Effects of adjustment of appreciation on fixed asset in final accounts are
Trading A/c debit and Balance Sheet liabilities side
Trading A/c credit and less from fixed asset in Balance Sheet assets side
Profit & Loss A/c debit and less from fu in Balance Sheet assets side
Profit & Loss A/c credit and add to asset in Balance Sheet
Answers
Answer:
The accumulated depreciation account is a contra asset account on a company's balance sheet, meaning it has a credit balance. It appears on the balance sheet as a reduction from the gross amount of fixed assets reported.
The amount of accumulated depreciation for an asset or group of assets will increase over time as depreciation expenses continue to be credited against the assets. When an asset is eventually sold or put out of use, the accumulated depreciation associated with that asset will be reversed, eliminating all record of the asset from the company's balance sheet.
:What Is an Asset?
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations. An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses, or improve sales, regardless of whether it's manufacturing equipment or a patent.
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Answer:
by AS AS · Cited by 2 — 6.3 Gross book value of a fixed asset is its historical cost or other amount substituted for historical cost in the books of account or financial statements.
Explanation:
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