deduct deperection from land
true or false
Answers were Sorted based on User's Feedback
Answer / suri
false,because depreciable assets are which (1) are expected
to be used during more than one accounting period and
(2)limited useful life and (3) are held by an enterprises
for use in the production of or supply of goods and services
for rental to others or for administrative purpose are not
in the sale of goods or services.
Land has unlimited life so we can't deduct depreciation from
land
Is This Answer Correct ? | 8 Yes | 0 No |
Answer / suri
False Deprciation is only diminishing of limited life of assets
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / mahesh
Actually immovable assets are not able to be depriciated.
Is This Answer Correct ? | 3 Yes | 2 No |
Land is a fix assets in a business
and land does not have any depreciation
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / chandra
No Land is not depreciable asset.
However it is amortised over the period of lease.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / suraj
land is a fixed asset in a business but land does not have
any depreciation
Is This Answer Correct ? | 1 Yes | 0 No |
what is consignment entry?
what is vendor setup?why it is required in accounts payable process?
How to get C forms in online? Plz give me Processor Thanq
what is the difference between directors capital and current a/c
Give an accounting treatment for Investment made worth 100 today,after 6months its value is 60.
What is meant by Ratio analysis
what is , Purchase & Sales Return?
What are the types of liabilities accounts?
what is journal entry. Let me have the detailed with example. Also the difference between the journal and payment entry.
What is the meaning of RTGS & its working ?
what will be the journal entry-discount rs 2000 allowed to mr x.and discount received rs 2000 from mr x.actually i am confused that in the first entry both discount a/c and mr x a/c will be credited as per the accounting standards.please help experts.thanks
A sole trader run a business, and he takes every month fixed salary, he says this salary should not be affect in profit and loss a/c, he wants this salary transfer to his capital a/c, means he wants increased his capital - My question is as per the accounting system is it possible?