Provision for Depreciation and profit and loss account
This query is : Resolved
17 November 2024
Hot to make provision for Depreciation and transferred to profit and loss account.
17 November 2024
Journal Entry for Depreciation:
Debit: Depreciation Expense (P&L Account)
This will appear in the Profit and Loss account as an expense, reducing the net profit.
Credit: Accumulated Depreciation (Balance Sheet)
This is a contra-asset account that reflects the total depreciation accumulated on the asset over time.
Debit: Depreciation Expense (P&L Account)
This will appear in the Profit and Loss account as an expense, reducing the net profit.
Credit: Accumulated Depreciation (Balance Sheet)
This is a contra-asset account that reflects the total depreciation accumulated on the asset over time.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Amendment of September 2021 Invoice
- BLOCKED-INELIGIBLE GST CREDIT
- GST Annual Returns filing due date
- Residential status for filling income tax returns in India
- Capital gain consideration
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
