This case is in continuation to the case of Oil and Natural Gas Corporation Ltd. as illustrated
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This case is in continuation to the case of Oil and Natural Gas Corporation Ltd. as illustrated in the last chapter. Now refer further to the extracts from annual report 2005-06 of the company regarding depletion of its producing properties and related significant accounting policies as illustrated in this chapter.
You must have noted that ONGC follows Unit of Production Method for providing depletion charge on its producing properties. Why SLM or WDV methods of depreciation are not appropriate in this case? Analyse.
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In the case of Oil and Natural Gas Corporation Ltd ONGC the Unit of Production Method is utilized for providing depletion charge on its producing prop...View the full answer
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