Financial Statements - II
Chapter 10: Financial Statements - II · ACCOUNTANCY · EN medium
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depreciation. For example, the trial balance in our example shows that Ankit has a furniture account with a balance of Rs. , . Let us assume that furniture is subject to a depreciation of % per annum. This implies that Ankit must recognise that at the end of the year the value attached to furniture is to be reduced by Rs. , (Rs. , × %). Ankit needs to record an adjustment entry to give effect to depreciation on furniture as follows : Depreciation will be shown in the profit and loss account and balance
📖 Accounts 10 (1) · Page 11
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depreciation. For example, the trial balance in our example shows that Ankit has a furniture account with a balance of Rs. , . Let us assume that furniture is subject to a depreciation of % per annum.
This implies that Ankit must recognise that at the end of the year the value attached to furniture is to be reduced by Rs. , (Rs. , × %). Ankit needs to record an adjustment entry to give effect to depreciation on furniture as follows : Depreciation will be shown in the profit and loss account and balance
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