How to treat Depreciation in Final Accounts.

This query is : Resolved

Basab Roy (Querist)
Follow

05 March 2008 * Ours is a Housing Co-Operative Society(147 members). * One Member has donated one Ambulance Van. * We have debited Asset A/c. and Credited Donations A/c. * Our only income is interest earned from Fxd.Deposit in Bank which is a meagre amount. * The P & L a/c shows NET LOSS when Depreciation on Van (5% on cost) is transferred to P&L A/c. Is there any way out to carry Book adj. between Asset a/c and Asset Revaluation Reserve a/c (by transferring cost of van from Donation a/c), thus avoiding the P&L A/c ? Please suggest.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

05 March 2008 This is a repeat question.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
Follow

05 March 2008 ALREADY ANSWERED

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

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

ATUL MAKWANA

seshachary

Rameshkumar Jain

suresh kotte

Mitesh

Subscribe Now

How to treat Depreciation in Final Accounts.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Manager- Finance and Compliance

Accountant

CA Final

GST CONSULTANT

Article Assistant