entry for provision for depriciation

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monia (Querist)
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18 September 2009 Hi friends
A machinery was purchased 50,000 on 01/04/2007. depreciation rate is 10% and we are maintaining provision for depreciation. What would be journal entries and how the provision will be created for 2 year( 31-08-08 & 31-3-2009). Please suggest me ASAP. Friends waiting for ur answers

Monia

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 September 2009 31.03.2008 Deprecaition A/c Dr 1,000/-
to Prov to deprecaition 1,000/-

31.03.2009 Deprecaition A/c Dr
to Prov to deprecaition
(Amount Rs. 1,000/- if SLM method, Rs. 900/- if WDV)

After accounts closing depreciation trfd to P & L A/c

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