what is entry for depreciation?
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Answer Posted / sridharan.v
Depreciation is a nominal a/c.i.e dr all expenses &losses.
cr all incomes & gains.So while Depreciating dr
depreciation A/c.All assets are Real acount. i.e debit what
comes in & credit what goes out. so When asett comes in we
will debit asset A/c & normally asset a/c will have Dr
balance.To decrease the value of the asset we have to Cr
asset A/c. Therefore The entry for depreciation is
Depreciation A/c Dr XXX
To Fixed Asset A/c XXX
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