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what is entry for depreciation?
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Answer Posted / teacher
Depreciation is an Expense so it is DEBIT in journal entry.
To increase Depreciation (expense) we also debit it.
Assets is DEBIT in Journal Entry and a CREDIT reduces it.
Here accumulated depreciation is reducing it.
Journal Entry for Depreciation is
Depreciation (Expense) Dr
Accumulated Depreciation Cr
Depreciation Expense goes to Income statement in whatever
category of I.S. it relates to.
Whereas (Cost - A.D. = Net Book Value) of Assets goes to
Statement of Financial Position.
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