Treatment of Provision for depreciation
This query is : Resolved
13 October 2023
what is accounting journal entry of provision for depreciation and also accounting group of provision for depreciation.
why provision for depreciation is created instead of Depreciation.
Company why creates provision for depreciation.
why provision for depreciation is created instead of Depreciation.
Company why creates provision for depreciation.
CA R SEETHARAMAN
(Expert)
14 October 2023
Provision for depreciation- It's a provision created to record the value of depreciation on assets separately. The purpose of this account is to transfer the total amount of depreciation into the assets account at the time of sale of the assets.
As long as the asset is in use, its cost is recorded in the asset account rather than being deducted from the asset's value at the end of an accounting year.
As long as the asset is in use, its cost is recorded in the asset account rather than being deducted from the asset's value at the end of an accounting year.
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