Depreciation is charged on “Wasting Assets”

Question added by Shamseer KM , HR Payroll Officer , Al Darwish Engineering W.L.L
Date Posted: 2015/06/15

Upvote (2) Views (4) Followers (3) Answers (3) Report Question

by Muhammad Sabith , Accountant , SIMORA

Depreciation is not charged on wasting asset..

by Jagannathan Sriraman , Partner in the firm , Sundar Srini and Sridhar

Depreciation is diminution in the carrying value of asset due to effluction of time.

by Tranquilino Jr Rivera , General Accountant , Enany Group of Companies

Depletion is more appropriate.

Asset book value dhs.150 transfer to sister co.buy on 1.10.10 transfer on 31.08.11.depreciation straight line 20%.journal?
Top Answer: <p>Entries:-</p> <p>1. Sister Concern Co. (XYZ) debited and Asset Credited.</p> & ... See More

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If an entity do not want to charge depreciation to its assets, & wants to show their assets at gross value, then what will be the depreciation entry?
Top Answer: The accounting treatment for depreciation entry will be; Dr. Depreciation expense Cr. Accumulated Depreci ... See More

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What is the purpose of charging depreciation on fixed assets ?
Top Answer: To show the true value of the fixed asset on a certain period. Though the effect on the purchase value o ... See More

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What is the best principal for charging depreciation of an asset?
Top Answer: Accounting principles suggest to charge Depreciation on the basis of useful life of an Asset considering ... See More

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Depreciation is charged on “Wasting Assets” - is it correct ?