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.??
CA Ankit R Momaya
(Expert)
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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