Depreciation and Depreciation schedule

Last Thursday. June 28, 2012 to be exact we discussed about DEPRECIATION SCHEDULE, for further understanding of what depreciation schedule is about lets discussed first the meaning of DEPRECIATION. 




DEPRECIATION  or to DEPRECIATE is to:
          - Lower the price or estimated value of a property.
          - Deduct from taxable income a portion of the original cost of a property 
            or any business asset over several years as the value of the asset decreases.




Depreciation is the lost in value of physical assets through its use. The yearly deposits into the depreciation fund are called depreciation charges. The depreciation fund is the portions of a given amount at the end of its useful life or the difference between the original cost of the asset and the sum in the depreciation fund is called the book value of the asset. At the end of the year.




WHEN TO DEPRECIATE?
     You can apply this if you have properties, business, assets, jewelries, gadgets, vehicle or the likes.


ADVANTAGES AND IMPORTANCE OF DEPRECIATION

      

       Depreciation plays a very important role in a company's income and also in funding. There are two basic reasons why depreciation is important, first because it is a way of decreasing taxes that the government claims as the company does not have to pay taxes on depreciation. This means that the company will benefit from this because by applying this method it will enlarge the cash flow of the company. Second it is a way of self finance for an organization.

 DEPRECIATION SCHEDULE is an accounting procedure for determining the amount of value left in a piece of equipment.

DEPRECIATION SCHEDULE

 There are many methods on how to get the depreciation but the commonly used and the simplest method in solving for the depreciation is the Straight-Line Depreciation.

       To compute on the Depreciation  the formula is:

                             

                            DEPRECIATION = COST - SCRAP VALUE

       

        To get the average yearly depreciation:

                             

                            Rate  of Depreciation =     Depreciation

                                                                         _____________

                                                                             Years (time)

                                

EXAMPLE

You bought a tablet for P20,000 and has an estimated scrap value of P3,000 and a probable life of 5000 hours. Find the (a) Depreciation charge per operation. (b) Prepare a depreciation schedule showing the book value for each of the four years of the tablets life during with the hours of operation were: 2000, 1000, 700 and 1300.


Solving (a) : 

Applying the formula we have:
                            

                             P 20,000  - P3000  =  P17,000

The depreciation is P17,000 then to get the rate of depreciation we divide this by the probable life of the tablet which is 5000 hours:


                             P17,000 / 5,000 hours = P3.4 per hour

   (a)   The rate of depreciation is P3.4




Solving (b):

 TABLE:



  YEAR       DEPRECIATION CHARGE            AMOUNT IN DEPRECIATION FUND                      BOOK VALUE AT END OF YEAR
    0                        0                                        0                                                                                   20,000
    1                      6,800                                  6,800                                                                               13,200
    2                      3,400                                 10,200                                                                                9,800
    3                      2,380                                 12,580                                                                                7,420
    4                      4,420                                 17,000                                                                                3,000
________________________________________________________________________________________________________________

TOTAL:                17,000                                   

Honestly, when I learned about this depreciation method it made me realized that applying this in the future when I already have my own properties and businesses is very helpful. By doing this I can monitor my properties and by doing also the depreciation schedule it also motivated me to be systematic and organized in handling my finances.




Checked by: Prof. Crisencio M. Paner

BANK RECONCILIATION

A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time. Bank Reconciliation statement is the form that allows individuals to compare their personal bank account records to the bank's records of the individual's account balance in order to uncover any possible discrepancies.

The differences in the balances may be due to:

1. Outstanding checks

Checks which have been written, but have not yet cleared the bank on which they were drawn. In the bank reconciliation, outstanding checks are deducted from the balance per bank.

2. Deposits in transit

          A company's receipts that appear on the company's records but do not yet appear on the bank statement.  

                 Example:  A retail store's receipts of March 31 are deposited after banking hours on

                              March 31 or on the morning of April 1. Those receipts are in the company's

                              general ledger Cash account on March 31, but are not on the March 31 bank

                              statement. As a result they are said to be "in transit" on March 31.

3. Bank service charge expense

This is an administrative expense which reports the fees incurred by a company for the expenses associated with its checking account transactions.

