Depreciation

This query is : Resolved

SHIRAS (Querist)
Follow

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?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.

Message likes : 1 times

SHIRAS

SHIRAS (Querist)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

JAYDEEP MITRA

Shantaveeresh Manur

Hemkumar

avulaandcopdrl 2023

Adv Ashish Vishwakarma

Subscribe Now

Depreciation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA