The term ‘depreciation’ is in existence from years and it is considered among one of the most talked about subject in the field of accountancy. The subject of accounting for depreciation has always been a matter of crucial importance for the purpose of true and fair determination of the operating results of an entity and the depiction of the financial position through its profit and loss account and the balance sheet, respectively.
In simple words “Depreciation means reduction in the value of a fixed asset used in the business due to wear and tear and effluxion of time.”
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