Yup! was pretty simple! but there are also some accounts we have to make such as fixtures a/c.....so what do we do there?
could you attach a question? Like some doubt you have?
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Yup! was pretty simple! but there are also some accounts we have to make such as fixtures a/c.....so what do we do there?
In the machine account u always apply historical cost concept... therefore it shows the value of machinery if it is a machinery account, so I guess this can be used and then subtract from it the value of asset at the end...
MnMz Please coorect me if I'm wrong
could you attach a question? Like some doubt you have?
hmm....alright! but can u please tell me what was the historical cost concept??
It means throughout the life of the asset, we use the historical cost of the asset (cost at the time of purchase), i mean we dont write the depreciation in the asset account...
You are welcomeah alright! thanks!
Yup!! once in income statement and once in balance sheet!!
In the balance sheet you simply subtract it from the debtors figure right?
In the balance sheet you simply subtract it from the debtors figure right?
Do we include debenture interest in Profit and loss appropriation account of a company?
yes it's an expense
1,000 Motor Vehicles - Part ex. proportion of value of new van (debit vehicle account)
266 Disposals - The loss on the valuation (swap if it's a profit)
Add in new vehicle
3,000 Vehicles - Balancing amount paid
(3,000) Bank - Actual payment
did you get it???
Do we include debenture interest in Profit and loss appropriation account of a company?
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