29 June 2019
I would like to know from experts whether amount of depreciation of a fixed asset should be shown as liability in the balance sheet. Depreciation is calculated as per Income Tax Act in the instant case. Please note that WDV of the asset will be included in the asset side of the balance sheet.
29 June 2019
Depreciation need not show in liability side balance sheet. The amount of opening WDV as reduced by current year depreciation should be shown on the debit side of the balance sheet.
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