Download App

Introduction to Partnership and Partnership Final Accounts — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyIntroduction to Partnership and Partnership Final Accounts2 Marks
Question
Depreciation is not calculated on Current Assets.
✓

Answer

This statement is True.
Current Assets mean liquid assets having no fixed tenure therefore depreciation cannot be calculated on it. Depreciation is calculated and charged on fixed assets for their use, wear and tear, etc.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "State whether the following statements are true or false with reasons" from Introduction to Partnership and Partnership Final Accounts→Introduction to Partnership and Partnership Final Accounts — all question types→Book Keeping & Accountancy STD 12 Commerce / Arts question papers→Maharashtra Board STD 12 Commerce / Arts question papers→Maharashtra Board question paper generator→

Similar questions

Equity shareholders get a guaranteed rate of dividend every year.
→
On admission of a partner, the amount of goodwill brought in cash is credited to Goodwill Account.
→
Shares are always issued at par.
→
On dissolution, sundry debtors are transferred to Realisation A/c at their net figure.
→
When the goodwill is written off, the goodwill account is debited.
→
Change in the relationship between the partners is called as Reconstitution of Partnership.
→
If a bill is drawn payable ‘on demand’ no grace days are allowed.
→
At the time of dissolution, a loan from a partner will be transferred to Realisation Account.
→
The Capital A/c of the retiring partner always shows a debit balance.
→
There is no difference between Receipts and Payments Account and Income and Expenditure Account.
→