Recognition of Depreciation : Depreciation is the normal wear and tear amount on the fixed assets which is charged every year to reduce the value of assets on year to year basis. Depreciation should be recognised in both profit concerns as well as not for profit concerns. : Depreciation should be recognised in which financial statements.

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Chapter 19, Problem 19.2.11E

To determine

Concept Introduction:

Recognition of Depreciation:

Depreciation is the normal wear and tear amount on the fixed assets which is charged every year to reduce the value of assets on year to year basis. Depreciation should be recognised in both profit concerns as well as not for profit concerns.

:

Depreciation should be recognised in which financial statements.

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