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depreciation ,[object Object],[object Object],[object Object]
[object Object]
Need for charging depreciation ,[object Object],[object Object],[object Object],[object Object],[object Object]
Factors affecting the amount of depreciation ,[object Object],[object Object],[object Object]
Methods of recording depreciation ,[object Object],[object Object]
Charging to assets A/c date particulars LF debit credit Assets a/c  Dr To cash/ bank ( for purchasing assets) Depreciation  a/c  Dr To Assets A/c ( for changing depreciation) P&L a/c  Dr To Depreciation ( for closing Deprecation) Cash/ Bank a/c  Dr To Asset a/c Assets A/c  Dr To P&L a/c (Transfer of profit) P&L a/c  Dr To assts (transfer of Loss)
Creating provision for depreciation date particulars LF Debit Credit
Creating provision for depreciation date particulars LF Debit Credit Assets A/c  Dr To cash ( for purchasing assets) Depreciation A/c  Dr To  provision for depreciation (for charging depreciation) Asset disposal A/c  Dr To Assets ( for selling assets at original cost) Provision for depreciation A/c  Dr To assets disposal A/c ( transfer of accumulated depreciation) Cash/ Bank  a/c  Dr To assets disposal a/c
Creating provision for depreciation date particulars LF Debit Credit Assets disposal A/c  Dr To P&L a/c ( in case of profit) P&L a/c  Dr To assets disposal A/c ( in case of loss)
problem ,[object Object]
Method of charging depreciation ,[object Object],[object Object],[object Object]
Advantages of this method ,[object Object],[object Object]
disadvantages ,[object Object]
problem Calculate depreciation on Machine A and B for the year 2010-11 Purchase price Erection cost Residual value Expected life in years Date of purchase Machine A 100000 10000 15000 10 1/10/2010 Machine B 50000 5000 7000 5 1/1/2011
problem ,[object Object]
Written down value (WDV) ,[object Object],[object Object],[object Object]
disadvantages ,[object Object],[object Object],[object Object]
problem ,[object Object]
problem ,[object Object]
Bills of exchange ,[object Object],[object Object]
definition ,[object Object]
features ,[object Object],[object Object],[object Object],[object Object],[object Object]
Advantage of bill of exchange ,[object Object],[object Object],[object Object],[object Object]
Basic terms ,[object Object],[object Object],[object Object]
journal ,[object Object]
In the books of A date particulars LF Debit Credit 1/4/2011 2/4/2011 2/6/2011 B a/c  debit To sales a/c Bills receivable a/c  Debit To B a/c ( on raising the Bill) Bank A/c  Debit To bills receivable A/c ( on receiving payment) 10000 10000 10000 10000 10000 10000
In the books of B date particulars LF Debit Credit 1/4/2011 2/4/2011 2/6/2011 Purchase A/c  Debit To A  A/c A a/c  Debit To  Bills Payable ( on accepting the Bill) Bills Payable A/c  Debit To  Bank A/c  ( on making the payment) 10000 10000 10000 10000 10000 10000
Discounting with the bank date particulars LF Debit Credit Bank A/c  Debit Discount on Bills a/c  Debit To  Bills receivable
Endorsing the bill in favour of a third party date particulars LF Debit Credit C  A/c  Debit To  Bills receivable a/c ( on endorsement) Bank A/c  Debit To C A/c ( on receipt of payment)
Dishonor of bill date particulars LF Debit Credit B A/c  Debit To bills receivable A/c If a had discounted the bill or endorsed the bill B A/c  Debit To Bank/ To C A/c
Noting charges date particulars LF Debit Credit B a/c  Debit to cash ( if paid by A) B A/c  Debit To Bank ( if discounted by the bank) B A/c  Debit To C A/c ( if endorsed to C and C pays for it)
Insolvency date particulars LF Debit Credit B A/c  Debit To Bills receivable/ Bank/ C  Bank a/c  Debit Bad debts A/c  Debit To B A/c ( the amount not received is treated as bad debts)
problem
journal date particulars LF Debit Credit

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Depriciation

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  • 6. Charging to assets A/c date particulars LF debit credit Assets a/c Dr To cash/ bank ( for purchasing assets) Depreciation a/c Dr To Assets A/c ( for changing depreciation) P&L a/c Dr To Depreciation ( for closing Deprecation) Cash/ Bank a/c Dr To Asset a/c Assets A/c Dr To P&L a/c (Transfer of profit) P&L a/c Dr To assts (transfer of Loss)
  • 7. Creating provision for depreciation date particulars LF Debit Credit
  • 8. Creating provision for depreciation date particulars LF Debit Credit Assets A/c Dr To cash ( for purchasing assets) Depreciation A/c Dr To provision for depreciation (for charging depreciation) Asset disposal A/c Dr To Assets ( for selling assets at original cost) Provision for depreciation A/c Dr To assets disposal A/c ( transfer of accumulated depreciation) Cash/ Bank a/c Dr To assets disposal a/c
  • 9. Creating provision for depreciation date particulars LF Debit Credit Assets disposal A/c Dr To P&L a/c ( in case of profit) P&L a/c Dr To assets disposal A/c ( in case of loss)
  • 10.
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  • 14. problem Calculate depreciation on Machine A and B for the year 2010-11 Purchase price Erection cost Residual value Expected life in years Date of purchase Machine A 100000 10000 15000 10 1/10/2010 Machine B 50000 5000 7000 5 1/1/2011
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  • 26. In the books of A date particulars LF Debit Credit 1/4/2011 2/4/2011 2/6/2011 B a/c debit To sales a/c Bills receivable a/c Debit To B a/c ( on raising the Bill) Bank A/c Debit To bills receivable A/c ( on receiving payment) 10000 10000 10000 10000 10000 10000
  • 27. In the books of B date particulars LF Debit Credit 1/4/2011 2/4/2011 2/6/2011 Purchase A/c Debit To A A/c A a/c Debit To Bills Payable ( on accepting the Bill) Bills Payable A/c Debit To Bank A/c ( on making the payment) 10000 10000 10000 10000 10000 10000
  • 28. Discounting with the bank date particulars LF Debit Credit Bank A/c Debit Discount on Bills a/c Debit To Bills receivable
  • 29. Endorsing the bill in favour of a third party date particulars LF Debit Credit C A/c Debit To Bills receivable a/c ( on endorsement) Bank A/c Debit To C A/c ( on receipt of payment)
  • 30. Dishonor of bill date particulars LF Debit Credit B A/c Debit To bills receivable A/c If a had discounted the bill or endorsed the bill B A/c Debit To Bank/ To C A/c
  • 31. Noting charges date particulars LF Debit Credit B a/c Debit to cash ( if paid by A) B A/c Debit To Bank ( if discounted by the bank) B A/c Debit To C A/c ( if endorsed to C and C pays for it)
  • 32. Insolvency date particulars LF Debit Credit B A/c Debit To Bills receivable/ Bank/ C Bank a/c Debit Bad debts A/c Debit To B A/c ( the amount not received is treated as bad debts)
  • 34. journal date particulars LF Debit Credit