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Professional income

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Service
49 Points Posted on 13 January 2017
can profession income show of Depreciation in BS ?
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On 13 January 2017 at 15:44 Report
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SEO Sai Gr. Hosp.
211624 Points Posted on 13 January 2017

Actually depreciation is debited to P&L account, and an assessee having income from PGBP can deduct the same. But it doesn't reflect in Balance Sheet!!!

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On 13 January 2017 at 16:59
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Student CA Final
172 Points Posted on 15 January 2017
If Provision of depreciation Account is maintained by the entity then, Depreciation reflects in B/s. Gross Block of assets minus Accumulated Depreciation.
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On 15 January 2017 at 20:50
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Service
49 Points Posted on 18 January 2017
Thanks Sir, what is the Journal entry.. kindly plz more precisely
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On 18 January 2017 at 14:24
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Student CA Final
172 Points Posted on 18 January 2017
If entity is accumulating depreciation then,
prov for dep Ac Cr.
Depreciation Ac Dr.

In normal case,
Dep. Dr To Assets Ac
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On 18 January 2017 at 14:36


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