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Why depreciation is charged in P&L Account?
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Answer Posted / hemanth.n.s
Firstly, it is mandatory for every company to provide for
depreciation in the books of account before declaring
dividend.
Secondly it is a nominal account. The concept being to make
good the value of fixed asset on a particular balance sheet
date.
| Is This Answer Correct ? | 31 Yes | 6 No |
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please specify some books name in preparing a bank exam apttirutude questions
Expand---------MDOT
EXPAND_________SEC
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
Distinguish value andPrice
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