in company profit and loss account which depreciation amount is show current year depreciation expense or accumulated depreciation?
and in balance sheet of company asset value how calculate?
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Depreciation in company
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Quick Summary
Current year in profit and loss and balance sheet. Accumulated in balance sheet.
Bs asset value= asset carrying amount-accumulated depreciation-impairment.
In profit and loss account , we show current year depreciation , if any accumulated depreciation of previous years will be shown in Liability side in balance sheet .
Also we reduce the value of Asset by charging depreciation .
entry will be
Depreciation A/c Dr
To Asset A,/c Cr
( Depreciation charged )
Also we reduce the value of Asset by charging depreciation .
entry will be
Depreciation A/c Dr
To Asset A,/c Cr
( Depreciation charged )
Current year depreciation
Current year depreciation
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