is maintained.
Solution:
(a) When Provision for depreciation a/c is not maintained.
In the Books of Soham
Journal
Date Particulars L.F. Dr. (Rs.) Cr.(Rs.)
2009
July 1
Dec 31
Dec 31
2010
Dec 31
Machinery A/c Dr.
To Bank A/c
(Being machinery purchased for Rs. 1,00,000)
1,00,000
5,000
5,000
10,000
1,00,000
5,000
5,000
10,000
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
Profit and Loss A/c Dr
To Depreciation A/c
(Being depreciation amount transferred to Profit and
Loss A/c)
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
Page 4
65
UNIT-05
Depreciation, Provisions and Reserves
Unit at a glance:
? Meaning of Depreciation
? Features of depreciation
? Causes of depreciation
? Need or objectives of depreciation
? Factors or basis for providing depreciation
? Methods of calculating depreciation
? Difference between straight line method and written down value method
? Methods of recording depreciation
? Sale of an asset
? Disposal of an asset
? Provisions and reserves
? Types of reserves
“Depreciation is gradual and permanent decrease in the value of an asset from any cause.” – Carter
Introduction:
Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is
known as depreciation.
Meaning of Depreciation:
Depreciation may be described as a permanent, continuing and gradual shrinkage in the book value of fixed
assets.
Features of Depreciation:
(1) It is decline in the book value of fixed assets.
(2) It is a continuing process.
(3) It includes loss of value due to efflux ion of time, usage or obsolescence.
(4) It is an expired cost and must be deducted before calculating taxable profit.
Causes of Depreciation:
(1) Wear and tear due to use or passage of time.
(2) Obsolescence.
(3) Expiration of legal rights.
(4) Abnormal factors.
Need or Objectives of Depreciation:
(1) To ascertain the true profit or loss.
(2) For consideration of tax.
(3) To ascertain the true and fair financial position.
(4) Compliance with legal provisions.
66
Factors or Basis for providing Depreciation:
(1) Cost of asset.
(2) Estimated net residual value.
(3) Depreciable cost.
(4) Estimated useful life.
Methods of calculating Depreciation:
(1) Straight line method (Fixed installment method):
This method is based on the assumption of equal usage of time over asset?s entire useful life.
According to this method a fixed and equal amount is charged as depreciation in every accounting
period during the life time of an asset. Depreciation amount can be calculated by the following
formula:
Depreciation = cost of asset – estimated net residual value
no. of years of expected life
(2) Written Down value method(Diminishing balance method):
In this method depreciation is charged on the book value of tha asset. The amount of
depreciation reduces year after year.
Difference between Straight line method and written down value method:
Methods of recording Depreciation:
(1) When depreciation is charged to asset account:
In this method depreciation is deducted from the asset value and charged (debited) to profit
and loss account. Journal entries for recording under this method are as follows.
(a) For purchase of an asset
Asset A/c Dr.
To Bank/ vendor A/c
(With the cost of an asset including installation expenses, freight etc.)
(b) Following entries are recorded at the end of each year
(i) Depreciation A/c Dr.
To Asset A/c
(With an amount of depreciation)
(ii) Profit and loss A/c Dr.
To Depreciation A/c
(With an amount of depreciation)
(2) When provision for depreciation/Accumulated depreciation account is maintained:
Following journal entries are recorded at the end of each year.
Basis Straight line method Written down value method
Charging
depreciation
On original cost of an asset On book value of an asset
Amount of
depreciation
Fixed year after year Declines year after year
Recognition by
income tax law
Not recognised Recognised
Calculation Easy to calculate Difficult to calculate
67
(a) Depreciation A/c Dr
To provision for depreciation A/c
(With the amount of depreciation)
(b) Profit and loss A/c Dr
To depreciation A/c
(With the amount of depreciation)
Illustration – 1. Soham purchased a machinery for Rs. 1,00,000 on 1
st
July, 2009. Another machine
was purchased for Rs. 50,000 on 1
st
January, 2011. Depreciation is charged at 10% p.a. by straight
line method. Accounts are closed on 31
st
December each year. Pass the necessary Journal entries,
show machinery A/c and Depreciation A/c for the year 2009, 2010, 2011.
(a) When Provision for depreciation a/c is not maintained.
(b) When Provision for depreciation a/c is maintained.
Solution:
(a) When Provision for depreciation a/c is not maintained.
In the Books of Soham
Journal
Date Particulars L.F. Dr. (Rs.) Cr.(Rs.)
2009
July 1
Dec 31
Dec 31
2010
Dec 31
Machinery A/c Dr.
