Professional income
PRASHANT DESAI (Service) (49 Points)
13 January 2017
can profession income show of Depreciation in BS ?
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185347 Points)
Replied 13 January 2017
Actually depreciation is debited to P&L account, and an assessee having income from PGBP can deduct the same. But it doesn't reflect in Balance Sheet!!!
Hsk
(Student CA Final )
(172 Points)
Replied 15 January 2017
If Provision of depreciation Account is maintained by the entity then, Depreciation reflects in B/s. Gross Block of assets minus Accumulated Depreciation.
PRASHANT DESAI
(Service)
(49 Points)
Replied 18 January 2017
Thanks Sir,
what is the Journal entry.. kindly plz more precisely
Hsk
(Student CA Final )
(172 Points)
Replied 18 January 2017
If entity is accumulating depreciation then,
prov for dep Ac Cr.
Depreciation Ac Dr.
In normal case,
Dep. Dr To Assets Ac
prov for dep Ac Cr.
Depreciation Ac Dr.
In normal case,
Dep. Dr To Assets Ac
Recent Topics
- Loss adjust
- GST registration -rent Agreement
- Study partner for CA Final- Jan 26
- Sir, ITC is not showing in GSTR-3B, what to do
- Capital Gains on Industrial Property...
- While making correction in form-26QB getting - Maj
- Late interest penalty of missed invoice forgot to
- LONG TERM CAPITAL GAIN ON HOUSE
- WOS in Mauritius, LRS,Accounting
- AP of Business under gst
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
