Accounting entry
This query is : Open
15 May 2018
The Gross value of plant and machinery is Rs. 400000. As on 31st March 2009, the depreciation reserve of plant & machinery was Rs. 100000. Calculate depreciation as per SLM @ 10% and pass the journal entry as on 31st March 2010.
What will be Accounting Entry for this.??
What will be Accounting Entry for this.??
15 May 2018
Depreciation for the Year will be Rs. 40,000 (4 Lacs * 10%). Journal Entry will be:
Depreciation A/c Dr. 40,000
To Accumulated Depreciation 40,000
Depreciation A/c Dr. 40,000
To Accumulated Depreciation 40,000
16 May 2018
Depreciation Rate @ 10%. 400,000 * 10% = 40000
Journal entry will be pass as
Dr. Depreciation A/c - 40000
Cr. Plant & Machinery A/c - 40000
After depreciate the P&M value is Rs. 360,000...
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