NCERT Solutions Class 11 Accountancy Chapter 7 Depreciation Provisions and Reserves have been provided below and is also available in Pdf for free download. The NCERT solutions for Class 11 Accountancy have been prepared as per the latest syllabus, NCERT books and examination pattern suggested in Class 11 by CBSE, NCERT and KVS. Questions given in NCERT book for Class 11 Accountancy are an important part of exams for Class 11 Accountancy and if answered properly can help you to get higher marks. Refer to more Chapter-wise answers for NCERT Class 11 Accountancy and also download more latest study material for all subjects. Chapter 7 Depreciation Provisions and Reserves is an important topic in Class 11, please refer to answers provided below to help you score better in exams
Chapter 7 Depreciation Provisions and Reserves Class 11 Accountancy NCERT Solutions
Class 11 Accountancy students should refer to the following NCERT questions with answers for Chapter 7 Depreciation Provisions and Reserves in Class 11. These NCERT Solutions with answers for Class 11 Accountancy will come in exams and help you to score good marks
Chapter 7 Depreciation Provisions and Reserves NCERT Solutions Class 11 Accountancy
NCERT Solutions class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves. NCERT book for Accountancy in class 11 is strongly recommened by teachers and the CBSE and NCERT boards. Please download the NCERT solutions for class 11 Accountancy free in PDF made by teachers of the best schools in India. These solutions are carefully compiled to give detailed understanding of the concepts and also steps of solutions. The NCERT solutions are free to download in pdf format. Please refer to the download link below to download the pdf file and also refer to other chapters and subjects to get the solutions to Accounts NCERT book questions and exercises.
Q1. What is ‘Depreciation’?
Solution: Depreciation means fall in book value of depreciable fixed asset because of
1. wear and tear of the asset
2. passage/efflux of time
3. obsolescence
4. accident A machinery costing ₹ 1,00,000 and its useful life is 10 years; so, depreciation is calculated as: Annual Depreciation per annum = Cost of Asset-Estimated Scrap Value/Expected or Estimated life of Asset = 100000/10 = ₹ 10,000
Q2. State briefly the need for providing depreciation.
Solution: The needs for providing depreciation are given below.
1. To ascertain the correct profit or loss: Correct profit or loss can be ascertained when all the expenses and losses incurred for earning revenues are charged to Profit and Loss Account. Assets are used for earning revenues and its cost is charged in form of depreciation from Profit and Loss Account.
2. To show true and fair view of financial statements: If depreciation is not charged, assets will be shown at higher value than their actual value in the balance sheet. Consequently, the balance sheet will not reflect true and fair view of financial statements.
3. For ascertaining the accurate cost of production: Depreciation on the assets, which are engaged in production, is included in the cost of production. If depreciation is not charged, the cost of production is underestimated, which will lead to low selling price and thus leads to low profit.
4. To provide funds for replacement of assets: Unlike other expenses, depreciation is non cash expense. So, the amount of depreciation debited to the profit and loss account will be retained in the business. These funds will be available for replacement of fixed assets when its useful life ends.
5. To meet the legal requirement: To comply with the provisions of the Companies Act and Income Tax Act, it is necessary to charge depreciation.
Please click on link below to download NCERT Solutions class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves.
| NCERT Solutions Class 11 Accountancy Chapter 1 Introduction to Accounting |
| NCERT Solutions Class 11 Accountancy Chapter 2 Theory Base of Accounting |
| NCERT Solutions Class 11 Accountancy Chapter 3 Recording of Transactions 1 |
| NCERT Solutions Class 11 Accountancy Chapter 4 Recording of Transactions 2 |
| NCERT Solutions Class 11 Accountancy Chapter 5 Bank Reconciliation Statement |
| NCERT Solutions Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors |
| NCERT Solutions Class 11 Accountancy Chapter 7 Depreciation Provisions and Reserves |
| NCERT Solutions Class 11 Accountancy Chapter 8 Bills of Exchange |
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NCERT Solutions Class 11 Accountancy Chapter 7 Depreciation Provisions and Reserves
NCERT Solutions Class 11 Accountancy Chapter 7 Depreciation Provisions and Reserves is available on our website www.studiestoday.com for free download in Pdf. You can read the solutions to all questions given in your Class 11 Accountancy textbook online or you can easily download them in pdf.
Chapter 7 Depreciation Provisions and Reserves Class 11 Accountancy NCERT Solutions
The Class 11 Accountancy NCERT Solutions Chapter 7 Depreciation Provisions and Reserves are designed in a way that will help to improve the overall understanding of students. The answers to each question in Chapter 7 Depreciation Provisions and Reserves of Accountancy Class 11 has been designed based on the latest syllabus released for the current year. We have also provided detailed explanations for all difficult topics in Chapter 7 Depreciation Provisions and Reserves Class 11 chapter of Accountancy so that it can be easier for students to understand all answers.
NCERT Solutions Chapter 7 Depreciation Provisions and Reserves Class 11 Accountancy
Class 11 Accountancy NCERT Solutions Chapter 7 Depreciation Provisions and Reserves is a really good source using which the students can get more marks in exams. The same questions will be coming in your Class 11 Accountancy exam. Learn the Chapter 7 Depreciation Provisions and Reserves questions and answers daily to get a higher score. Chapter 7 Depreciation Provisions and Reserves of your Accountancy textbook has a lot of questions at the end of chapter to test the students understanding of the concepts taught in the chapter. Students have to solve the questions and refer to the step-by-step solutions provided by Accountancy teachers on studiestoday to get better problem-solving skills.
Chapter 7 Depreciation Provisions and Reserves Class 11 NCERT Solution Accountancy
These solutions of Chapter 7 Depreciation Provisions and Reserves NCERT Questions given in your textbook for Class 11 Accountancy have been designed to help students understand the difficult topics of Accountancy in an easy manner. These will also help to build a strong foundation in the Accountancy. There is a combination of theoretical and practical questions relating to all chapters in Accountancy to check the overall learning of the students of Class 11.
Class 11 NCERT Solution Accountancy Chapter 7 Depreciation Provisions and Reserves
NCERT Solutions Class 11 Accountancy Chapter 7 Depreciation Provisions and Reserves detailed answers are given with the objective of helping students compare their answers with the example. NCERT solutions for Class 11 Accountancy provide a strong foundation for every chapter. They ensure a smooth and easy knowledge of Revision notes for Class 11 Accountancy. As suggested by the HRD ministry, they will perform a major role in JEE. Students can easily download these solutions and use them to prepare for upcoming exams and also go through the Question Papers for Class 11 Accountancy to clarify all doubts
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