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In this article, we have provided the Question wise solution to all Questions of Chapter No. 11 - Depreciation – Unimax Publications Class 11 – 2021, But first of all, we have explained the meaning of Depreciation: -
Depreciation means the decrease in the value of Fixed assets by passing time. It is charged only on fixed assets (except Land) Because every fixed asset has a life of more than one year but will not last indefinitely and The land has an indefinitely life so it will be appreciated. Depreciation is treated as indirect expenses of the business and transferred to the income statement of the company and profit/loss account of the business.
There are three types of decreases in the value of an asset, which refer to a different category of fixed assets shown as follows.
1. Depreciation is used for the Tangible fixed asset. Such as buildings, Plant, Machinery, Furniture, fixtures, vehicles, computers, etc.
2. Depletion is used in referring to the physical exhaustion of natural resources. Such as oil wells, Coal mines, etc.
3. Amortization is used for the Intangible fixed asset. Such as Goodwill, Patents, trademarks, leaseholds, etc.
Read out the full article
Depreciation | Meaning | Methods | Examples
Also, Check out the same article in Hindi from the following link
Depreciation | Meaning | Methods | Examples - In Hindi
Question wise solutions to all Questions of Chapter No. 11 - Depreciation – Unimax Publications Class 11 – 2021 - Solution are shown below: -
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Part-I
Chapter No. 1 - Introduction of Accounting
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Vouchers and Transactions
Chapter No. 5 - Goods and Services Tax (GST): An Introduction
Chapter No. 7 - Special Purpose Book - Cash Book
Chapter No. 8 - Other Subsidiary Books
Chapter No. 10 - Rectification of Errors
Chapter No. 12 - Provision and Reserves
Chapter No. 13 - Bank Reconciliation Statement
Chapter No. 14 - Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
Chapter No. 15 - Financial Statements (Without Adjustments)
Chapter No. 16 - Financial Statements (With Adjustments)
Chapter No. 17 - Accounts from Incomplete Records - Single Entry System
Part-III
Chapter No. 18 - Introduction to Computers and Accounting information System
Chapter No. 19 - Computerised Accounting
Chapter No. 20 - Accounting Software: Tally
Chapter No. 21 - Data Base System
Chapter No. 22 - Concept of Entity and Relationship
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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