Advance financial dcountingВСОМPagesemester-2Chaptey-1Depueciation, brovision and ReseweStraight Line methodon ut Apuil, 017 as asset was purchasedfor 40,000Sts estimated life is 5 yeaussfter which scHap value will e 2500.bepane sset dccount for forst 3 yearusfta pronidiing depueciation every 13utvrauch by straight lime mettied.solve numercial solution

Every fixed asset loses out its value over the period of asset's life. Depreciation is being…

Chaptey-1. Depueciation, bovision and Resewe Straight Line method on it April, 2017 as asset was purchased for 40,000 ts estimated life is 5 yeaus ofter which scHap value will be Z 2500. Peepane Aset dcoount e ofta proniding depueciation 13st Ouctk4 Straight line for forst 3 year. every mettiod.

Chaptey-1. Depueciation, bovision and Resewe Straight Line method on it April, 2017 as asset was purchased for 40,000 ts estimated life is 5 yeaus ofter which scHap value will be Z 2500. Peepane Aset dcoount e ofta proniding depueciation 13st Ouctk4 Straight line for forst 3 year. every mettiod.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

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Advance financial dcounting
ВСОМ
Page
semester-2
Chaptey-1
Depueciation, brovision and Resewe
Straight Line method
on ut Apuil, 017 as asset was purchased
for 40,000
Sts estimated life is 5 yeaus
sfter which scHap value will e 2500.
bepane sset dccount for forst 3 yearu
sfta pronidiing depueciation every 13ut
vrauch by straight lime mettied.
solve numercial solution

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