10. In the Notes on Fixed Assets of a company
(a)
Closing WDV = (Closing Gross Block + Assets Purchased - Assets Sold) - (Closing
Depreciation + Depreciation during current Year - Depreciation on assets sold)
(b) Closing WDV = (Opening Gross Block Assets Purchased - Assets Sold) - Opening
Depreciation - Depreciation during current Year + Depreciation on assets sold)
ter Closing WDV = (Opening Gross Block + Assets Purchased - Assets Soid) - (Opening
Depreciation + Depreciation during current Year - Depreciation on assets sold)
(d) Closing WDV = (Opening WDV + Assets Purchased - Assets Sold) - (Opening Depreciation
+ Depreciation during current Year - Depreciation on assets sold)
Answers
Answer:
A fixed asset is a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income. Fixed assets are not expected to be consumed or converted into cash within a year. Fixed assets most commonly appear on the balance sheet as property, plant, and equipment (PP&E).
Answer:
The correct answer is Closing WDV = (Opening WDV + Assets Purchased - Assets Sold) - (Opening Depreciation
+ Depreciation during current Year - Depreciation on assets sold)
Explanation:
Fixed Assets are the items that company plans to use over a long term for generating specific income. It is commonly referred to as the plant, property and equipment.
Fixed Assets are those assets that are for long term and holds a major position to run your business. Fixed Assets are kept in the business for the long run. It is can likely to be converted into cash whenever needed for example: building and equipment. They are different from current assets like cash account and bank account. They are tangible assets and produce income. It actually exceeds the capitalization in your business.
Closing WDV = (Opening WDV + Assets Purchased - Assets Sold) - (Opening Depreciation
Closing WDV = (Opening WDV + Assets Purchased - Assets Sold) - (Opening Depreciation+ Depreciation during current Year - Depreciation on assets sold)
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