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When is Asset disposal A/c prepared?
Provision for depreciation A/c is prepared
Provision for depreciation A/c is prepared
See lessProvision is created by debiting?
Provision is created by debiting Profit & loss account
Provision is created by debiting Profit & loss account
See lessThe loss on sale of an asset is debited to ?
The loss on sale of an asset is debited to Profit & loss account
The loss on sale of an asset is debited to Profit & loss account
See lessGive an example of capital reserve?
Premium received on the issue of shares or debentures
Premium received on the issue of shares or debentures
See lessWhich methods of depreciation is not recognised by Income Tax Law?
Straight-line method Is not recognised
Straight-line method Is not recognised
See lessGive an example of the revenue reserve?
Example - Investment fluctuation fund
Example – Investment fluctuation fund
See lessAccording to the Companies Act, 1956, secret reserves can be created by?
Banking and insurance companies
Banking and insurance companies
See lessAt the end of the year, the depreciation account is transferred to ?
Transferred to Profit and loss account
Transferred to Profit and loss account
See lessDefine depreciation?
Every fixed asset loses its value due to use or other reasons. This decline in the value of assets is known as Depreciation
Every fixed asset loses its value due to use or other reasons. This decline in the value of assets is known as Depreciation
See lessDepreciation charged under diminishing method?
Depreciation Decrease every year
Depreciation Decrease every year
See less