To Bank A/c
(Being machinery purchased for Rs. 1,00,000)
1,00,000
5,000
5,000
10,000
1,00,000
5,000
5,000
10,000
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
Profit and Loss A/c Dr
To Depreciation A/c
(Being depreciation amount transferred to Profit and
Loss A/c)
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
68
Dec 31
2011
Jan 1
Dec 31
Dec 31
Profit and Loss A/c Dr
To Depreciation A/c
(Being depreciation amount transferred to Profit and
Loss A/c)
10,000
50,000
15,000
15,000
10,000
50,000
15,000
15,000
Machinery A/c Dr.
To Bank A/c
(Being machinery purchased )
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
Profit and Loss A/c Dr
To Depreciation A/c
(Being depreciation amount transferred to Profit and
Loss A/c)
Dr. Machinery A/c Cr.
Date Particulars J.F. Rs. Date Particulars J.F. Rs.
2009
Jul 1
2010
Jan 1
To Bank A/c (M-I)
To Balance b/d
1,00,000
2009
Dec 31
Dec 31
2010
Dec 31
Dec 31
By Depreciation A/c
By Balance c/d
By Depreciation A/c
By Balance c/d
5,000
95,000
1,00,000 1,00,000
95,000
10,000
85,000
95,000 95,000
Page 5
65
UNIT-05
Depreciation, Provisions and Reserves
Unit at a glance:
? Meaning of Depreciation
? Features of depreciation
? Causes of depreciation
? Need or objectives of depreciation
? Factors or basis for providing depreciation
? Methods of calculating depreciation
? Difference between straight line method and written down value method
? Methods of recording depreciation
? Sale of an asset
? Disposal of an asset
? Provisions and reserves
? Types of reserves
“Depreciation is gradual and permanent decrease in the value of an asset from any cause.” – Carter
Introduction:
Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is
known as depreciation.
Meaning of Depreciation:
Depreciation may be described as a permanent, continuing and gradual shrinkage in the book value of fixed
assets.
Features of Depreciation:
(1) It is decline in the book value of fixed assets.
(2) It is a continuing process.
(3) It includes loss of value due to efflux ion of time, usage or obsolescence.
(4) It is an expired cost and must be deducted before calculating taxable profit.
Causes of Depreciation:
(1) Wear and tear due to use or passage of time.
(2) Obsolescence.
(3) Expiration of legal rights.
(4) Abnormal factors.
Need or Objectives of Depreciation:
(1) To ascertain the true profit or loss.
(2) For consideration of tax.
(3) To ascertain the true and fair financial position.
(4) Compliance with legal provisions.
66
Factors or Basis for providing Depreciation:
(1) Cost of asset.
(2) Estimated net residual value.
(3) Depreciable cost.
(4) Estimated useful life.
Methods of calculating Depreciation:
(1) Straight line method (Fixed installment method):
This method is based on the assumption of equal usage of time over asset?s entire useful life.
According to this method a fixed and equal amount is charged as depreciation in every accounting
period during the life time of an asset. Depreciation amount can be calculated by the following
formula:
Depreciation = cost of asset – estimated net residual value
no. of years of expected life
(2) Written Down value method(Diminishing balance method):
In this method depreciation is charged on the book value of tha asset. The amount of
depreciation reduces year after year.
Difference between Straight line method and written down value method:
Methods of recording Depreciation:
(1) When depreciation is charged to asset account:
In this method depreciation is deducted from the asset value and charged (debited) to profit
and loss account. Journal entries for recording under this method are as follows.
(a) For purchase of an asset
Asset A/c Dr.
To Bank/ vendor A/c
(With the cost of an asset including installation expenses, freight etc.)
(b) Following entries are recorded at the end of each year
(i) Depreciation A/c Dr.
To Asset A/c
(With an amount of depreciation)
(ii) Profit and loss A/c Dr.
To Depreciation A/c
(With an amount of depreciation)
(2) When provision for depreciation/Accumulated depreciation account is maintained:
Following journal entries are recorded at the end of each year.
Basis Straight line method Written down value method
Charging
depreciation
On original cost of an asset On book value of an asset
Amount of
depreciation
Fixed year after year Declines year after year
Recognition by
income tax law
Not recognised Recognised
Calculation Easy to calculate Difficult to calculate
67
(a) Depreciation A/c Dr
To provision for depreciation A/c
(With the amount of depreciation)
(b) Profit and loss A/c Dr
To depreciation A/c
(With the amount of depreciation)
Illustration – 1. Soham purchased a machinery for Rs. 1,00,000 on 1
st
July, 2009. Another machine
was purchased for Rs. 50,000 on 1
st
January, 2011. Depreciation is charged at 10% p.a. by straight
line method. Accounts are closed on 31
st
December each year. Pass the necessary Journal entries,
show machinery A/c and Depreciation A/c for the year 2009, 2010, 2011.
(a) When Provision for depreciation a/c is not maintained.
(b) When Provision for depreciation a/c is maintained.
Solution:
(a) When Provision for depreciation a/c is not maintained.
In the Books of Soham
Journal
Date Particulars L.F. Dr. (Rs.) Cr.(Rs.)
2009
July 1
Dec 31
Dec 31
2010
Dec 31
Machinery A/c Dr.
To Bank A/c
(Being machinery purchased for Rs. 1,00,000)
1,00,000
5,000
5,000
10,000
1,00,000
5,000
5,000
10,000
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
Profit and Loss A/c Dr
To Depreciation A/c
(Being depreciation amount transferred to Profit and
Loss A/c)
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
68
Dec 31
2011
Jan 1
Dec 31
Dec 31
Profit and Loss A/c Dr
To Depreciation A/c
(Being depreciation amount transferred to Profit and
Loss A/c)
10,000
50,000
15,000
15,000
10,000
50,000
15,000
15,000
Machinery A/c Dr.
To Bank A/c
(Being machinery purchased )
Depreciation A/c Dr.
To Machinery A/c
(Being depreciation charged to machinery A/c)
Profit and Loss A/c Dr
To Depreciation A/c
(Being depreciation amount transferred to Profit and
Loss A/c)
Dr. Machinery A/c Cr.
Date Particulars J.F. Rs. Date Particulars J.F. Rs.
2009
Jul 1
2010
Jan 1
To Bank A/c (M-I)
To Balance b/d
1,00,000
2009
Dec 31
Dec 31
2010
Dec 31
Dec 31
By Depreciation A/c
By Balance c/d
By Depreciation A/c
By Balance c/d
5,000
95,000
1,00,000 1,00,000
95,000
10,000
85,000
95,000 95,000
69
2011
Jan 1
Jan 1
2012
Jan 1
To Balance b/d
To Bank A/c( M-II)
To balance b/d
85,000
50,000
2011
Dec 31
Dec 31
By Depreciation A/c
(M-I – 10,000 + M-II
– 5,000)
By balance c/d
15,000
1,20,000
1,35,000 1,35,000
1,20,000
Dr. Depreciation A/c Cr.
Date Particulars J.F. Rs. Date Particulars J.F
.
Rs.
2009
Dec 31
2010
Jan 1
2011
Jan 1
To Machinery A/c
To Machinery A/c
To Machinery A/c
5,000
2009
Dec 31
2010
Dec 31
2011
Dec 31
By Profit and loss A/c
By Profit and loss A/c
By Profit and loss A/c
5,000
5,000 5,000
10,000
10,000
10,000 10,000
15,000
15,000
15,000 15,000
(b) When Provision for depreciation A/c is maintained.
In the Books of Soham
Journal
Date Particulars L.F. Dr. (Rs.) Cr.(Rs.)
2009
July 1
Machinery A/c Dr.
To Bank A/c
1,00,000
1,00,000
Read More
FAQs on Depreciation, Provisions & Reserves - 2 Notes - Class 11
| 1. What is depreciation and why is it important in accounting? |  |
Ans. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It is important in accounting because it helps in matching the cost of the asset with the revenue it generates over time. By recognizing depreciation expenses, businesses can accurately reflect the decrease in value of their assets over time.
| 2. What are provisions and why are they created in financial statements? | |
Ans. Provisions are liabilities that are recognized in the financial statements when there is a present obligation, uncertain timing or amount, and it is probable that an outflow of resources will be required to settle the obligation. They are created to ensure that future expenses or losses are appropriately accounted for, even if their exact timing or amount cannot be determined with certainty.
| 3. What is the difference between a reserve and a provision in accounting? | |
Ans. The main difference between a reserve and a provision in accounting is that reserves are created out of profits and are not specific to any known liability or contingency, while provisions are recognized for specific liabilities or contingencies. Reserves are created to strengthen the financial position of a company, whereas provisions are made to reflect potential losses or expenses.
| 4. How does depreciation affect the financial statements of a company? | |
Ans. Depreciation affects the financial statements of a company by reducing the value of its assets over time. This decrease in asset value is reflected as an expense on the income statement, which reduces the company's net income. Additionally, the accumulated depreciation is recorded as a contra-asset on the balance sheet, reducing the overall value of the assets.
| 5. What are some commonly used methods to calculate depreciation? | |
Ans. Some commonly used methods to calculate depreciation include the straight-line method, the declining balance method, and the units of production method. The straight-line method allocates an equal amount of depreciation expense each year, while the declining balance method allocates a higher amount in the earlier years. The units of production method bases depreciation on the actual usage or production of the asset. The choice of method depends on factors such as the asset's useful life and expected pattern of usage.
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Notes : Depreciation, Provisions & Reserves - 2
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Notes : Depreciation, Provisions & Reserves - 2 Class 11 Questions
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