Anit Partab - there’s the yearly expense on the profit and loss statement - depreciation; (this amount must include all depreciation for the year on all vehicles/equipment up until you let go of ownership - so add the bits of depreciation pro rata until you sell the asset)and then there is the accumulated depreciation on the statement of financial position which records all the depreciation to date (not just the year in question). That’s the long answer - the short answer is simply memorize how the memo does it and then repeat in exams. Sometimes that’s easier. (Unless you want to become a CA - but then you’ll need someone more qualified than I to answer your question) Good luck!!!
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Hi Ellie
You videos have helped me alt, is there any possibility that you can maybe do some tutorials on FAC1601.
Hi Ellie. Thanks for this. What is Accrued Depreciation?
Is it not Accrued Expense for 2.8 and Accumulated Depreciation for 2.9?
Anit Partab - there’s the yearly expense on the profit and loss statement - depreciation; (this amount must include all depreciation for the year on all vehicles/equipment up until you let go of ownership - so add the bits of depreciation pro rata until you sell the asset)and then there is the accumulated depreciation on the statement of financial position which records all the depreciation to date (not just the year in question). That’s the long answer - the short answer is simply memorize how the memo does it and then repeat in exams. Sometimes that’s easier. (Unless you want to become a CA - but then you’ll need someone more qualified than I to answer your question) Good luck!!!
Brilliant. That does help. Studying marketing, just need to get over this for the first year ;-).
Thank you kindly.