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Why depreciation is charged in P&L Account?
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Answer Posted / krishnachaitanyanellore
Depreciation is the continuous decrease in the value of the
asset.Depreciation can be considered both as an expense and
as a source of revenue.
Expense:Because the value of the asset is decreased
resulting in some loss, it is posted in P&L account.
Source of revenue:Depreciation when posted on the debit side
of the P&L account, the profit is decreased. In other way,
the profits that should be distributed among the
shareholders gets decreased.It means that the residual is
placed in the business itself.
| Is This Answer Correct ? | 27 Yes | 5 No |
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I have a existing Oracle applicttions and need to bring one of the new business on it. The new business will use GL, AP and FA. We will use existing COA. This business will have 3 sets of books (1- tax book, from April to March; 2- Primary book, from July to June; 3- Reporting book, from July to June); All books will have same currency; HOW DO I TRANSFER DATA FROM PRIMARY BOOK INTO TAX AND REPORTING BOOKS EVERY MONTH OR ON WEEKLY? IS THERE ANY STANDARD ORACLE PROCESS WHICH CAN BE SCHEDULED? THE REPORTING BOOK WILL HAVE DIFFERENT DEPRECIATION METHOD SO HOW DO I NOT TRANSFER DEPRECIATION FROM PRIMARY TO REPORTING BOOK AND DO SEPERATE DEPRECIATION IN REPORTING BOOK FOR THE SAME ASSET THAT IS ALSO IN PRIMARY AND TAX BOOK?. HOW DO I APPROACH ON SETTING THESE NEW SETS OF BOOKS? Thanks, KK
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