Provision for Depreciation and profit and loss account
This query is : Resolved
17 November 2024
Hot to make provision for Depreciation and transferred to profit and loss account.
Dhirajlal Rambhia
(Expert)
17 November 2024
Journal Entry for Depreciation:
Debit: Depreciation Expense (P&L Account)
This will appear in the Profit and Loss account as an expense, reducing the net profit.
Credit: Accumulated Depreciation (Balance Sheet)
This is a contra-asset account that reflects the total depreciation accumulated on the asset over time.
Debit: Depreciation Expense (P&L Account)
This will appear in the Profit and Loss account as an expense, reducing the net profit.
Credit: Accumulated Depreciation (Balance Sheet)
This is a contra-asset account that reflects the total depreciation accumulated on the asset over time.
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