Acc0500 depreciation accounting
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This document discusses depreciation accounting and summarizes various depreciation methods and the objectives of depreciation. It outlines straight-line, units of production, written down value, and sum of years digits methods. It also mentions annuity, sinking fund, machine hour and depletion methods. The objectives of depreciation are stated as ascertaining true results of operations, presenting a true and fair financial position, accumulating funds for replacement, and ascertaining true production costs. Factors used to estimate depreciation amounts are historical cost, estimated useful life, and estimated residual value.
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Zakaria Hasaneen
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Chapter 1: Fundamentals of Accounting
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Here in this slide fundamentals of accounting are discussed. After studying this slide you will be able to know
Meaning and Definition of Accounting
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Here are the answers to the practice questions:
1) Cost of equipment = Rs. 350,000 + (5 years * 12 months/year * Depreciation rate)
= Rs. 350,000 + (5 * 12 * X/60)
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= Rs. 700,000
2) Depreciation expense for year ended 2011 = Rs. 350,000/60 * 12 = Rs. 70,000
Depreciation expense for year ended 2012 = Rs. 70,000
3) Machinery account balance on disposal date = Cost - Accumulated depreciation
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Depreciation and its Methods.pptx
https://youtu.be/j1p7LVmg9tg
Watch the complete video lecture in Hindi/Urdu via the above link.
The ppt discusses the depreciation concepts along with different methods to calculate it for specific years. Numerical problems have been solved here in this regard.
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Depreciation
1) The document discusses depreciation accounting, including definitions, objectives, factors affecting depreciation amounts, and methods of calculating depreciation.
2) The two most common depreciation methods are the straight-line method, which allocates equal amounts of depreciation each period, and the reducing balance method, which allocates higher amounts initially that decrease over time.
3) Other topics covered include accounting entries for depreciation, illustrations of depreciation calculations using different methods, and the sum-of-years digits method.
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Acc0500 depreciation accounting
- 1. CPTSuccess Revision Notes – Fundamentals of Accounting Chapter 5. Depreciation accounting
- 3. Units of Production - (Cost – Residual Value) / Life in units
- 4. Written Down Value - Depreciation %age x Book Value (after depreciation) at the beginning of period
- 5. Sum of Years of Digits Method - The number of years (including the present year) of remaining life of the asset / total of all digits of the life of asset (in years)© Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com
- 7. Sinking fund account - when large sum of money would be required to replace the asset the money is invested in government securities and sinking fund account created
- 8. Machine hour method - (Cost – Residual value)x (machine hours for the year/ total number of machine hours)
- 9. Depletion method - annual depreciation is equal to quantity extracted multiplied by rate per unit© Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com
- 11. To ascertain true results of operations
- 12. To present true and fair view of the financial position
- 13. To accumulate funds for the replacement of asset
- 14. To ascertain true costs of production
- 15. Factors used to estimate amount of depreciation are:
- 16. Historical Cost of asset
- 17. Estimated Useful life of the asset
- 18. Estimated Scrap/residual value© Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com
- 19. CPTSuccess