Entry
Govind (JOBS) (181 Points)
14 December 2015Govind (JOBS) (181 Points)
14 December 2015
Lakshmi Muralidharan
(Student)
(119 Points)
Replied 15 December 2015
Refer this link for depreciationrates as per Income Tax Act
https://www.vohraandsehgal.com/utilities/depreciation.htm
Entry for purchase of an asset is:
Asset A/c DR.
To Cash/Bank/Creditor (Mode of payment)
Entry for depreciation is:
Depreciation A/c DR.
To Asset A/c