Reference no: EM133327511
a) What is the meaning of depreciation?
b) Give two reasons why depreciation may occur
c) Name any two methods for providing for depreciation giving the likely industries where
they may be applied
d) A business buys a fixed asset for 1,000,000/=. The business estimates that the asset will
be used for 5 years, but after exactly two and a half years, however the asset is suddenly sold for 500,000/=. The business always provides a full year's depreciation in the year of purchase and no depreciation in the year of disposal.
Required
Write up the depreciation expense account, the provision for depreciation account and balance sheet extract for years 1 & 2, using
1. Straight line method
2. Double declining method
3. Record the disposal of the asset in a disposal account using both methods.
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Compound interest how much money do i have on november 1
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What is the meaning of depreciation
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