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Profit which is not paid as dividend but is taken over into or carried over into next year.
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∙ 12y ago
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Will liabilities or equity be overstated or understated if accumulated depreciation is not recorded?
Equity will be overstated because profit is overstated.
What is return earning?
RR is the accumulated net profit for the company. Eg, the is start@ 2009 , NET PROFIT RR 2009 90million 90million 2010 100million 190million 2011 100million 290million 2012 100million 390million
How do you calculate disposal of fixed assets?
[Debit] Accumulated depreciation [Debit] Loss on disposal (if any) [Credit] Asset [Credit] Profit on disposal (if any)
How do you pass journal entry for vehicle sale?
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
How to calculate Gross profit of total factory cost?
Gross profit of any company is calculated by adding all of the accumulated income from any source before expenses (such as taxes, salary, utilities, rent, insurance, materials, etc.) are deducted.
Will liabilities or equity be overstated or understated if accumulated depreciation is not recorded?
Equity will be overstated because profit is overstated.
A machine is currently recorded in the books of a business with a cost of 10000 and accumulated depreciation of 3000 the machine is sold for 8000 account for disposal?
Accounting Entry: [Debit]Cash 8000 [Debit]Accumulated Depreciation 3000 [Credit] Machine 10000 [Credit]Profit on Sale 1000
What is accumulated loss?
A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accummulated losses are deducted from the taxable profit-
What is return earning?
RR is the accumulated net profit for the company. Eg, the is start@ 2009 , NET PROFIT RR 2009 90million 90million 2010 100million 190million 2011 100million 290million 2012 100million 390million
Sample journal entry for fixed asset saling?
Debit accumulated depreciationdebit cash / bankdebit loss (if any)Credit assetcredit profit (if any)
How do you calculate disposal of fixed assets?
[Debit] Accumulated depreciation [Debit] Loss on disposal (if any) [Credit] Asset [Credit] Profit on disposal (if any)
How do you pass journal entry for vehicle sale?
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
The difference between profit and wealth?
Profit is the amount made for as company on the sales of a product or service after taxeswealth can be an amount which is not earned i.e. lottery win, shares sold making money for shareholder, inheritance or accumulated wages from working
How to calculate Gross profit of total factory cost?
Gross profit of any company is calculated by adding all of the accumulated income from any source before expenses (such as taxes, salary, utilities, rent, insurance, materials, etc.) are deducted.
How do you post a journal entry for sale of a vehicle with depreciation?
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
How did Rome get power?
Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.Rome accumulated power by conquest and treaty.
What is the treatment of accumulated depreciation and depreciation in the event of asset disposal?
When the asset is disposed of the Accumulated Depreciation is subtracted from the cost of the asset. Journal Entries: If Sold at a Profit: Dr Accumulated Depreciation (All Depreciation) Dr Bank/ Recievable (Amount received for Asset) Cr Asset (Carrying Value on Balance Sheet) Cr Profit on Asset Disposal (Balancing Figure) If Sold at a Loss: Dr Accumulated Depreciation (All Depreciation) Dr Bank/ Recievable (Amount received for Asset) Dr Loss on Asset Disposal (Balancing Figure) Cr Asset (Carrying Value on Balance Sheet) Please note there may also be current year depreciation
