Journal entry
This query is : Resolved
02 October 2013
The pvt. ltd.co has changed method of depreciation from SLM to WDV for computer. How to disclose the same in notes to accounts and what is journal entry for the same. Suppose depreciation on computer as per SLM is Rs.87145 & as per WDV is Rs.316461.
CMA Ramesh Krishnan
(Expert)
02 October 2013
The difference of depreciation between both methods need to be debit/credit the depreciation a/c. and adjust the provision for depreciation a/c accordingly.
Disclosure required in financial statement, the reason for change of depreciation method, and the amount of depreciation and the effect of the same in p&l a/c and balance sheet need to be disclosed
Disclosure required in financial statement, the reason for change of depreciation method, and the amount of depreciation and the effect of the same in p&l a/c and balance sheet need to be disclosed
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