Accounting entry

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dheeraj (Querist)
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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.??

CA Ankit R Momaya

CA Ankit R Momaya (Expert)
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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

RAJA P M

RAJA P M (Expert)
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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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