Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Show Accumulated depreciation account with example?
Micro Train credits the depreciation amount to an accumulated depreciation account which is a contra asset rather than directly to the asset account. Companies utilize contra accounts when they want to show statement readers the original amount of the account to which the contra account relates. For example for the asset Trucks it is useful to know both the original cost of the asset and the total accumulated depreciation amount recorded on the asset. Thus the asset account shows the original cost. The contra account Accumulated Depreciation on Trucks shows the total amount of recorded depreciation from the date of acquisition. By keeping both original cost and the accumulated depreciation amounts a user can calculate approximately the approximate percentage of the benefits embodied in the asset that the company has consumed. For example assume the accumulated depreciation amount is about three-fourths the cost of the asset. After that the benefits would be approximately three-fourths consumed and the company may have to replace the asset soon.
Therefore to provide more complete balance sheet information to users of financial statements companies show both the original acquisition cost and accumulated depreciation. In the preceding instance for adjustment 4 the balance sheet at 2010 December 31 would show the asset and contra asset as follows
Assets
Trucks USD 40000
Less: Accumulated depreciation 750
USD 39250
As you may perhaps expect the accumulated depreciation account balance enhance each period by the amount of depreciation expense recorded until the remaining book value of the asset equals the estimated residual value.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol
Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. Al
Cash Book: It is one of the Subsidiary Book which is usually used by any business organisation to record all the cash transactions which helps to know the cash position as and when
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Importance of The bank statement Bank sends out bank statements each month. It's significant that this statement and checking account balance balances. There are certain items
User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
what is peacemeal districbution ..
Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd