Answer / sravanthi

Depreciation means gradual and permanent decrease in the
value of asset due wear and tear,technology changes and
laps of time.
entering the transaction on both debit and credit side.

Answer / abdul rashid

Depreciation is the continuous decrease in the value of
assets.

Depreciation is debited and the assets on which it is
charged is credited, e.g.

Depreciation A/C Dr. Rs.xxxxx
To, Machinery A/C Rs.xxxxx

In my 12 years of accounting experience I have never heard
of charging depreciation on liability.

Answer / rajesh

depreciation: an increase in the value of the asset is
called depreciation
double entry: any transaction entering both debit side and
credit side is caled doublr entry.
assets: current assets, fixed assets, liquid assets,
intangible assets.
liabilitirs: current liabilities, fixed liabilities

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