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Depreciation
By Sheela Warrier MeraSkill.com Š MeraSkill
Appreciating “DEPRECIATION”
INDEX What is Depreciation? Why Depreciation? When ? How is Depreciation Measured? How is Depreciation Accounted for ? Change in method Revision of estimates Revaluation of depreciable assets Provision for repairs and renewals
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Concept
Depreciable Assets ➢ Expected to be used for more than one year ➢ Has a limited useful life ➢ Held for use in the business ➢ Not meant for resale
Depreciation ➢ Reduction in the value and utility of an asset ➢ Internal ➢ External ➢ Matching concept Depreciation
Depletion
Amortization
Objectives Funds for Replacement True Profit True Financial Position True Cost of Production Legal Requirement Š MeraSkill
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When Depreciation is charged from when the depreciable asset is: In a condition ready to be used Available for the purpose for which it is assigned
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Summary Depreciable assets Depreciation - a loss in value Depreciation - allocation of cost of asset Objectives When Š MeraSkill
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