In departmental accounts depreciation and repairs
will be allocated on the basis of
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DEPRECIATION: Depreciation may be divided according to the value of assets employed in each department. ... INSURANCE OF PLANT AND MACHINERY: The value of such plant and machinery in each department is the basis of the insurance.
Explanation:
Under this method of accounting, each department is treated as a separate unit and separate set of books are maintained for each unit. Financial results of each unit are combined at the end of accounting year to know the overall result of the store.
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