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CBSE Class 12-commerce Answered

Why depreciation is not shown in the opening balance sheet?
Asked by ravimundrakd | 05 Apr, 2020, 11:57: AM
answered-by-expert Expert Answer
In case of an NPO, following points are to be kept in mind with respect to the Assets and Liabilities:
  • Assets: Amounts of assets that are shown in the opening Balance Sheet are to be adjusted for all current year transactions related to the respective assets which includes purchase of asset, sale of asset and depreciation. Such adjusted amount will then appear in the closing Balance Sheet.
  • Liabilities: Amounts of liabilities that are shown in the opening Balance Sheet are to be adjusted for all current year transactions related to the respective liability which shall include payments made against them or additional liability being created. Such adjusted amount will then appear in the closing Balance Sheet.

 

Answered by Surabhi Gawade | 05 Apr, 2020, 05:44: PM

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