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As we all know Final Accounts require some essential adjustments. Without adjustments, the final statement does not depict truth about business. The main section which needs adjustment is Depreciation value of assets.
Basic concepts about depreciation:
- Diminution in the utility or value of asset.
- Caused by;
- Natural wear and tear.
- Exhaustion of matter.
- Efflux ion of time.
- Obsolescence through technology.
- Market changes.
It is the measure of wearing out, consumption, which leads to loss of value of a depreciable asset.
- Expected to be used for more than one accounting period.
- Limited utility.
- Held by enterprise.
- Used for production or supply purposes, but not for sale.
Objectives for calculating depreciation:
- Correct income measurements: To ascertain true results of the business.
- True position statement: To present true and fair financial status.
- Funds for replacement: To accumulate ample funds for replacement of assets.
- Ascertainment of true cost of production.
Calculation the Depreciation value of the asset:
Three fundamental facts are considered for calculation;
- Cost of the asset comprised of expenses installation, commissioning, trial run, etc.
- Approximate useful life of asset.
- Estimated scrap value after the utility of asset.
Formula to calculate:
Estimated useful life
Methods for calculating:
- Straight Line.
- Reducing Balance.
- Sum of years of Digits.
- Sinking Fund.
- Machine Hour.
- Production Units.
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