FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

How can we deal with Salvage value and gains tax:?

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Depreciation:

The term depreciation refers to the fall in the monetary value of assets due to its use, wear and tear, obsolescence, etc. For example, if machinery is bought at $5000 and it values remain $4500 after one year. Here, a fall in the value of machinery is known as depreciation.

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