Depreciation on personal assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2016
I have one car which is used entirely for my personal and family purposes. My income includes only business income and interest income. But the said car is not used at all for business purpose. Whether it is necessary to provide depreciation on the above car ? If yes, how to treat the depreciation amount in the accounts : Whether to debit capital account or other ?
20 January 2016
No need to provide depreciation as the car is not used for business.
20 January 2016
you can create Depreciation Reserve under Fixed asset , You can Reduce the value of the car, but you can not claim depreciation if you are not using for Business. but you can reduce the value by Crediting Depreciation Reserve in Fixed Asset. Other wise your Car value Shows purchase Cost Every Year in B/s.
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