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Standard XI
Accountancy
Journal & Ledger for Recording Accumulated Depreciation
Which of the ...
Question

Which of the following is correct regarding accumulated depreciation?


A

Sum of all depreciation expenses of a fixed asset

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B

It is a temporary account

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C

It will have debit balance

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D

All the above

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Solution

The correct option is A

Sum of all depreciation expenses of a fixed asset


Accumulated depreciation is sum of all depreciation expenses of a fixed asset.


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A fixed asset was bought for Rs. 5,000. Its accumulated depreciation is Rs. 3,000 and rate of depreciation is 20%. Calculate its depreciation expenses for the current accounting period using reducing balance method?


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The asset has an original cost of Rs. 10,000 and accumulated depreciation of Rs. 8,000. We want to completely eliminate it from the accounting records, so we credit the asset account for Rs. 10,000, debit the accumulated depreciation account for Rs. 8,000, and debit the _____ by _____.


Q. On the basis of following information answer the following question.
The balance in accumulated depreciation account of a company at the beginning of year 2008−2009 was Rs2,00,000 when the original cost of the assets amounted to Rs10,00,000. The company charges 10% depreciation on a SLM basis for all assets including those which have been either purchased or sold during the year. One such asset costing Rs.5,00,000 which accumulated depreciation as at the beginning of the year of Rs80,000 was disposed off during the year.
The balance of the accumulated depreciation account at the end of the year considering the current year's depreciation charge would be ______________.
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When accumulated depreciation is transferred to asset disposal account, Which of the following is correct?


Q. On the basis of following information answer the following question.
The balance in accumulated depreciation account of a company at the beginning of year 2008−2009 was Rs2,00,000 when the original cost of the assets amounted to Rs10,00,000. The company charges 10% depreciation on a SLM basis for all assets including those which have been either purchased or sold during the year. One such asset costing Rs.5,00,000 which accumulated depreciation as at the beginning of the year of Rs80,000 was disposed off during the year.
Depreciation from the current year = ?
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Journal & Ledger for Recording Accumulated Depreciation
Standard XI Accountancy
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