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Depreciation and effect on final account

Depreciation is just decrease the value of any fixed asset.When you will use it ,then the value of fixed asset will be decreased . So calculating of net profit and correct financial position , it is the duty of accountant to show it in profit and loss account . Rates of depreciation may differ according to the nature of fixed asset some assets’ depreciation rate is low and other is high because high decreasing value due to expiry. In balance sheet ,we deduct depreciation from fixed asset .After deducting we can calculate net value of fixed asset which can be show in balance sheet .
Depreciation account can also be made by accountant but every year it must send to profit and loss account because this is nominal account .
Different law like income tax law and corporate law fix this depreciation rate so we must see the reference of depreciation rate from these laws but calculating correct amount of depreciation . Also , account manager should decide when a fixed asset will buy . For replacement purpose , it is duty of accountant and account manager to calculate and transfer and written off depreciation every year from fixed asset .Some business entity makes also provision for depreciation .I will tell and read in next article .

COMMENTS

: 2
  1. Actually I am an inexperienced Accountant working in Sharjah. I have been looking for this help regarding depreciation

    ReplyDelete
  2. Dear Shihas depreciation is very wide and most effecting concept in accounting and you can also read many related articles like provision of depreciation , Accumulated depreciation etc. I think , it will surely help you to increase your knowledge .

    ReplyDelete
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Accounting Education: Depreciation and effect on final account
Depreciation and effect on final account
Accounting Education
https://www.svtuition.org/2008/06/depreciation-and-effect-on-final.html
https://www.svtuition.org/
http://www.svtuition.org/
http://www.svtuition.org/2008/06/depreciation-and-effect-on-final.html
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