Answer Posted / hannah
Hi,
Asset is which deals with standard Fixed Assets and gives
report on fixed assets generated by system.From
capitalization date, we must start calculating depreciation.
It is a subsidiary ledger. We use the term, Chart of
Depreciation. Depreciation areas are of 3 types 1. Book
depreciation ( according to Company Law) , 2 tax
Depreciation & 3. Cost based Depreciation. Depreciation
rates vary from shift to Shift 24 Hours – 3 shifts or 8
hours – one shift.
Depreciation Methods are of 2 types .
1. Straight Line method
2. Decline Balance method
Rules for Asset Accounting
1. Sub Asset master is to be created with reference to main
Asset Master
2. Main Asset is to be created with reference to Asset class
3. In Asset class, we assign Account Determination
4. For Account Determination, we assign the account, based
upon the transactions like purchase, sale, scrap, loss,
profit, depreciation ans accumulated depreciation.
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