Answer Posted / c handu

Amortize means Repayment of a loan by installments; an
accounting procedure allowing gradual repayment
(retirement) of a debt by means of systematic payments of
principal and interest over a period of the estimated life
of the asset on which the loan is made or secured. For
FIXED ASSETS, DEPRECIATION is the allowance for wear-out.
For natural resources, DEPLETION is the allowance for the
wasting away of the asset.

DEPRECIATION is An accounting term for the cost recovery of
REAL PROPERTY and PERSONAL PROPERTY; the EXPENSE deduction
on an INCOME STATEMENT allowing for gradual wearout of a
FIXED ASSET; AMORTIZATION of a fixed asset. The duration of
the depreciation period approximates the useful life of the
asset. Commonly used methods of depreciation include
STRAIGHT-LINE DEPRECIATION; ACCELERATED DEPRECIATION;
ACCELERATED COST RECOVERY SYSTEM; DECLINING-BALANCE METHOD;
SUM-OF-THE-YEARS-DIGITS METHOD.

i have need full detail of tds rules and forms submitted dovetails

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2114

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Expand---------EDP

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3959

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Harpithas due Rs 55000 was settled infull by taking Haris due Rs 12500 in adjustment Pass necessary entry

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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts

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