Asset:
An asset means a possession of property tangible or intangible which has some value; such that it can be realized in monetary terms and such asset can be liquidated in short-term or long-term approach so as to derive its value in cash.
Depreciation means the depletion in the value of the assets which arises due to its use over a period of time. Such decrease in the assets over the period of time may be recorded either through
To determine: The balance in the
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