4. Errors in the check stub entries

5.Cancelled checks

          Checks that have been paid by the bank.

What is a CHECK? A check or cheque (in American English) is a document that orders a payment of money from a bank account. It is also a written order directing a bank to pay money as instructed.

   

Here are some steps in writing a check:

1. Payee

•    List the payee at the top of the check. Without doing this, anyone could find the check and write their name in the payee section. This is essentially the equivalent of leaving a wad of money laying around. (Ramon Carlo David- based on the given example)

  2. Date

     The day you write the check. A bank may refuse to pay a check that is more than six months old. (October 13, 2010.)

  3. Amount

     The amount to be paid. You write this in both words and in numbers. (P3,540.00 or Three thousand, five hundred forty pesos.)

  4. Signature

     Your signature approves the payment.

 WHY USE CHECK? We use checks or cheques, because if we are dealing with a lot of money like for example millions, billions and the like using checks is much more convenient cause you do not need to carry bundles of money, it is safer because if the check was stolen you can easily issue a stop payment on a check, you will not get hold up, it is also easier to track; you can easily tracked of who used your check and some information about the account.

      All the stuffs here regarding Bank Reconciliations is important in managing a bank account it will help you out in dealing with your personal accounts or checks. It will help you to keep track on your accounts. The advantages of bank reconciliation statements are: it ensures the accuracy of the balances shown by the pass book and cash book, ensures that all general ledger items have cleared the company's bank account,  helps to detect and rectify any error committed in both the books,  helps to update the cash book by discovering some entries not yet recorded and it indicates any undue delay in the collection and clearance of some checks.Reconciliation is a very simple task if you make it a habit to keep accurate records of your withdrawals and deposits.

Approved and checked by: Prof. Crisencio M.  Paner

http://profcrispanercurriculumvitae.blogspot.com/

Prof. Crisencio M. Paner

CRISENCIO M. PANER    

                                                                                                                                      

CP : 0915-1429675                                                             Email : panercris@gmail.com                                                                                                         

Glimpse of Crisencio Paner: http://www.youtube.com/watch?v=JmOWKyzryGk

EDUCATION

•        Ph.D. in Biological Science (candidate)

University of Santo Tomas, Graduate School

• M.S. Microbiology

University of Santo Tomas

      Thesis: “Chemical Control of Fungi Infesting Easel Oil Paintings at

                   University of Santo Tomas Museum of Arts and Sciences”

     

      Published in: Prime Journal of Microbiology Research

                            http://primejournal.org/PJMR/abstract/2012/may/Paner.htm

                                 http://primejournal.org/PJMR/cont/2012/may.htm

  

• Italian Scholarship Grant

Restoration and Conservation of Artworks Attacked by Biological Agents

Istituto Centrale Per Il Restauro, Rome, Italy (January 1-June 30, 2004)

• B.S. Biochemistry

University of Santo Tomas

• Professional Teaching Certification Program (Major in Biological Science)

Caloocan City Polytechnic College

PUBLICATIONS

 Book:

  Co-author in LET Reviewer in Biology, 2006-2010 eds. Published by MET Inc.

                          ISBN # 97193249-6-1, sold in National Bookstores                                                                                                                 

Articles:

• Understanding Museum Pests: The Molds. CFAD Atelier Journal, University of  Santo Tomas, Vol. 2 No. 1, 2003-2004, pp. 80-83
• On the Conservation of 20^th Century Color Photographs Attacked by Molds. CFAD Atelier Journal, UST., Vol. 2 No. 1, 2003-2004, pp. 106-113
• Witnessing the Glory of Italy in Its Art History and Ancient Spaces. CFAD Atelier Journal, UST, Vol. 3 No. 1, 2004-2005, pp. 55-72 
• _______________. Panorama Magazine, November 13, 2005, pp. 12, 13, & 21.
• Deterioration of Paintings and Painting Components Caused by Microorganisms. CFAD Atelier Journal, UST., Vol. 3 No. 1, 2004-2005, pp. 91-94
• Microbial Deterioration of Painting Materials. CFAD Atelier Journal, UST., Vol. 3 No. 1, 2004-2005, pp. 94-97.
• Conservation of Paintings Attacked by Molds. In College Freshman English Book II. Agalabia, U., Aranda, R., et. al., pp. 124-125, UST Publishing House, 2004
• Today’s Restoration Establishments.  CFAD Atelier Journal, UST., Vol. 4 & 5 No. 1, 2005-2006 & 2006-2007, pp. 95-99

