Personal account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 March 2013
Sir,
Please reply that in personal accounting, in Profit and Loss A/c whether depreciation is allowed or not for car or personal computer etc. if the individual is a salaried employee and if he wants to prepare his balance sheet. Also guide which things to remember to consider in case of preparing balance sheet of salaried person
thank
Pl reply
Please reply that in personal accounting, in Profit and Loss A/c whether depreciation is allowed or not for car or personal computer etc. if the individual is a salaried employee and if he wants to prepare his balance sheet. Also guide which things to remember to consider in case of preparing balance sheet of salaried person
thank
Pl reply
02 March 2013
Depreciation is not available for a salaried employee as deduction. However in real the cost and value of the assets depreciates the book value to continue at cost.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2013
Please guide elaborately
04 March 2013
Depreciation is reduction in value of asset.
For salaried employees accounting for depreciation does not make any difference in computation of Income for tax purposes.
Normally, assets in personal books are not depreciated. The logic being, you balance sheet will look healthy if you show assets at cost in balance sheet.
For salaried employees accounting for depreciation does not make any difference in computation of Income for tax purposes.
Normally, assets in personal books are not depreciated. The logic being, you balance sheet will look healthy if you show assets at cost in balance sheet.
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