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Please note that in order to charge depreciation, we must know the expected life of the subject so as to distribute the cost of the stock over that period. However, in case of livestock, the life can't be ascertained i.e. the very basis of calculation ofdepreciation is not available and this must be one of the reasons for not charging depreciation on livestock.
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Does depreciation is charged on intangible assets?
Depreciation is charged to tangible assets while amortization is used to charge intangible assets.
Is depreciation charged on current assets or not?
No
Is depreciation charged on current assets or not when tax payer is individual?
Depreciation is always charged on fixed assets and it does not has any relation with individual or company status.
How do you double entry on depreciation?
DR. DEPRECIATION EXPENSE X CR. ASSET X At the end of the year Depreciation is charged to the Income Statement.
The balance of accumulated depreciation account represents the?
amount charged to depreciation expense since the acquisition of the plant asset.
Can depreciation charged at building?
Building is an asset for business and depreciation is only charged to assets of business so in this way depreciation is charged to building as well.
Does depreciation is charged on intangible assets?
Depreciation is charged to tangible assets while amortization is used to charge intangible assets.
Is depreciation charged on current assets or not?
No
Is it correct to include depreciation of disposed of asset in income statement?
Depreciation of any asset is charged to income statement till the actual date of disposal of asset and after that date depreciation is not charged to income statement.
Is depreciation charged on current assets or not when tax payer is individual?
Depreciation is always charged on fixed assets and it does not has any relation with individual or company status.
Is depreciation a product dost?
Depreciation is a period cost and not a product cost as depreciation is still charged even if there is no production or sale of goods.
How do you double entry on depreciation?
DR. DEPRECIATION EXPENSE X CR. ASSET X At the end of the year Depreciation is charged to the Income Statement.
What is the different between the cost of depreciation of a asset and its related accumulated depreciation?
Cost of depreciation assets and accumulated depreciation is same as accumulated depreciaton calculates how much depreciation is charged till date while remaining is current book value of assets.
The balance of accumulated depreciation account represents the?
amount charged to depreciation expense since the acquisition of the plant asset.
Depreciation rate for mobile phone under income tax act?
Depreciation on Mobile Phone will be charged @ 15%.
Depreciation straight line method?
Straight line depreciation method is that method in which fixed amount of depreciation is charged to all fiscal years in which that asset is used.
Straight line method of depreciation?
Straight line depreciation method is that method in which fixed amount of depreciation is charged to all fiscal years in which that asset is used.