RESEARCH WORK

·        Indoor Air Quality of Beato Angelico Building of the University of Santo Tomas -Commissioned by UST (Nov. 2009-May 2010)

BLOGS/ADS

1.    http://internet-moneymakingsecrets.blogspot.com (Money-Making Secrets)

2.    http://internet-moneymakingsecrets.weebly.com   (Internet Marketing Secrets)

3.    http://cmpaner.blogspot.com  (The Painting Doctor-“Restorer/Conservator”)

4.    http://sulit.com.ph/3498047  (Research assistance/Thesis Assistance/Thesis Editing)

5.    http://sulit.com.ph/4829772 (LET Review by a LET Topnotcher and Veteran Reviewer)

6.    http://sulit.com.ph/5040331 (Lotto Secrets Revealed!)

7.    http://sulit.com.ph/5058879 (Muscle Building Cookbook)

8.    http://sulit.com.ph/5069982 (Wedding Photography Secrets)

9.    http://sulit.com.ph/4973311 (Food Cart Franchise Business)

10.  http://sulit.com.ph/4833582 (St. Peter Life Plan and Memorial Chapels)

11.  http://sulit.com.ph/4186306 ( Art and Craft Materials for Sale At Low Price!)

12.  http://sulit.com.ph/4621349 (Cleaning and Restoration of Paintings)

13.  http://sulit.com.ph/4869897  (Natracare Food Supplements)

14.  http://sulit.com.ph/4802983 (LET Reviewer Books)

15.  http://sulit.com.ph/5021693 (How to Lose Weight Fast!)

16.  http://sulit.com.ph/5093345 ( How to Stop Hair Loss and Regrow It the Natural Way)

17.  http://sulit.com.ph/5126659  (How to Get Pregnant Fast!)

18.  http://sulit.com.ph/4930508  (Condo for Rent at 39K Infinity Tower, Global City, Taguig)

19.  http://sulit.com.ph/5538321  (Licensure Exams for Teachers LET online review)

20.  http://sulit.com.ph/5423603  (Internet Marketing Illuminati- How to Make Money Online Fast!)

21.  http://sulit.com.ph/5352564  (Internet Millionaire Looking for Students!)

22.  http://sulit.com.ph/5628715  (The Ultimate Diablo 3 Guide)

WORK  EXPERIENCE

• Instructor 5, CFAD, IPEA, Pharmacy, CTHM, University of Santo Tomas

SY 1995-Present

Subjects taught: Organic Chemistry lab., Statistics, College Algebra,

                           Algebra with Trigonometry, Business Math, Physics,

                          Plane & Solid Geometry, Environmental Science, Biology

                                                                                                                                                

• Part Time Instructor, Our Lady of Perpetual Help College, Manila

Subjects taught: Food Microbiology (Lecture and Laboratory)                                                                                                         

• Part Time Instructor, St. Paul’s College, Quezon City

Subjects taught: Lec. & Lab: General Microbiology, Biochemistry, Microtechnique

• Part Time Instructor, Unciano Colleges and General Hospital, Inc., Manila

Subjects taught: Lec. & Lab: General Microbiology and Parasitology, Inorganic Chemistry,

                          Comparative Anatomy, Botany, Organic Chemistry, General Zoology,

                          Biology, Biochemistry

OTHER PROFESSIONAL EXPERIENCE

·         Editor and Professional Consultant, MET Publishing House, Manila

·         Microbiologist, Silver Swan Manufacturing Inc.,Panghulo, Malabon

·         Biochemist, Watercare Philippines, Inc., Valenzuela City

·         Food Production Researcher(Mushroom Culture), TWH, Inc., Cainta Rizal

·         Review Director for LET, Center for Educational Excellence, Inc.

