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Professional income
can profession income show of Depreciation in BS ?
Replies (4)
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!!!
If Provision of depreciation Account is maintained by the entity then, Depreciation reflects in B/s. Gross Block of assets minus Accumulated Depreciation.
Thanks Sir,
what is the Journal entry.. kindly plz more precisely
If entity is accumulating depreciation then,
prov for dep Ac Cr.
Depreciation Ac Dr.
In normal case,
Dep. Dr To Assets Ac
prov for dep Ac Cr.
Depreciation Ac Dr.
In normal case,
Dep. Dr To Assets Ac
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