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Depreciation can be defined as the loss in the value of an asset due to Wear and Tear and obsolescence. Normally, all fixed assets, except for land depreciate, in value over a specific period of time. Depreciation should be debited to the Profit and Loss A / c before profit is ascertained.
Depreciation can be defined as the loss in the value of an asset due to Wear and Tear and obsolescence. Normally, all fixed assets, except for land depreciate, in value over a specific perio…