Depreciation
This query is : Resolved
28 January 2011
aAny one reply to my query. what is the depreciation journal entry. I think
Depreciation Dr 10000
To Furniture 10000
Depreciation Dr 15000
To Machinery 15000
OR
Accu. Depreciation Dr 15000
to Machinery 15000
In Tally accounting head of Acc.Dep is Indirect Expense? Is it Right?
Please Tell me?
Depreciation going to debit side of P/L a/c. and Decrease in Furniture and machinery in balance sheet. is it right?
Depreciation Dr 10000
To Furniture 10000
Depreciation Dr 15000
To Machinery 15000
OR
Accu. Depreciation Dr 15000
to Machinery 15000
In Tally accounting head of Acc.Dep is Indirect Expense? Is it Right?
Please Tell me?
Depreciation going to debit side of P/L a/c. and Decrease in Furniture and machinery in balance sheet. is it right?
28 January 2011
In Tally, head of Depreciation will be Indirect Expenses and in such a case Entry 1 and Entry 2 both are correct.
Accumulated Depreciation as a whole is the total depreciation provided on the asset, past as well as for the current year. This account will have credit balance. If you maintain Accumulate Depreciation A/c , then in spite of crediting the Asset A/c, Accum. Dep. A/c will be credited by debiting Depreciation A/c. In such case there will be no effect in the Fixed Asset A/c.
Accumulated Depreciation as a whole is the total depreciation provided on the asset, past as well as for the current year. This account will have credit balance. If you maintain Accumulate Depreciation A/c , then in spite of crediting the Asset A/c, Accum. Dep. A/c will be credited by debiting Depreciation A/c. In such case there will be no effect in the Fixed Asset A/c.
Message likes :
1 times
30 January 2011
So Acc.Dep under Head of A/c will be Fixed assets in tally is it right?
Please tell me sir
Thank you
Please tell me sir
Thank you
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