·         Project Consultant on “Biodeterioration of Artworks”, Paper Conservation Laboratory, Archives Dept., Arzobispado de Manila

Projects: Conservation of paintings by Fernando Amorsolo, Botong Francisco,

               Ben Cab, Cezar Legaspi, Simon Flores, Betsy Westerndorp

·         Licensure Exams For Teachers (LET) Reviewer at:

- Malabon City University,MET Review Center, UST-College of Education, Caloocan   Polytechnic College, Trinity College, & Center for Educational Excellence Inc.

AWARDS AND HONORS

• Beato  Angelico Service Award
• 10^th Placer (85.60%), Licensure Examinations for Teachers (LET)
• Full College Scholarship by Lourdes Reyes Foundation
• Professional Civil Service Examinations, weighted ave: 86.49%
• Valedictorian, High School
• Salutatorian, Elementary
• Certificate of Appreciation as resource speaker on the topic “Visual Arts and Restorations”, Faculty-Student Art Forum, Beato Angelico Bldg.,UST.
• Recognition Award for invaluable support and committed service to HARIBON UST as adviser from 2002-2004
• Honored as 4^th Degree(highest degree) member of the Knights of Columbus

 Given by Philippine District IV-NCR

·            Loyalty and Faithful Award for 13 years of Service

 Knights of Columbus UST- Faculty Council 4321

·            Dedicated and Competent Service Award as LET Reviewer

 Malabon City University                                                                                           

·            Champion, Pautakan Quiz Bee for Coaches, UST                                                          

·            Family of the Year Award

            Knights of Columbus UST Faculty Council 4321

·         UST Graduate School Thesis Writing Grant

  UST Graduate School Alumni Association

·         Certificate of Recognition for invaluable Contribution as Lecturer/Reviewer

 Pilot Project on Review Classes for Licensure Examinations for Teachers

 College of Education, UST                                                   

·      Certificate of Appreciation as guest speaker on the topic “Products that Cause Cancer”, given by NEWAYS International (Phils.), Makati City

       

TRAINING /SEMINAR WORKSHOPS

• Seminar on Test and Measurement Evaluation

• Seminar on Principles/Philosophy of Education

·        Faculty Development Seminar

• Traditional Filipino Art

• Curriculum Development                                                
• Rubrics Development Across Disciplines                                         
• Certificate on Adobe Photoshop
• Certificate on PC Troubleshooting and Networking
• The Ethics of Teaching
• Rights and Responsibilities of the Faculty Members, Academic and Administrative Officials and Office Staff Seminar                                                   
• UST-CFAD Planning and Development Seminar
• Shepherding the Shepherds
• Workshop on Syllabus Construction                                                                        
• Textbook and Learning Materials Development
• Computer Literacy on Adobe Illustrator, Photoshop, & MS Excel
• Symposium on Waste Management
• Ecological Symposium
• Bringing Out the Best in Me and the Best in You
• Integrating Media in Classroom Instruction( Design, Production, and Utilization of Media)
• Principles and Methods of Humane Educators
• Certificate on Basic Industrial Electronics
• Certificate on Information Technology
• Symposium on the Preservation of our Environment

·         Research Colloquia on Indoor Air and Water Quality in Relation to Building Design

·         Convention of Philippine Association of Academic Biochemists,          

• 16^th Annual Convention of Philippine Biochemical Society
• Script Writing Workshop
• Basic Business and Financial Management                                                             

AFFILIATIONS

• Member, CFAD- Adhoc Committee on Math Department
• Member, CFAD-Committee on Environmental Advocacy
• Member, CFAD-Adhoc Committee on Value Formation
• Board of Director

Philippine Association  for the Scientific Conservation of Cultural Properties   

• Deputy Grand Knight, Knights of Columbus UST Faculty Council No. 4321
• Auditor

College of Fine Arts & Design Faculty Association

• Adviser, HARIBON UST
• Business Manager, NOH-SCC Alumni Association
• Member, Outreach Program Committee

College of Architecture and Fine Arts

LANGUAGES SPOKEN

English, Filipino, Italian, Japanese

OTHER SPECIAL SKILLS/TALENTS

• Thesis Editing/Research Assistance
• Computer operation using MS Word, Excel, Powerpoint, Adobe Photoshop, Internet
• Computer Hardware repair and Software installations
• Website/Blog Construction
• Photography
• Swimming
• Playing Banduria
• Singing
• Riding ATV