Original cost = Rs.1,26,000; Salvage value = Nil; Useful life = 6 years. Depreciation for the first year under sum of years digits method will be
Amit Ltd. purchased a machine on 01.01.2006 for Rs 1,20,000. Installation expenses were Rs 10,000. Residual value after 5 years Rs 5,000. On 01.07.2006, expenses for repairs were incurred to the extent of Rs 2,000. Depreciation is provided under straight line method. Depreciation rate = 10%. Annual Depreciation = _________ .
Original cost = Rs 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciation under SLM =
Original Cost = Rs 1,00,000. Life = 5 years. Expected salvage value = Rs 2,000. Depreciation for 3rd year as per straight line method is
"Which of the following statements is/are false? I. The term ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning. II. Provision for depreciation A/c is debited when provision for depreciation A/c is created. III. The main purpose of charging the profit and loss A/c with the amount of depreciation is to spread the cost of an asset over its useful life for the purpose of income determination.