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CBSE Class 11-commerce Answered

Chand and sons have the following balance 1st april 2009:   Fixed assets (at cost)       ₹10,00,000   Provision for Depreciation. ₹ 5,50,000   Depreciation is provided on written down value method @10%   Determine the amount of depreciation for 2009-2010 and also show the two accounts. 
Asked by danishmirza7906633572 | 26 Mar, 2019, 11:57: PM
answered-by-expert Expert Answer

Written Down Value on 1st April, 2009 = 10,00,000 – 5,50,000 = 4,50,000 (Cost – Provision for Depreciation)

Depreciation for 2009 – 2010 (WDV Method) = 4,50,000 x 10% x 12/12 = 45,000

Such amount of depreciation will be debited to Depreciation Account and credited to Provision for Depreciation Account, thereby increasing the balance in Provision for Depreciation Account by 45,000. Asset will be shown at the same value in the Balance Sheet as Provision for Depreciation Account is maintained depreciation will not reduce the value of asset.

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