please explain this friends
(SINGLE ENTRY )
in this question they said that motor car has 20% depreciation but the opening and closing balances are same .and there is no purchases of motor car also..! how it would be? but in balance sheet they showed that
motor car = 80000
(-)depreciation @ 20%
= 64000
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doubt on single entry
Replies (5)
They could have revalued
ok thank you dear
assume that the balance given to u is before depreciation both closing as well as closing
in such case u have to close your accts twice once before assumption and than after applying depreciation
also do same for the other assets
than only your b/s will match
in such case u have to close your accts twice once before assumption and than after applying depreciation
also do same for the other assets
than only your b/s will match
depreciation might be charged to Accumulated depreciation Account....... thats why in balance sheet they have deducted the accumuated one from the cost..
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